by Gaseous and liquid helium finds wide application in various sectors such as semiconductor manufacturing, aerospace, healthcare, defense, and cryogenics owing to its unique properties such as cooling effect and inert properties. It is used as a refrigerant for producing very low temperatures in numerous scientific research activities and experiments. Also, gaseous and liquid helium is used as a pressurizing and purging gas in various aerospace applications. Due to the expanding applications of helium in the semiconductor industry for manufacturing processes such as wafer cooling and crystal growing.
The global gaseous and liquid helium market is estimated to be valued at US$ 8.13 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the gaseous and liquid helium market are ThermoFisher Scientific Inc., OSI Systems Inc., Chemring Group PLC, Bruker Corporation, Viken Detection, FLIR Systems Inc., Astrophysics Inc., Aventura Technologies Inc., Teknicom Solutions Ltd., L3 Security and Detection Systems Inc., Nuctech Company Limited, and Smiths Detection Inc. ThermoFisher Scientific and Linde dominate the global helium supply chain with over 50% market share.
The rising Gaseous and Liquid Helium Market Demand for helium from healthcare sectors for MRI machines and from semiconductor and electronics industry for manufacturing processes such as chip etching and cooling is expected to open lucrative growth opportunities. Also, increasing investments by various governments and private players in synthetic biology, nanotechnology, and materials science research is anticipated to boost the demand.
Advancements in liquefaction technologies to increase helium recovery from natural gas fields and development of compact helium-cooled superconducting magnets for new generation MRI machines will further support the market growth over the forecast period. Continuous innovations to extend the lifetime of helium-cooled superconducting equipment will play a major role.
Market Drivers
The global gaseous and liquid helium market is primarily driven by growing end-use industries such as healthcare, semiconductor & electronics, aerospace, and research & technology. Surging demand from various applications including functioning of MRI machines, wafer cooling and chip etching processes, and development of new superconducting materials are fueling the market revenues. In addition, ongoing technological transformation and increasing investments in various R&D activities utilizing liquid helium are likely to propel the market during the forecast period.
Current Challenges in Gaseous and Liquid Helium Market
The gaseous and liquid helium market faces several challenges. One major challenge is shortage of helium supply globally. Most of the world’s helium comes from a few natural gas fields in the US, Qatar and Algeria. Depletion of helium reserves at a faster pace than discovery of new reserves is a problem. High dependence on a few countries for supply makes the market unpredictable. Secondly, strict transportation regulations for liquid helium pose operational challenges. Safety norms and procedures around transportation of liquefied gases increase costs. Technology development in applications is reducing helium usage but dependence on it still remains high in applications like MRI and semiconductors. Substitute development is a gradual process. Overall, stable supply and development of alternatives are the key challenges in this market.
SWOT Analysis
Strength: Wide applications from cryogenics to aerospace industries leading to steady demand. Critical nature gives pricing power.
Weakness: Limited natural reserves and high dependence on few producing regions exposes to supply risks. Substitute development is an ongoing process.
Opportunity: Emerging applications in healthcare, research and new materials development offer scope. Recycling methods can enhance available reserves if commercialized.
Threats: Rapid depletion of reserves and difficulty in finding large new reserves pose long term supply threat. Alternative technology breakthrough can reduce dependence.
Geographical Regions
North America currently accounts for the largest share in the gaseous and liquid helium market in terms of value owing to extensive research activities in the region. Majority of global helium reserves are also located in the US. Asia Pacific is emerging as the fastest growing regional market with increasing industrialization and investments in semiconductor industries and medical technologies China dominate the Asia Pacific market.
Fastest Growing Geographical Region
Asia Pacific region is poised to be the fastest growing market for gaseous and liquid helium during the forecast period. This is attributed to strong economic growth leading to new manufacturing & industrial facilities especially in semiconductor, healthcare and scientific research sectors in emerging countries like China and India. Setting up of new industrial parks and special economic zones to attract foreign investments also supports the growth of applications utilizing helium in the region.
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