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According to the latest research by SkyQuest Technology, Global Helium market size was esteemed at US$ 4685.3 million in the year 2021 and is supposed to extend at a build yearly development rate (CAGR) of 5% from 2022 to 2028.
Helium is an important resource and essential for modern technology and is used extensively in the fields of science, medicine, and manufacturing. Helium is increasingly required for various high-tech processes, including cryogenics, welding, pressure & purging, as well as more contemporary innovations like hybrid air cars, helium-filled hard drives, and space exploration due to its special characteristics, it is a necessary component in applications including cryogenics, heat transmission, shielding, leak detection, analysis, and lifting.
The market is majorly driven by rising helium consumption in the semiconductor and electronics industries as well as rising helium usage in the healthcare sector. Space and quantum computing are two additional significant growth sectors.
The medical, aerospace and electronics industries are the primary global industrial consumers of liquid helium. Helium is mainly used by the medical sector, which consumes the most of it, to maintain the superconducting characteristics of magnets in devices like magnetic resonance imaging (MRI) and nuclear magnetic resonance spectrometry (NMR) apparatus. There are numerous electrically conducting coils of wire in an MRI machine. The MRI machine’s magnetic field is amplified as a result. A new development in MRI radiology and organ imaging is helium ion microscopy. These advancements are predicted to create new opportunities for helium gas manufactures. Helium is used to cool wire coils, which helps to reduce wire resistance to almost zero.
In the developing world, in particular, there is an increase in demand for MRI scanners. The demand for helium grows along with scientific advancements.
Applications of helium gas in the medical field are being driven by its advantageous physical and chemical properties, such as strong thermal conductivity, low solubility, and low density. Since helium gas is biologically inert, it can be used as an adjuvant therapy for a variety of respiratory conditions including asthma exacerbations, ARDS, COPD, bronchiolitis, and croup due to its neuroprotective properties.
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The market demand is projected to be driven in the medium term by rising helium consumption in the semiconductor and electronics industries as well as rising helium usage in the healthcare sector.
Read market research report, “Global Helium Market By Material Type (Gas, Liquid), By Application (Cryogenics, Semiconductors And Fibers, Leak Detection, Welding, And Others) & By Region – Forecast And Analysis 2022-2028” By Skyquest
The market was dominated by gas-phase helium, which is also anticipated to experience the greatest CAGR throughout the forecast period. Numerous opportunities are projected to arise from the creation of effective systems for the storage and transportation of gases. Additionally, expanding government initiatives to promote helium mining together with increasing investment to investigate its potential as a clean energy source have improved the uses of the commodity and created lucrative chances for market participants between 2022 and 2029. The adoption of strategies for the commercial use of helium-3 for defence and monitoring nuclear weapon manufacture would also boost the market’s future expansion.
The aerospace industry in the United States is the largest in the world. According to the Federal Aviation Administration (FAA), the commercial fleet in the United States is anticipated to grow by an average of 2% year to 8,756 in 2041. In addition, there were 204,980 general aviation aircraft in the fleet as of 2020, and by 2041, that number is projected to rise to 208,790 aircraft. The use of market research in the nation is probably going to rise as a result.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about Helium Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.
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What does this Report Deliver?
SkyQuest has segmented The Global helium market based on Type, Application and Region:
Key Players in the Global Helium Market
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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