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The global xenon market size is projected to reach USD 228.96 million by 2028 owing to the increasing utilization of semiconductors backed by the high demand for consumer electronics, observes Fortune Business Insights™ in its report, titled, “Xenon Market Size, Share & COVID-19 Impact Analysis, By Type (N3, N4.5, and N5), By Application (Imaging and Lighting, Satellite, Electronics & Semiconductors, Medical, and others) and Regional Forecast, 2021-2028.” As per the analysis, the market value stood at USD 200.94 million in 2020 and is expected to register a CAGR of 1.8% from 2021 to 2028.
OneWeb Satellites to Focus on Providing Affordable Internet Services
In February 2019, OneWeb Satellites, a joint venture between OneWeb and Airbus, announced the successful launch of six of its spacecraft into low earth orbit. The company is planning to launch up to 900 more satellites. Through these projects, it is aiming at providing affordable internet networks for rural and underdeveloped locations. The low-power proportional system integrated into OneWeb’s satellites is built by Airbus. The system features additional innovative electronics and propellant systems and xenon HETs.
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Increasing Demand for Consumer Electronics Devices to Drive Growth
The increasing demand for consumer electronics devices is estimated to drive the xenon market growth. Rising dependence on electronic devices, such as wearables, smartphones, televisions, gaming devices, and others, for utility and entertainment purposes, is predicted to boost their demand in the upcoming years. For instance, as per the data presented by the International Data Corporation (IDC), the market for Virtual Reality (VR) headsets is predicted to record 81.2 million unit sales by 2021. Semiconductors integrated into these devices are manufactured using xenon. Hence, the increasing production of consumer electronics will boost the demand.
SMEs to Focus on Semiconductors in Order to Expand their Businesses
Key players operating in this market have prioritized their focus on providing sufficient supply to public and private space agencies, which are the biggest buyers of the product. In addition to this, small and medium enterprises are focusing on expanding their businesses through the semiconductors industry. Meanwhile, a significant group of corporations is embarking on research and development activities in order to explore new applications of the noble gas.
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List of Key Players Covered in this Market Report:
Table of Segmentation
Volume (Million Liters); Value (USD Million)
By Type; By Application; and By Geography