Global Helium Market Size By Type of Helium, By Grade of Helium, By Application, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Helium Market Size By Type of Helium, By Grade of Helium, By Application, By Geographic Scope And Forecast
Helium Market Size And Forecast
Helium Market size was valued at USD 3,613.3 Million in 2023 and is projected to reach USD 3,852.4 Million by 2030, growing at a CAGR of 6.7% during the forecast period 2024-2030.
Global Helium Market Drivers
The market drivers for the Helium Market can be influenced by various factors. These may include
Increasing Need in Healthcare Helium is essential to the medical field, especially in MRI (Magnetic Resonance Imaging) equipment where superconducting magnets are cooled by the gas. The demand for helium is driven by the growing number of MRI installations worldwide and the growing healthcare industry.
Developments in Space Exploration Helium is utilised as a pressurising agent for fuel tanks in rockets and spacecraft, which plays a vital role in space exploration. The demand for helium is rising as a result of an increase in space missions and operations by government agencies like NASA and ESA as well as commercial businesses like SpaceX.
Use in Electronics and Semiconductor Manufacturing Helium serves as a cooling and protecting environment during the semiconductor and fibre optic manufacturing processes. Helium demand is increased by the growing electronics sector, which is fueled by consumer demand for computers, smartphones, and other electronic gadgets.
Applications in Scientific Research Helium is widely employed in high-energy physics and superconducting research, among other fields of science, because of its special qualities. The increased amount of research need a constant supply of helium.
Industrial Uses Helium finds its application in a number of industrial processes, such as arc welding shielding gas, leak detection, and the production of specific kinds of optical fibres and LCD screens.
Growing Need in the Blimp and Balloon Sectors Although it is a lesser market, helium is in demand since it is used in balloons for advertising, recreational, and meteorological reasons.
Global Economic Growth Increased industrial activity and technological breakthroughs are frequently correlated with economic development, especially in emerging economies. This, in turn, drives up demand for helium across a range of industries.
Development in Cryogenics Because of its low boiling point, helium is essential in cryogenics, where it is utilised for cooling purposes such as research and the liquefaction of other gases.
Helium supply shortages on a periodic basis, frequently brought on by production problems or geopolitical concerns, can drive up costs, which in turn stimulates research and investment in new helium production facilities.
Technological Advancements in the Extraction and Production of Helium By making helium more readily available, technological advancements in the extraction and processing of helium, notably from natural gas, where it is frequently found in small quantities, can propel market growth.
Global Helium Market Restraints
Several factors can act as restraints or challenges for the Helium Market. These may include
Restricted Natural Reserves The main source of helium is natural gas reserves, and its supply is restricted to specific geographical areas. The fact that helium cannot be created artificially presents a serious problem.
Geopolitical concerns and Supply Chain Disruptions Because a significant amount of the world’s helium supply originates from a small number of strategic locations, the helium market is vulnerable to geopolitical concerns. The supply chain may be disrupted in certain areas by political unrest or changes in policy.
Prices that fluctuate and unstable supplies The helium market has seen times when prices have fluctuated and there have been shortages in supplies. End users may become discouraged by these variations and look for other options or cut back on their use of helium.
Environmental and Regulatory Restrictions The extraction and use of gases may be subject to environmental rules that limit the generation of helium. Furthermore, as helium is a non-renewable resource, there is pressure to use it wisely and look into recycling alternatives.
Increasing Operational Costs Extracting, processing, and transporting helium can be expensive, especially as readily available deposits run out and new sources are frequently found in harder-to-reach or more isolated areas.
Competition from Alternative Technologies There may be viable alternatives to helium in some applications, such as cooling systems or specific industrial processes. The creation and acceptance of these substitutes may lessen reliance on helium.
Problems with Storage and Transportation Because helium is a light, low-density gas, it presents problems with storage and transportation, particularly when it’s liquid and needs very cold temperatures.
Reduced bargaining power for purchasers and market concentration hazards might result from a few number of nations and businesses controlling a sizable share of the helium supply.
Effects of Global Economic Downturns The market as a whole may be impacted by decreased demand in important helium-using industries including electronics, manufacturing, and research.
Environmental and Sustainable Issues Although helium is an inert gas and hence not hazardous to the environment, the activities involved in its extraction and manufacture may have an adverse effect on the environment. The industry is also putting more emphasis on environmental practices, which may have an impact on the production and use of helium.
Global Helium Market Segmentation Analysis
The Global Helium Market is Segmented on the basis of Type of Helium, Grade of Helium, Application and Geography.
Helium Market, By Type of Helium
Liquid Helium Used in applications requiring extremely low temperatures, such as in MRI machines, scientific research, and cryogenics.
Gaseous Helium Used in applications like balloon inflation, leak detection, and as a shielding gas in welding.
Helium Market, By Grade of Helium
Grade A (99.995% purity) Commonly used in electronics and semiconductor manufacturing.
Grade B (99.99% purity) Often used in welding and industrial applications.
Balloon Grade Used for inflating balloons.
Other Specialty Grades Depending on specific industry requirements (e.g., ultra-high purity for scientific research).
By Type of Helium, By Grade of Helium, By Application and By Geography.
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