Cylinder Racks MarketCylinder Racks Market was valued at USD 1.2 Billion in 2022 and is projected to reach USD 2.0 Billion by 2030, growing at a CAGR of 7.5% from 2024 to 2030.
In terms of market growth, the period from 2018 to 2022 saw a steady increase in demand due to rising industrialization in emerging economies and increased regulations surrounding hazardous materials. The healthcare sector, in particular, fueled demand due to the rise in medical gas usage, while the manufacturing sector benefited from more stringent safety protocols. Countries in Asia-Pacific and Latin America, with growing industrial bases, also contributed to the overall market expansion. During these years, the market was dominated by several key players who focused on expanding their product portfolios and introducing advanced cylinder racks that offered added benefits like corrosion resistance, better space utilization, and enhanced safety features.
In 2023, the outlook for the cylinder racks market is expected to shift slightly, influenced by ongoing technological advancements, automation, and the increasing integration of smart storage solutions. Over the next decade (2023-2033), the market is anticipated to grow at a robust pace, with innovations such as intelligent cylinder racks that include features like IoT connectivity, tracking systems, and automatic inventory management. The demand will continue to rise in industries like chemicals, food & beverages, pharmaceuticals, and other sectors dependent on gas cylinder usage. Additionally, the focus on sustainability and environmental regulations will push companies to develop more eco-friendly and energy-efficient products. The growth in electric vehicles (EVs) and renewable energy sectors may also bring new opportunities for cylinder rack manufacturers, as hydrogen and other gases become more integral to these industries.
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The cylinder racks market has been witnessing significant growth from 2018 to 2022, driven by the increasing demand for industrial gases, growing safety regulations, and the expansion of sectors such as healthcare, manufacturing, and energy. Cylinder racks, crucial for storing gas cylinders safely and efficiently, have become an integral part of industries relying on gas supply. These racks have evolved in design and functionality, offering better storage solutions, safety features, and durability, all while optimizing available space. The market during this period has been characterized by an increasing focus on safety standards, particularly in healthcare and industrial sectors, with more companies focusing on innovation and quality of their products.
Air Liquide
Justrite Mfg
Wilhelmsen
Airgas
JT Racking Systems
GCE Group
Proper Storage Systems
Safe-T-Rack Systems
WT Farley
Linde Gas & Equipment
Ratermann Manufacturing
STOREMATSA
SeaComAir
BAUER GmbH
Karan and Associates
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Cylinder Racks Market
Industrial
Medical
Electronic
Defense
Others
Based on Types the Market is categorized into Below types that held the largest Cylinder Racks market share In 2023.
1-3 Cylinder Capacity
4-7 Cylinder Capacity
8-11 Cylinder Capacity
12-20 Cylinder Capacity
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Cylinder Racks Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Cylinder Racks Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Cylinder Racks Market, By Type
6. Global Cylinder Racks Market, By Application
7. Global Cylinder Racks Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Cylinder Racks Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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