PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485854
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485854
Pressure Swing Adsorption (PSA) Technology Market size was valued at USD 2,645.23 Million in 2023, expanding at a CAGR of 6.5% from 2024 to 2032.
The increasing demand for industrial gases, such as oxygen and nitrogen, in several industries, including electronics, manufacturing, and healthcare, is driving the usage of Pressure Swing Adsorption (PSA) technology for gas separation and purification.
Pressure Swing Adsorption (PSA) Technology Market- Market Dynamics
Increasing demand for industrial gas in chemical, petrochemical, and manufacturing sectors is expected to propel market demand
The market for Pressure Swing Adsorption (PSA) Technology is growing due to the rising chemical and petrochemical industries, which use PSA for gas separation and purification, the market for PSA is anticipated to grow overall. Businesses are compelled by environmental regulations to implement greener and more efficient technologies; PSA technology helps achieve these sustainability objectives with its eco-friendly gas separation process. In addition, the growing use of on-site gas generating solutions by industries to save transportation costs and ensure a steady and reliable gas supply is also driving the need for PSA systems.
Furthermore, the increasing interest in hydrogen as a sustainable energy source has led to a rise in the requirement for PSA systems for hydrogen generation and purification. Furthermore, ongoing research and development initiatives are advancing PSA systems' functionality, dependability, and efficiency through technical advancements. These factors are anticipated to bolster the market growth.
Pressure Swing Adsorption (PSA) Technology Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2024-2032)
Based on Gas Type segmentation, the nitrogen gas type segment was predicted to show maximum market share in the year 2023, owing to high demand from manufacturing and automotive industries.
Based on Application segmentation, the industrial gas segment was the leading application in 2023, mainly due to the high demand for oxygen, and nitrogen gas for industrial applications.
Based on End User segmentation, the oil & gas segment was the leading End User in 2023, mainly due to the high demand for gas production, purification at the industry level.
Based on region, North America was the leading revenue generator in 2023, owing to high demand from oil & gas exploration across U.S., and Canada.
The Global Pressure Swing Adsorption (PSA) Technology Market is segmented based on Gas Type, Application, End User, and Region.
The market is divided into four categories based on Gas Type: Nitrogen, Oxygen, Hydrogen, and Carbon Dioxide. The nitrogen segment dominates the market. The increasing demand for nitrogen generation in different industries is likely to contribute to market growth.
The market is divided into three categories based on Application: industrial gas, hydrogen purification, and carbon capture & storage. The industrial gas segment dominates the market and is likely to maintain its dominance during the forecast period. Growing demand for Pressure Swing Adsorption (PSA) systems in gas production is mainly boosting the market growth.
The market is divided into five categories based on End User: oil & gas, electronics & semiconductor, chemical, healthcare, and others. The oil & gas segment dominates the market and is likely to maintain its dominance during the forecast period. An increasing number of oil & gas exploration activities across the globe is anticipated to foster the segment growth.
Pressure Swing Adsorption (PSA) Technology Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific region is expected to provide ample growth opportunities for market growth in the coming years. These regions are further divided as per the nations bringing business.
Pressure Swing Adsorption (PSA) Technology market is constituted by domestic and international industry participants who are concentrating on creating novel products and technology. Furthermore, the companies are engaging in strategic alliances such as mergers, and acquisitions as an important approach for growing their consumer base and market presence. Moreover, the development of advanced pressure swig technology solutions is enabling companies to introduce new techniques in gas production with better efficiency.
In November 2022, Novair Industries announced its plan to expand its manufacturing operations in Niagara County, U.S.
In 2022, Toyo Engineering Corporation developed a new pressure swing absorption unit for the Korean market.