The rise in requirement of high-pressure vaporization of the gas for various applications drives the growth of the LPG vaporizer market. Supporting government norms to use alternate fuel sources for reducing emission, higher fuel conversion efficiency, and lower operating costs are some of the major factors that contribute to the growth of the LPG vaporizer market. Moreover, growing vaporization requirements in commercial as well as in industrial sectors are expected to boost the growth of the LPG vaporizer market.
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Growing Concern about Environment and Adoption of Eco-friendly Practices to Reduce Carbon Emission
Increase in awareness about environment-related issues and implementation of stringent rules and regulations by regulatory authorities have compelled companies to seek green solutions. Of late, LPG is being used as a substitute for gasoline and diesel. LPG is a clean fuel. It offers a cost-effective solution to companies. Thus, significant increase in the use of LPG in various industries is expected to drive the LPG vaporizer market.
Advancement and R&D Programs Boost Market Growth
Companies are focusing on using advanced technologies and products and adopting the competitive pricing strategy to increase their market share. LPG vaporizer utilizes 100% of LPG from a cylinder/tank. This reduces the operational cost incurred by a company. Thus, the usage of LPG vaporizers has led to an increase in LPG vaporization requirements in industrial as well as commercial sectors.
Industrialization and Urbanization in Most Remote Areas Globally Help Market to Grow
LPG vaporizers have the ability to fully utilize LPG, even at a low pressure in cylinders, and to supply LPG at a constant flow rate in extreme cold climates. Moreover, the use of LPG in power production, commercial sector, farming & residential sector, and power utilities in the developing countries augments the market growth.
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COVID-19 Impact Analysis
- The coronavirus’s unfavorable global effects are already evident and had a big impact on the LPG vaporizer market in 2020.
- The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the LPG vaporizer market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
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