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The energy sector, whether it's oil and gas or natural gas, is currently facing a boom in the market. In the world market, WTI (crude) is hovering over $67 per barrel and we all know it went to zero when the first COVID-19 wave came in 2020. Thus, every corner of the energy sector is on track and performing well, as is evident from the bottom lines of multinational giants.
The energy sector is majorly consisting of natural gas, petrochemical products, and pollution control equipment.
It normally comprises liquid oxygen, compressed, and oxygen concentrators. As per research, the global market for medical oxygen was valued at $4572.39 million in terms of volume back in 2020. However, it is projected to grow at a CAGR of 7% in value terms to hit the mark of $6712.32 million by 2026. These are massive numbers and the prevalence of respiratory diseases across the globe is the major driver.
Electronic vehicle (EV) is prevailing rapidly across the market. Thus, ammonia in general and automatic ammonia crackers, in particular, drive the growth of EV. As per research, ammonia is among the world's most extracted inorganic chemicals. It is clean along with the primary bi-products of its consumption and cracking being nitrogen and water. Another research reveals that as many as 36 million EVs will be on roads in the UK by 2040.
Chemical structure natural gas always remains in demand not only in the energy sector but in industrial uses since its discovery. As per research, prices of natural gas have shot up by 66% since June 2020. Also, market speculators are foreseeing they will keep climbing.
With the prevalence of two-stroke and four-stroke engines, heavy diesel oil has always retained its market share and consistent growth. As per the research, the market for global diesel engines reached US$207 Billion in 2020, and in the future, it is projected that the number will reach close to S$2 Billion by 2027 with a CAGR of 2.3%.
With gradual ease out of lockdown restrictions and expansionary policies by the countries, trade of different types of machinery is on the rise. Therefore, the demand for machinery lubricants is also going up. According to research, the market for global industrial lubricants was calculated at $58.22 Billion in 2019. However, in the future, it is projected to hit the mark of $75.23 Billion with a CAGR of 3.2% by 2027.
Since COVID-19 is still here and corporations are looking for every possible way to discard fumes, harmful chemicals, and particulate from the workspace. Keeping this in view, the rise in demand for fume extraction systems is understandable. Amid the pandemic, the welding fume extraction equipment market is estimated at US$4.4 Billion in the year 2020 and it is estimated to reach US$6.2 Billion by 2027 with a healthy CAGR of 5.2% by 2027.
Households in the USA and across the globe are giving special attention to keep their home environment clean to save themselves from Coronavirus. Therefore, the market for household air purifiers is expanding. As per the estimate, the residential air purifier market is projected to grow at a CAGR of around 5.38 % during the forecast period of 2021 – 2026 and eventually, it will reach $5.09 billion in 2026 in terms of market size.
All the estimates and projections mentioned above are calculated with a conservative approach due to the entrenched impact of COVID-19. Countries are unsure as to how their economy will grow due to concerns about COVID-19 variants. However, companies dealing in the energy sector and its sub-sectors mentioned above would see a sharp increase in their revenue once the world goes back to normal.
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