“Increasing demand for onsite industrial Inert Gas Generation Systems (IGGS) and increasing number of aircraft (commercial & military cargo) & marine cargo ships in emerging economies are expected to drive the IGGS market”
The Inert Gas Generator Systems (IGGS) market is projected to grow from USD 746.7 million in 2017 to USD 2121.0 million by 2022, at a CAGR of 23.22% during the forecast period. The increasing demand for industrial-based onsite IGGS and for aircraft (commercial & military cargo) and marine cargo ships in emerging and developed economies are expected to drive the IGGS market. The increasing marine cargo vessel fleet offers a major opportunity for the manufacturers in the IGGS market. Adhering to safety standards set by government authorities is a major restraint for the IGGS manufacturers.
“The marine IGGS segment is expected to witness the highest growth during the forecast period”
Based on type, the marine IGGS type segment is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the increasing demand for marine IGGS systems as the fleet size for marine cargo ships is increasing. Under the new SOLEX Amendments, every cargo ship carrying inflammable cargo such as crude oil, crude products, or chemicals having Dead Weight Tonnage (dwt) more than 8,000 tons is required to be fitted with an inert gas generator system. This is one of the important factors driving the marine IGGS type segment market.
“The IGGS market is expected to witness the highest growth in the Asia Pacific region during the forecast period”
The Asia Pacific IGGS market is projected to grow at the highest CAGR during the forecast period, Asia Pacific also accounted for the largest share of the IGGS market in 2017. The growth in industries such as oil & gas, chemicals, metallurgical, and electronics in the Asia Pacific region, especially in China and India, is leading to an increasing demand for onsite installation of N2 generators, i.e., industrial-based IGGS in the region. The increasing demand for commercial aircraft and rise in commercial air travel are expected to increase the demand for aviation-based IGGS systems.
Profile break-up of primary participants of the IGGS market report
- By Company Type: Tier 1 – 35%, Tier 2 – 45% and Tier 3 – 20%
- By Designation: C level – 50%, Director level – 25%, Others – 25%
- By Region: North America – 45%, Europe – 20%, APAC – 30%, Rest of the World– 5%
Major companies profiled in the IGGS market report include Honeywell (US), Parker Hannifin (US), Air Liquide (France), and Cobham (UK).
This report provides detailed information and forecasts the IGGS market from 2017 to 2022. The IGGS market has been segmented on the basis of type, component, end user, fit, and region. Based on type, the marine IGGS type segment is projected to dominate the market during the forecast period.
Reasons To Buy the report:
From an insight perspective, this research report has focused on various levels of analyses ? industry analysis, industry & technology trends, market-share analysis of top players, and company profiles. These together comprise and discuss basic views on the competitive landscape; emerging and high-growth segments of the IGGS market; high-growth regions and countries, and their respective regulatory policies; government initiatives; and market drivers, restraints, and opportunities.
The report provides insights into the following pointers:
- Market Penetration: Comprehensive information on the IGGS market and products offered by the top 10 players in the IGGS market
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the IGGS market
- Market Development: Comprehensive information about lucrative markets - the report analyzes the markets for IGGS across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the IGGS market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities and vendor analysis of the leading players in the IGGS market