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The global xenon market size is expected to grow positively by touching USD 286.42 million by 2029. Fortune Business Insights™ in its report titled “Xenon Market Size, Share & COVID-19 Impact Analysis, By Type (N3, N4.5, and N5), By Application (Imaging & Lighting, Satellite, Electronics & Semiconductors, Medical, and Others), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 203.92 million and reached USD 247.86 million by 2022. The market is expected to exhibit a CAGR of 2.1% during 2022-2029. Excellent characteristics of the chemical and its rising applications in the semiconductor industry are expected to propel market growth.
Linde Planned to Expand Air Separation Unit to Expand Operations
Linde planned the expansion of its air separation unit in Florida in September 2021. The project is aimed toward successfully completing projects by the end of 2023. The crucial industries catered by the projects are healthcare, food and water processing, aerospace, and space propellant. This strategy may allow the company to expand its operations.
Robust Medical Oxygen Production to Fuel Industry Growth
This industry was positively impacted during the COVID-19 pandemic due to the strong demand for medical oxygen production. Furthermore, the sudden spike in COVID-19 patients enhanced the oxygen demand from the healthcare industry. Moreover, the increasing adoption of the product from hospitals may enhance xenon adoption. Furthermore, adopting automated production techniques allowed manufacturers to bolster sales and balance costs. These factors fueled the industry's growth during the pandemic.
Robust Demand for Satellites to Fuel Industry Growth
Xenon (Xe) is an inert gas that emits blue light if exposed to electrical discharges. The robust demand for satellites may elevate the product’s sales. Further, reduced weight of the gas may bolster its satellites’ demand. Moreover, the chemical’s high ionization may enhance sales. The satellite allows spacecraft to reduce risks, enhance safety, and carry more payloads. Also, novel satellites launched by major countries may boost the product adoption. These factors may drive the xenon market growth.
Major Players Adopt Product Launches to Elevate Brand Image
Prominent companies operating in the market launch novel products to elevate their brand image. For example, OneWeb Satellites announced the first six of its 100 spacecraft in February 2019. This launch may allow the company to bolster its brand image. Furthermore, companies devise partnerships, acquisitions, mergers, and acquisitions to enhance their brand image.
Notable Industry Development
List of Key Players Profiled in the Report
Further Report Findings
Table of Segmentation:
Volume (Million Liters), Value (USD Million)
By Type, Application, and Region