Dielectric Gases Market Players to Reset their Production Strategies Post 2020 in an Effort to Compensate for Heavy Loss Incurred Due to COVID-19 Outbreak
VALLEY COTTAGE, N.Y. – Extensively utilized as insulating media in switchgears, gas insulated lines, transformers, and other high voltage transmission units, dielectric gases continue to witness significant demand owing to consistently surging electricity consumption worldwide. Future Market Insights, in a new research report on the global dielectric gases market, forecasts a robust revenue growth outlook for market over upcoming years. The dielectric gases marketplace will however reportedly remain a high growth-low value landscape, as indicated by the report.
Regional outlook analysis of the global dielectric gases market reveals dominance of European landscape owing to a strong manufacturing base created by a majority of leading global brands in the dielectric gases landscape. Asia Pacific, with a current market value share of over 55%, is however projected to reflect a highly lucrative growth outlook for penetration of dielectric gases in coming years, as indicated by the report.
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Growth of Residential & Commercial Sectors Favoring Dielectric Gases Market
The rapidly thriving industrial sector that roughly consumes around 55% of the total generated electricity is slated to create multiple investment opportunities for suppliers of dielectric gases. Soaring demand for medium voltage substations to cater to a growing number of IT establishments, telecom organizations, manufacturing verticals, and data storage banks is foreseen to present attractive windows of opportunities to dielectric gas manufacturers at a global level.
Expanding residential and commercial construction sectors and subsequently rising installations of IT & telecommunication infrastructure, HVAC units, office equipment, and a wide range of civic utilities are accounting for surging per unit consumption of electricity. This is reportedly driving consumption of dielectric gases at a global level, as a majority of application areas continue to opt for dielectric gases as a preferred insulating medium over others.
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Critical Demand for SF6 Substitutes to Create Opportunities for Fluoroketones & Fluoronitriles
Among dry air, SF6, nitrogen, fluoroketones, and fluoronitriles, consumption of SF6 currently accounts for maximum share in the global revenue represented by dielectric gases market. “Although SF6 is slated to remain the largest market shareholder in coming years owing to superior functional attributes, the fact that it is one of the key greenhouse gases and has substantial atmospheric lifetime as well as the global warming potential is making room for potential alternatives to SF6, which are relatively less popular in the dielectric gases landscape,” says a senior research analyst at the company. Fluoroketones and fluoronitriles are thus projected to encounter high adoption opportunities in the near future, says the report.
Leading manufacturers of dielectric gases are currently concentrating on R&D of SF substitutes. 3M, pioneering the way, has already been working on the development of an alternative SF6 technology. Though the substitute technology by 3M is currently in the pipeline and is likely to take time for complete commercialization, the dielectric gases market is foreseen to witness more such developments in coming years – creating a new trend wave in global dielectric gases space.
3M Company has been working in collaboration with ABB and GE, for the development of this product, i.e. Novec. The collaborative effort led to introduction of a high potential alternative to SF6 technology, in addition to technology exchange that has added value to the global landscape.
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Besides 3M Company, General Electric Company, and ABB Inc., the report profiles several other prominent companies competing in global marketplace. Some of the players covered in report include Solvay S.A., Messer Group, The Linde Group, SHOWA DENKO K.K., Matheson Tri-Gas, Inc., Kanto Denka Kogyo Co., Ltd., and KPL International Limited.
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