LPG Vaporizer Market to Flourish with an Impressive CAGR by 2031

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LPG Vaporizer: Introduction

• LPG is transported and stored as a liquid under pressure. LPG needs to be vaporized within the cylinder or tank and then used in desired equipment. This process of vaporization is controlled by using a vaporizer.
• Volatility in prices of gasoline and diesel led by geopolitical factors and environment-related concerns has prompted companies to adopt the LPG-based technology. Companies are investing in R&D activities to develop cutting-edge technologies related to LPG and its uses.
• Industrial facilities located at sites with unfavorable conditions, such as cold weather, face freeze-ups or frost on LPG cylinders/tanks. This reduces efficiency of natural vaporization of LPG. In order to counter this freezing effect, LPG vaporizers are used, especially in industries such as chemical, fertilizers, and cement.

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Key Drivers and Restraints of LPG Vaporizer Market

• Increase in awareness about environment-related issues and implementation of stringent rules and regulations by regulatory authorities have compelled companies to seek green solutions. Of late, LPG is being used as a substitute for gasoline and diesel. LPG is a clean fuel. It offers a cost-effective solution to companies. Thus, significant increase in the use of LPG in various industries is expected to drive the LPG vaporizer market.
• Companies are focusing on using advanced technologies and products; and adopting the competitive pricing strategy to increase their market share. LPG vaporizer utilizes 100% of LPG from a cylinder/tank. This reduces the operational cost incurred by a company. Thus, the usage of LPG vaporizers has led to an increase in LPG vaporization requirements in industrial as well as commercial sectors.
• LPG vaporizers have the ability to fully utilize LPG, even at a low pressure in cylinders, and to supply LPG at a constant flow rate in extreme cold climates
• Volatility in crude oil prices and fluctuation in policies by governments of different countries regarding the industrial usage of LPG are estimated to be major factors restraining the market

Industrial End-user Segment to Hold Major Share of Global Market

• The global LPG vaporizer market can be segmented based on type, flow rate, and end-user
• Based on type, the global LPG vaporizer market can be divided into electric powered, fire powered, steam powered, hot water powered, and water bath. The electric powered segment is expected to lead the global LPG vaporizer market during the forecast period due to the rise in environment-related concerns and low cost of electricity.
• In terms of flow rate, the global LPG vaporizer market can be segregated into 1 Kg/h–100 Kg/h, 101 Kg/h–500 Kg/h, 501 Kg/h–1000 Kg/h, and 1001 Kg/h & above. The 101 Kg/h–500 Kg/h segment is expected to expand at a significant pace during the forecast period, as these vaporizers are extensively used in commercial and industrial sectors.
• Based on end-user, the global LPG vaporizer market can be classified into industrial, commercial, and agricultural. The industrial segment can be sub-divided into power generation, fertilizers, chemical, steel, cement, and automobile. The commercial segment can be sub-classified into hotels & restaurants, resorts, and hospitals. The industrial segment is expected to dominate the global LPG vaporizer market in the next few years, due to rapid industrialization and increase in utilization of LPG across the globe.

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COVID-19 Impact Analysis on LPG Demand

Governments of various countries have imposed restrictions on the movement of individuals and economic activities to limit the spread of the COVID-19 pandemic. As a result, industrial and commercial sectors had to halt their operations. Disruption in operation of the industrial sector has hampered the demand for LPG. According to Argus Media, consumption of LPG in transport and commercial sectors declined by around 32 million tons in 2020.

North America LPG Vaporizer Market to Expand Rapidly

• In terms of region, the global LPG vaporizer market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
• North America is likely to dominate the global LPG vaporizer market during the forecast period, due to the increase in demand for LPG vaporizers in industrial and commercial sectors in the region. Demand for LPG vaporizers is rising in the commercial segment, which comprises hotels and resorts, in the U.S.
• Europe is projected to account for vital share of the global LPG vaporizer market in the near future. The U.K., Italy, and Germany are expected to hold significant share of the LPG vaporizer market in Europe during the forecast period.
• The LPG vaporizer market in Latin America and Middle East & Africa is projected to expand at a sluggish pace during the forecast period, led by the growth of various end-use industries in these regions