Sulfur Hexafluoride Market is Poised to be Worth US$ 340.75 Mn By 2026.
In terms of value, the global sulfur hexafluoride market is projected to expand at a CAGR of 6.3% from 2018 to 2026, according to a new research report titled ‘Sulfur hexafluoride Market – Global Industry Analysis, Value, Share, Growth, Trends, and Forecast, 2018–2026’ published by Transparency Market Research (TMR) .In terms of value, the global sulfur hexafluoride market is expected to reach US$ 340.75 Mn by 2026. The market is driven by the increase in electricity consumption across the globe. The sulfur hexafluoride market in Asia Pacific is estimated to expand at a CAGR of 6.4% during the forecast period owing to rising need for power utilities due to the increase in demand for homes and infrastructure development led by rapid increase in population in countries such as China and India. Based on grade, the technical grade segment accounted for a major share of the global sulfur hexafluoride market in 2017 and this trend is anticipated to continue during the forecast period.
- Rising Electricity Consumption across Globe to Boost Market
Based on application, the electrical transmission and distribution segment accounted for major share of the sulfur hexafluoride market, in terms of value and volume, in 2017. This can be ascribed to the wide range of applications of sulfur hexafluoride in electrical transmission and distribution devices such as circuit breakers and gas insulated switch gears. Sulfur hexafluoride has no substitutes in high voltage and medium voltage circuit breakers and gas insulated switch gears due to its high dielectric strength. Rise in electricity consumption due to growing demand from residential, commercial, and industrial sectors and increase in development activities across the globe is projected to drive the global sulfur hexafluoride market.
The information Presented in this Review is Based on Press-Release by TMR
- Rise in Concerns Regarding Global Warming to Restrain Market
Sulfur hexafluoride is a key greenhouse gas with greenhouse potential (GWP) of 23500 for 100 years. Several tons of sulfur hexafluoride are released into the open atmosphere due to negligence during handling in various industries. The gas is included in the 1997 Kyoto Protocol and regulations have been implemented to regulate its emissions in the international policy. Rise in environmental concerns and regulations to control greenhouse effects are anticipated to hinder the global sulfur hexafluoride market during the forecast period.
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