Market Size of Air Separation Unit Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 4.82 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Air Separation Unit Market Analysis
The air separation unit (ASU) market size is expected to grow from USD 5.32 billion by the end of this year to USD 6.73 billion after five years, at a CAGR of 4.82% during the forecast period.
- Over the medium term, factors such as increasing demand for industrial gases, spurred by the growth in steel and process industries, are likely to drive the market growth during the forecast period.
- On the other hand, since the cost to supply high-purity industrial gases is huge, several operating companies are shifting toward alternate air separation techniques, such as pressure swing adsorption (PSA), as a cost-effective solution that may restrain the market for air separation units.
- Nevertheless, countries such as Saudi Arabia, the United Arab Emirates, and South Africa have been witnessing a high growth rate of urbanization and industrialization activities. They are expected to offer growth opportunities for air separation unit players. Therefore, the increase in industrial development activities in the Middle East and African region presents a good market opportunity for air separation unit market players in the coming years.
- Asia-Pacific is expected to dominate the market during the forecast period, with most of the demand coming from countries like India, China, etc.
