Technavio’s latest chemicals
and materials industry report covers the present scenario and
growth prospects of the global
helium market for the period 2016-2020. To calculate the market
size, the report considers the revenue generated through the sales of
helium in various applications. Various distribution modes for the gas
were considered while arriving at the market size.
In this report, Technavio’s industrial
gases research experts announce their key market highlights for
the global remote market. Their findings include:
Demand from MRI systems expected increase
Demand for MRI systems was estimated to be USD 5 billion in 2014 and is
expected to grow at a CAGR of 7% by 2020. Helium is predominantly used
in MRI (magnetic resonance imaging), NMR machines, and nuclear reactors
as a coolant. MRI machines function by generating an intense magnetic
field through a superconducting magnet and a series of current-carrying
“Helium is used in MRI machines to cool the low-temperature
superconducting materials and magnets to temperatures close to absolute
zero, in order to achieve zero electrical resistance, which results in
the creation of powerful magnetic fields,” said Technavio industrial
gas expert analyst Ardhendu Ghosh. “A continuous demand for
superconductivity in the areas of medical research, transport, energy
transmission, and storage is leading to a demand for MRI systems,”
USA, Qatar, and Russia are the largest producers of helium
The global helium market is highly oligopolic in nature and is often
characterized by very limited production of helium combined with huge
price volatility and perennial shortages. This acts as the biggest
factor for the global helium market having so few being big players.
The US Helium Conservation Act of 1925 has played a significant role in
the US becoming the largest producer and supplier of helium. The US
Federal Helium Reserve currently caters to approximately 25%-30% of the
global helium demand. Qatar and especially Russia are the other two big
players in the global market and both have plans to ramp up helium
production in the near future.
Russia is looking to become the world's largest helium producer through
its East Siberian Gas Program, intending to tap into the enormous gas
reserves of Irkutsk and Yakutia. Despite the increased helium production
efforts, Technavio research analysts believe delayed development of
natural gas fields and tensions in the Middle East will pose supply
concerns and lead to price volatility. This will ultimately lead to
demand growing faster than production.
Helium market growing fastest in healthcare sector
The volume of helium consumed in healthcare applications was just over 2
billion scf (square cubic feet) in 2015 and is expected to grow at a
CAGR of 7% through 2020. This growth is being fueled mostly by North
America, a key manufacturing region for medical and scientific
equipment, including NMR machines that consume significant amounts of
noble gases. Sales of these NMR machines are expected to grow more than
7% year on year through 2020 due to a rising demand from the healthcare
and federal research and biotech sectors.
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Technavio is a leading global technology research and advisory company.
The company develops over 2000 pieces of research every year, covering
more than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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