Helium Booster Market Size, Share, Growth, and Industry Analysis, By Type (Pneumatic, Electric and Helium Booster), By Application (Electronics, Power & Energy, Aerospace & Defense, Automotive & Transportation and Others), Regional Forecast From 2024 to 2031

Updated On: 08 April 2024

Helium Booster Market Report Overview

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The global helium booster market size expanded rapidly in 2022.  As per our research, the helium booster market is expected to generate substantial revenue by 2031, a robust CAGR during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The chemical element helium has the symbol He and the atomic number 2 and is also known as the sun (from the Greek letter o, Romanized as helios). It is the first member of the noble gas group in the periodic table and is a colorless, odorless, tasteless, non-toxic, inert, monatomic gas. Its melting point at ordinary pressure is zero, and its boiling point is the lowest of all the elements. After hydrogen, it is the second-lightest and second-most prevalent element in the observable universe. The specially designed helium gas booster pumps raise the pressure of bottled or constant supply gases like air, nitrogen, helium, hydrogen*, methane*, and many other Gases. These pumps can be used for pre-charging accumulators and downhole tools or for pressure testing.

The market demand is projected to be driven in the medium term by rising helium consumption in the semiconductor and electronics industries as well as rising helium usage in the healthcare sector. On the other hand, the expensive extraction procedure and the strict government rules around helium use are anticipated to impede the development of the market under study. Over the projected period, it is anticipated that the development of effective systems for the storage and transportation of gases and the substantial natural gas reserves discovered in Tanzania would present a number of opportunities.

COVID-19 Impact: Serious Blow to The Aerospace Sector to Hinder Market Growth

However, the COVID-19 outbreak dealt a serious blow to the aerospace sector, which led to a recent decline in the sector and adversely impacted the growth prospects of helium in aerospace applications. However, the helium market has benefited from the healthcare sector's rapid expansion.

LATEST TRENDS

"Increased Demand for Helium Cylinders to Boost Market Growth"

49% of the market share in during was represented by the packaged form of distribution. Customers who only need a modest amount of compressed gas are typically served by packaged distribution, where the gas is sold in metal cylinders. These cylinders are frequently supplied on demand to the client's facilities or can be purchased by the client at a network of client- or distributor-owned facilities.

Helium Booster Market Segmentation

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• By Type

Based on type market is classified as pneumatic, electric and helium booster.

• By Application

Based on application market is classified as electronics, power & energy, aerospace & defence, automotive & transportation and others.

DRIVING FACTORS

"Healthcare Sector to Provide Impetus to the Market"

28% of the consumption share during the forecast period was for healthcare. Due to its chemical inertness and high specific heat, helium booster is employed as a coolant in MRI, NMR, and nuclear reactors. In these machines, helium is utilised to cool the low temperature superconducting materials and magnets to temperatures very close to zero, allowing the generation of strong magnetic fields. For both fixed and floating offshore oil rigs, they are employed. This market category is expected to increase at a 7% annual rate, according to the analysis.

"Packaged Mode of the Product to Augment Market Growth"

The packaged mode of distribution held a 49% market share. Customers who only need a modest amount of compressed gas are typically served by packaged distribution, where the gas is sold in metal cylinders. These cylinders are frequently supplied on demand to the client's facilities or can be purchased by the client at a network of client- or distributor-owned facilities. The helium market is expanding quickly due to the sector's strong growth in R&D. In the majority of the most cutting-edge energy and defence research, helium is utilized as a cryogenic coolant. Quantum mechanics also makes extensive use of liquid helium to investigate the atomic composition and behaviour of subatomic particles including neutrons, protons, and electrons. The demand for helium is being driven in part by these escalating research endeavours.

RESTRAINING FACTORS

"Strict Regulatory Environment to Impede Market Growth"

The strict regulatory environment and safety standards are a barrier to the market's expansion. The production, storage, transportation, and distribution of industrial gases are all closely regulated due to the possible risks that leaks or accidents could provide. OSHA and the EPA, for instance, have regulations regarding the transportation and storage of cryogenic liquids in all storage forms. The handling costs for the vendors have gone up due to compliance with these criteria.

Helium Booster Market Regional Insights

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"North America to Dominate the Market Due to Distribution Network"

Chemical suppliers from North America, who have an integrated distribution network and rely on their own unique manufacturing technology, dominate the world helium market. These suppliers operate through joint ventures and strategic alliances and have manufacturing plants all around the world. During the forecast period, the leading vendors in this market are expected to increase their geographic reach through mergers and acquisitions or joint ventures, according to the research.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players of helium booster are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• HII Pumps (U.S.)
• Terek (U.S.)
• Hycomp (U.S.)
• Suncenter (U.S.)
• Resato (Netherlands)
• Maximator GmbH (U.S.)
• CryoVation (Gelderland)
• Pensmore Sdn. Bhd. (U.S.)

REPORT COVERAGE

The report on helium booster market anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.