The Global Xenon Market Size is projected to reach USD 247.1 million by 2027, exhibiting a CAGR of 5.3% during the forecast period. High adoption of xenon gas in ion propulsion systems for satellites will be the most prominent growth driver for this market, shares Fortune Business Insights™ in its report, titled “Xenon Market Size, Share & Industry Analysis, By Application (Imaging and Lighting, Medical, Satellite, Electronics & Semiconductors, R&D, Black matter research and others), and Regional Forecast, 2020-2027”.
Ion thrusters ionize propellant by adding or removing electrons. 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.
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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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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.
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Promising Expansion of the Satellite Industry in Asia Pacific to Generate Several Opportunities
Asia Pacific dominated the xenon market share in 2019 with a market size of 78.41 million and the region is expected to hold its leading position during the forecast period on account of the excellent expansion of the satellite industry, primarily in India and China. Both countries are making heavy investments in next-gen propulsion technologies, which is likely to surge the demand for xenon. Moreover, in India, the Indian Space Research Organization (ISRO) has a series of launches planned for the next decade, which bodes well for the market in the country.
In Europe, dark matter research conducted by the European Space Agency (ESA) and the European Organization for Nuclear Research (CERN) is expected to heighten the demand for xenon and other inert gases. In Latin America and the Middle East & Africa, the main growth drivers will be xenon applications in imaging and lighting activities.
As per the report, the global market value stood at USD 199.5 million in 2019. The report also features the following highlights:
- Thorough examination of the forces driving, restraining, and creating opportunities in the market;
- Exhaustive evaluation of the market segments;
- Granular analysis of the regional dynamics impacting the market; and
- Holistic study of the leading market players and their strategies.
Development of Xenon Applications for Medical Industry to be Key Focus Area for Players
Key players in this market are making large investments in developing xenon applications for the medical industry as the demand for anesthetics is consistently high in this industry. In addition, companies are engaging in collaborations with research organizations and governments to further advance xenon-related technologies for space missions.
List of Key Companies Profiled in the Xenon Market Report:
- Iceblick Ltd. (Ukraine)
- Akela-p Medical Gases P. Ltd. (Russia)
- American Gas Products (AGP LLC) (USA)
- Proton Gases (India) Pvt. Ltd. (India)
- Air Products & Chemicals, Inc. (USA)
- Air Liquide (France)
- Electronic Fluorocarbons, LLC (USA)
- Coregas Pty Ltd. (USA)
- Matheson Tri-Gas, Inc. (USA)
- Messer Group GmbH (Germany)
- Linde PLC (Ireland)
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- December 2018: Linde and NPXe Limited announced the rollout of the first patient from the European Union (EU) in a critical Phase-III trial investigating the efficacy xenon gas in Post-Cardiac Arrest Syndrome. The first rollout site will be the University of Copenhagen in Denmark.
- May 2018: UK-based nuclear medicine specialist, Curium Pharma, announced the availability of the radiopharmaceutical Xenon Xe 133 for patients in the US needing nuclear medicine. This has been made possible by Curium as the company has established an integrated vertical supply chain that allows more efficient control on production and ensures wider availability.
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