LPG Vaporizer Market: Significant Increase in Installation of LPG Vaporizers
- LPG is transported and stored as a liquid under pressure. In order to utilize LPG, it needs to be vaporized within the cylinder or tank and then, used in desired equipment. This process of vaporization is controlled by using a vaporizer.
- Volatility in prices of gasoline and diesel led by geopolitical factors and environment-related concerns have prompted companies to adopt the LPG-based technology. Companies are investing in R&D activities to develop cutting-edge technologies related to LPG and its uses.
- Industrial facilities located at sites with unfavorable conditions, such as cold weather, face freeze-ups or frost on LPG cylinders/tanks. This reduces efficiency of natural vaporization of LPG. In order to counter this freezing effect, LPG vaporizers are used, especially in industries such as chemical, fertilizers, and cement.
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Growing Need for Cost-effective and Advanced Technologies
- Increase in awareness about environment-related issues and implementation of stringent rules and regulations by regulatory authorities of governments have forced companies to look for green solutions. In the recent years, LPG is being used as a substitute for gasoline and diesel. LPG is a clean fuel. Use of LPG offers a cost-effective solution to companies. Thus, significant increase in the use of LPG in various industries would be a major driver of the LPG vaporizer market.
- Due to competitive pricing, companies are focusing on the use of advanced technologies and products to increase their profitability. An LPG vaporizer utilizes 100% of LPG from a cylinder/tank, which reduces the operational cost incurred to a company. Thus, LPG vaporizers have increased LPG vaporization requirements in industrial as well as commercial sectors.
- LPG vaporizers have the ability to fully utilize LPG, even at a low pressure in cylinders, and to supply LPG at a constant flow rate in extreme cold climates
Volatile Crude Oil Prices and Fluctuating Policies about Industrial Usage of LPG
- Volatility in crude oil prices followed by fluctuating policies by government of different nations regarding the industrial usage of LPG could be the major restrain for market growth
- Due to fluctuation in prices of LPG, overall cost reduction through LPG vaporizers can be invaluable for businesses with LPG applications
Global LPG Vaporizer Market: Segmentation
- The global LPG vaporizer market can be segmented in terms of type, flow rate, and end-use
- Based on type of vaporizer, the global LPG vaporizer market can be segmented into electric powered, fire powered, steam powered, hot water powered, and water bath. Due to environment-related concerns and low cost of electricity, the electric powered segment is expected to lead the global LPG vaporizer market during the forecast period.
- In terms of flow rate, the global LPG vaporizer market can be segmented into 1 Kg/h–100 Kg/h, 101 Kg/h–500 Kg/h, 501 Kg/h–1000 Kg/h, and 1001 Kg/h and above. LPG vaporizers with the flow rate of 101 kg/h–500 Kg/h are used in commercial and industrial sectors. Thus, the 101 Kg/h–500 Kg/h segment is expected to expand at a significant pace during the forecast period.
- Based on end-user, the global LPG vaporizer market can be segmented into industrial, commercial, and agricultural. The industrial segment can be sub-divided into power generation, fertilizers, chemical, steel, cement, and automobile. The commercial segment can be sub-classified into hotels & restaurants, resorts, and hospitals. The industrial segment is expected to dominate the global LPG vaporizer market in the next few years, due to rapid industrialization and increase in the utilization of LPG worldwide.
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Global LPG vaporizer Market: Regional Outlook
- Based on region, the global LPG vaporizer market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America is likely to dominate the global LPG vaporizer market during the forecast period, due to increase in the demand from industrial and commercial sectors in the region. In the U.S., the demand for LPG vaporizers is rising in the commercial segment, which comprises hotels and resorts.
- Europe region is projected to make substantial contributions in overall market share of LPG vaporizer in the near future. The U.K., Italy, and Germany are expected to hold significant shares of the LPG vaporizer market in Europe during the forecast period.
- In terms of revenue, Latin America and Asia Pacific are expected to contribute significantly to the global market for LPG vaporizers in the near future, as various end-use industries in these regions present high growth potential for the LPG vaporizer market
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