The global gas connectors and gas hoses market is poised to achieve a valuation of $13.5 billion in 2023. With a mounting demand emanating from the healthcare sector, the requisition for gas connectors and gas hoses is anticipated to surge at a compelling Compound Annual Growth Rate (CAGR) of 10.0% between 2023 and 2033. This growth trajectory is projected to culminate in a substantial total of approximately $35.2 billion by the year 2033.
The analysis conducted by Future Market Insights underscores the noteworthy expansion experienced by the construction industry in recent times. This expansion has engendered an augmented need for gas connectors and gas hoses. These components play a pivotal role in facilitating the installation of gas pipelines, heating systems, and other gas-powered equipment, which are extensively employed across residential, commercial, and industrial establishments.
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Market Expansion Driven by Growing Natural Gas Demand and Thriving Construction Sector
The surge in demand for natural gas, heralded as a cleaner and more efficient fuel source, stands as a pivotal driver propelling market growth. As businesses and consumers increasingly seek eco-friendly and efficient alternatives to traditional fossil fuels, the demand for natural gas is anticipated to remain on an upward trajectory. Consequently, the market for gas connectors and gas hoses is poised to witness heightened demand, facilitating the transport and distribution of natural gas to residential and commercial spaces.
Furthermore, the flourishing construction industry contributes significantly to the market’s expansion. With escalating investments in infrastructure and population growth, the construction sector is set to continue its upward trajectory. This sustained growth is expected to lead to an increased demand for gas connectors and gas hoses, essential for the installation of gas pipelines, heating systems, and various gas-powered equipment.
Insights from the Market Study
- The global market for gas connectors and gas hoses reached a valuation of approximately $12.3 billion by the conclusion of 2022.
- Over the span of 2018 to 2022, market demand showcased an impressive Compound Annual Growth Rate (CAGR) of 6.4%.
- Anticipated to command the leading market share, North America is poised to hold a substantial portion, accounting for 34.2%.
- The natural gas segment, categorized by gas type, is projected to exhibit a noteworthy CAGR of 9.4%.
- In terms of end-users, the commercial segment is poised to emerge as the dominant force, foreseeing a compelling CAGR of 9.2% by 2033.
“The escalating popularity of outdoor living spaces and outdoor kitchens stands as a significant driving force poised to accelerate the Gas Connectors and Gas Hoses market’s expansion,” observes an analyst from FMI.
Competitive Scenario
Distinguished contenders within the gas connectors and gas hoses market encompass Regency Gas Hoses, Dormont, Parker Hannifin Corporation, T&S Brass and Bronze Works, Tubes International, Grainger, Companion Outdoor, Trelleborg Sealing Solutions, Continental AG, Swagelok Company, Bromic Plumbing and Gas, Emerson Electric Co., Eaton Corporation plc., Prestige, rrmcia, IBEDA, and Bay Corporation, among others.
Recent Advancements:
- In 2021, Parker Hannifin Corporation introduced a new line of gas hoses tailored for liquefied petroleum gas (LPG) applications. Crafted from high-performance thermoplastic elastomer material, these hoses boast a substantial burst pressure rating and exhibit a low permeation rate.
- In 2020, Eaton Corporation plc unveiled a fresh range of gas connectors tailored for residential and commercial usage. These connectors feature a novel seal design that mitigates the risk of gas leaks, available across an array of sizes and materials.
- In 2020, Emerson Electric Co.: Emerson Electric made headlines by acquiring American Governor Company, a renowned provider of hydro-mechanical and electronic governors for hydroelectric turbines. This strategic acquisition bolsters Emerson’s prowess in the power generation market.
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Key Segments:
By Type of Gas:
- Natural Gas
- Propane
- Butane
- Others
By Material:
- Stainless Steel
- Rubber
- Thermoplastic
By End User:
- Household
- Commercial
- Restaurants
- Hotels
- Cafes
- Industrial
- Medical
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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