The Inert Gas Generator System (IGGS) market was valued at USD 606.0 Million in 2016 and is projected to reach USD 2,121.0 Million by 2022, at a CAGR of 23.22% during the forecast period. Factors such increasing commercial aircraft & military cargo aircraft procurement as well as retrofitting of IGGS on existing aircraft across the world, as well as the increasing military & commercial aircraft procurement by various countries have led to an increase in the demand for aircraft-based IGGS systems. The growth of the market can also be attributed to factors such as the increasing fleet size of marine cargo ships. The increasing cargo ship fleet size due to the growing trade via sea routes has led to a rise in the demand for marine-based IGGS systems. This report forecasts the IGGS market and its dynamics over the next five years. It also identifies the market application gaps, recent developments in the market, and high potential countries. The objectives of the report are to study the factors influencing the market, map major industry players, and provide vendor analysis and competitor landscape. The base year considered is 2016 and the forecast period is from 2017 to 2022.
The ecosystem of the IGGS market comprises manufacturers, component suppliers, raw material suppliers, distributors, service providers, and end users. The key end users of the IGGS market are aviation, marine, and industrial sectors. Key manufacturers in the IGGS market include Parker Hannifin (US), Honeywell (US), and Air Liquide (France).
Market size estimations for various segments and subsegments of the IGGS market were arrived at through extensive secondary research and government sources (Federal Aviation Authority, International Air Transport Association, Airport Authority of India, and International Civil Aviation Organization); company websites; corporate filings, such as annual reports, investor presentations, and financial statements; and trade, business, and professional associations, among others. Corroboration with primaries and further market triangulation with the help of statistical techniques using econometric tools were carried out. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data is consolidated and added with detailed inputs and analysis from MarketsandMarkets, and presented in this report.
Based on component, the IGGS market has been segmented into aviation IGGS components, marine IGGS components, and industrial IGGS components. The industrial IGGS components segment is projected to lead the market during the forecast period owing to the increase in the demand for onsite generated N2 gas via industrial IGGS.
Based on end user, the IGGS market has been segmented into aviation, marine, and industrial. The industrial segment is projected to lead the market during the forecast period owing to the increase in spending on factory-installed nitrogen generators in existing industrial installations and new industrial installations, especially for decreasing dependence on external N2 gas supplier. On the other hand, the marine segment is projected to witness the highest CAGR during the forecast period owing to the increasing demand for new cargo ships worldwide.
Based on fit, the IGGS market has been segmented into OEM fit and retrofit. The OEM fit segment is projected to lead the market during the forecast period owing to the increasing demand for new commercial aircraft in countries such as India and China. Increasing demand for new cargo ships is also fueling the high growth of OEM fit segment.
Asia Pacific accounted for the largest share of the IGGS market in 2017, followed by Europe and North America and Rest of World. APAC’s large share can be attributed to the increasing industrialization within the region coupled with the increasing procurement of military cargo & commercial aircraft. China is estimated to be the leading market for IGGS in Asia Pacific in 2017. The reason for China’s dominance over the Asia Pacific IGGS market can be attributed to the country’s increasing development in industrial sector along with the increasing demand for aircraft and shipping cargo vessels.
Full Report @ https://www.marketsandmarkets.com/Market-Reports/inert-gas-generator-system-market-125330200.html
No comments:
Post a Comment