According to Fortune Business Insights the global xenon market size was valued at USD 253.14 million in 2023 and is projected to grow from USD 258.74 million in 2024 to USD 304.74 million by 2032, exhibiting a CAGR of 2.1% during the forecast period. Xenon (Xe) is the most commonly utilized propellant, because it has high atomic mass and is easily ionized, thus delivering the necessary amount of thrust when ions are accelerated. Moreover, the gas is inert and has high storage density and therefore, it is ideal for storing in a spacecraft. Its favorable properties for space missions have encouraged space agencies to develop technologies that can efficiently leverage the powers of xenon. For example, the National Aeronautics and Space Administration (NASA) has been developing the NASA Evolutionary Xenon Thruster (NEXT), which is a high-power ion propulsion system engineered to reduce mission trip time and cost. 

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Market Segmentation

The market is categorized on the basis of type, application, and geography. In terms of type, it is divided into N3, N4.5, and N5. Based on the application, it is fragmented into imaging and lighting, satellite, electronics & semiconductors, medical, and others. On the basis of region, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.

List of Key Companies Covered in this Market Report:

• Air Liquide (France)
• Linde PLC (Ireland)
• Air Products & Chemicals, Inc. (USA)
• Messer Group GmbH (Germany)
• Proton Gases (India) Pvt. Ltd. (India)
• Matheson Tri-Gas, Inc. (USA)
• American Gas Products (AGP LLC) (USA)
• Coregas Pty Ltd. (USA)
• Akela-p Medical Gases P. Ltd. (Russia)
• Electronic Fluorocarbons, LLC (USA)
• Iceblick Ltd. (Ukraine)

Market Restraint

Potential Health Risks of Xenon May Inhibit Adoption in the Medical Industry

A prominent constraint facing the xenon market growth is the health risks associated with the inhalation of the gas. Xe has been classified as a simple asphyxiant and intake of the gas in high concentrations can lead to nausea, vomiting, dizziness, and even death. If oxygen levels are low, unconsciousness or death can occur in a matter of minutes without warning. The immediate symptoms indicating the excessive inhalation of a simple asphyxiant include rapid respirations and want of air. Low oxygen supply to the brain then leads to diminishing of mental alertness and impairment of muscular coordination. Senses are suppressed and as the effects intensify, the person loses consciousness, slips into coma, and eventually, death. The health hazards linked to xenon are, therefore, impeding the adoption of the gas in the healthcare industry. However, despite its drawbacks, Xe is widely used in small proportions for its natural anesthetic properties in the healthcare facilities to effectively perform surgical procedures.

Regional Insights

Flourishing Consumer Electronics Industry to Help Asia Pacific Gain Prominence

Asia Pacific is estimated to dominate the market backed by the flourishing consumer electronics industry in the region. The high volume production of semiconductors in China and India is predicted to expand the xenon market share in the region. In addition, various upcoming satellite programs by space agencies from China, Japan, India, and other nations are estimated to further strengthen regional growth. For instance, the Indian Space Research Organization (ISRO) launched its GSAT 20 communication satellite in 2020. The region earned revenue of USD 73.38 Million in 2020.

The market in Europe is projected to exhibit considerable growth during the forthcoming years. One of the leading factors driving the market growth in the region is the ongoing research study on dark matter, which is being conducted in Italy. The gas is utilized in catching the passing weakly interacting massive particles (WIMPs) during the experiment. Hence the market will witness significant demand in the region.

Competitive Landscape

Finding New Applications to Help Key Players Expand their Businesses

The market is primarily driven by high applications of this gas in two main industries: space and electronics. Industry leaders in these fields are supporting the market growth by coming up with new opportunities. For instance, in October 2018, Samsung Electronics Co., Ltd. launched 7LPP, a 7-nanometer node that is integrated with EUV lithography technology. The company has leveraged the properties of xenon for the production of the new chip.

Industry Developments:

July 2018: Air Liquide, an industrial gas supplier based in France, announced to sign multiple agreements worth USD 59 million with various satellite and semiconductor manufacturers from the U.S., Europe, and Asia. 

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