PUNE, India, February 8, 2018
PUNE, India, February 8, 2018 /PRNewswire/ --
According to the new research report "Inert Gas Generator System (IGGS) Market by Type (Marine, Aviation, Industrial), Component (Aviation IGGS Component, Marine IGGS Component, Industrial IGGS component), End User (Aviation, Marine, Industrial), Fit (OEM Fit, Retrofit), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to grow from an estimated USD 746.7 Million in 2017 to USD 2,121.0 Million by 2022, at a CAGR of 23.22% during the forecast period.
Browse 91 tables and 45 figures spread through 129 pages and in-depth TOC on "Inert Gas Generator System (IGGS) Market - Global Forecast to 2022"
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Aviation-based IGGS are the most crucial and mandatory part of any commercial or military aircraft. Aviation-based IGGS systems prevent explosion in fuel tank of aircraft by blanketing the fuel in the tank. This is done by providing a constant flow of nitrogen gas above the head space of the fuel in the tank. Being a crucial and mandatory component, the demand for aviation-based IGGS systems is expected to increase with increasing aircraft fleet size. The increasing marine cargo vessel fleet due to the growing trade via sea routes is also one of the reasons for the rising demand for marine-based IGGS, as all the ships carrying inflammable cargo such as crude oil, crude products, or flammable chemicals are required to have IGGS systems installed as per the SOLEX Convention. Increasing demand for industrial based onsite IGGS with increasing industrialization are expected to drive the market during the forecast period.
Based on type, the industrial IGGS type segment is estimated to lead the IGGS market during the forecast period.
Industrial IGGS are installed in industries such as oil & gas, food & beverages, chemicals, electronics, and metallurgical industries for inerting or blanketing operations by providing a non-reactive inert atmosphere for various industrial process. With the increasing industrialization, especially in emerging economies, the demand for industry-based IGGS is also expected to increase. These factors are expected to drive the market for IGGS during the forecast period.
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Based on component, the industry IGGS component segment is estimated to lead the IGGS market during the forecast period.
Air separation units, air compressors, after coolers, and other components such as monitoring devices, oxygen analyzers, and valves are critically important components used for filtration of atmospheric air to have nitrogen rich air. The air filtration ability for generation of nitrogen is mostly dependent on these components. With increasing industrialization, especially in emerging economies, the demand for industrial IGGS components is expected to increase in the coming years.
Asia Pacific is estimated to be the largest market for IGGS during the forecast period.
Asia Pacific accounted for the largest share of the IGGS market in 2017 during the forecast period. This large share can be attributed to the increasing industrialization within the region coupled with the increasing procurement of military cargo & commercial aircraft as well as cargo ships.
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The major players in the IGGS market include Parker Hannifin (US), Honeywell (US), and Air Liquide (France). These manufacturers are mostly focused on providing easy installable IGGS systems with high purity N2 generation to grow in the market.
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