The LPG vaporizer market was estimated at USD 1.32 billion in 2020 and is expected to grow at USD 1.59 billion by 2027 . The markets are projected to register a cumulative CAGR of 2.8% during the forecast period. Increasing the use of Liquefied Petroleum Gas (LPG)requiring high-pressure vaporization of the gas is the major driving force for the Liquified Petroleum Gas vaporizer market.
The increasing gas developments have created investment opportunities in many segments of the LPG industry including equipment market, gas distribution, storage, terminal, and marketing. Growth prospect for the vaporizer industry in North America, Europe, and Africa continues to appear promising until the market in developing countries continues to expand. Also, an increasing number of customers are introduced to the gas with the improved infrastructure to distribute the product effectively.
Direct-fired LPG vaporizer is the fastest growing product segment on account of several advantages associated with the product. The most significant advantage includes utilization of the liquefied gas as the source of energy. Globally, various consumers have prioritized direct-fired vaporizer over others as it results in 100% of the fuel with lower operating costs and higher fuel conversion. Also, it is easy to transport, produces a high amount of heat even in smaller units, has lower rental and maintenance costs, and is safer for unsupervised use.
LPG vaporizers are manufactured in different capacities depending on the end-use and rate of vaporization required. For instance, large-scale industrial applications, such as peak shaving utility plants require high-pressure LPG phase change and thus require higher capacity vaporizers. Different ranges of LPG vaporizer capacities include 40-160 gal/hr, 168-455 gal/hr, 555-1005 gal/hr, and >1000 gal/hr.
LPG vaporizers can be installed in several industries based on vapor pressure requirements. Large and medium scale industrial applications, such as the utilization of liquefied petroleum gas in power generation, peak shaving utility plants, and commercial applications, such as resorts and hotels are the significant application prospects driving the market growth. Large-scale industrial applications require a higher vaporization rate of the liquefied gas and thus primarily make use of high-capacity vaporizers.
The LPG vaporizer market is segmented on the basis of product capacity, capacity insights, end-user insights and region. On the basis of product capacity Direct-fired, Electric, Steam/Water Bath and Other. On the basis of capacity insights 40-160 gal/hr, 168-455 gal/hr, 555-1005 gal/hr, >1000 gal/hr. On the basis of end-user Industrial, Commercial, Agriculture, Others.
North America and Europe are two significant markets for the LPG vaporizers. These regional markets are majorly driven by the growth of liquefied petroleum gas and related equipment utilization in several industries. Major applications for the North America LPG vaporizer market include industrial, commercial, and residential applications. Also, the region constitutes most of the manufacturing companies which have a global widespread distribution network.
Major manufacturers include Algas-SDI; Standby Systems, Inc.; Ransome Gas Industries, Inc.; and Pegoraro Gas Technologies Srl.
Report : LPG Vaporizer Market - By Product (Direct Fired, Electric, Steam/Water Bath) By Capacity (40-160 gal/hr, 168-455 gal/hr, 555-1005 gal/hr, >1000 gal/hr) By End-use (Industrial, Commercial, Agriculture, Others) By Region (North America, Europe, Asia Pacific, Middle East & Africa, RoW) - Industry Analysis, Opportunity and Forecast 2020 To 2027