LPG Vaporizer Market Size Worth $1.37 Billion By 2025 | CAGR: 2.8%

The LPG vaporizer market size in North America, Europe, and Africa is expected to reach USD 1.37 billion by 2025, according to a new report by Grand View Research, Inc. The regional markets together are anticipated to witness a CAGR of 2.8% over the forecast period. Increasing demand for the equipment for efficient vaporization particularly in industrial applications is expected to have a positive impact on the market growth.

The LPG vaporizer market in North America, Europe, and Africa is characterized by the presence of major industry participants catering to various industrial, commercial, and agricultural applications. The North American market comprises several manufacturing companies with widespread distribution network around the world. The market is majorly driven by commercial applications of liquefied petroleum gas which includes hotels, resorts, and restaurants.

The regulatory trends observed by industry participants are primarily in terms of manufacturing codes or policies by several governing bodies including the National Fire Protection Association (NFPA) and American Society of Mechanical Engineers (ASME). Owing to the local regulations and safety concerns, the usage of underground storage tanks has been widespread. These tanks generally utilize the vaporizers, since underground tanks cannot absorb heat during natural vaporization from its surroundings.

Electric vaporizer was the dominant product segment in 2017 amounting for over 39% of the market share in terms of value in North America. Ability of the equipment to reach around 80% efficiency along with varied utilization in multiple industries has led to high penetration in the region.

The Europe direct-fired vaporizer market is expected to register a growth rate of 2.3% over the projected period. The most significant advantage of this product category is the utilization of LPG as the source of energy which makes it cost effective and preferred choice for small-scale applications.

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www.grandviewresearch.com/industry-analysis/lpg-vaporizer-market

Further key findings from the report suggest:

• Medium capacity equipment-ranging from 168 to 455 gal/hr-accounted for the highest share in terms of value in most countries. The segment is expected to exceed USD 21 million by 2025 in Africa
• Industrial was the largest and fastest growing application segment in the market, while accounting for over 68% of the total market share in terms of revenue in 2017 in Germany
• U.S. emerged as the major contributing country for North America in 2017 and accounted for over 76% of total regional market share in terms of revenue
• Some of the major companies manufacturing and distributing the equipment in the North America, Europe, and Africa LPG vaporizer market include Standby Systems Inc., Algas-SDI, Pegoraro Gas Technologies Srl, and Ransome Gas Industries Inc.