"Innovative Market Solutions to Help Businesses Make Informed Decisions"

Xenon Market Size, Share & Industry Analysis, By Type (N3, N4.5, and N5), By Application (Imaging & Lighting, Satellite, Electronics & Semiconductors, Medical, and Others), and Regional Forecast, 2024-2032

Last Updated: October 21, 2024 | Format: PDF | Report ID: FBI101965

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global xenon market size was valued at USD 253.14 million in 2023 and is projected to grow from USD 258.74 million in 2024 to USD 304.74 million by 2032, exhibiting a CAGR of 2.1% during the forecast period. Asia Pacific dominated the xenon market with a market share of 36.94% in 2023. Moreover, the Xenon market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 71.42 million by 2032, driven by robust adoption in satellites and imaging & lighting applications.


Xenon (Xe) is a completely inert gas filled in a tube and emits blue light when exposed to electrical discharge. Although it has very less commercial use, it is considered preferable owing to its excellent characteristics. This noble gas is versatile and based on its purity, it is widely adopted in different industries such as satellites, imaging, lighting, electronics, medical and others. Owing to the favorable growth of these applications in both developed and developing economies, the demand for xenon gas is expected to increase during the forecast period.


The COVID-19 pandemic disrupted industrial operations globally. Xenon-based medical lightings are prominently used in hospitals for different applications such as surgical operations. However, the outbreak disrupted operations in most hospital as major manpower was utilized to treat COVID-19 patients. This factor resulted in a weak demand for Xe gas from lamp manufacturers.


Xenon Market Trends


Rising Demand for Xe in the Semiconductor Industry to Aid Market Growth


The gas in the form of xenon chloride (XeCl), plays an important role in excimer lasers, which are used in the semiconductor industry. In plasma etching, which is a process in the production of semiconductors, a high frequency or electrode-less microwave discharge is ignited in the vacuum reactor. The reactor is filled with highly reactive Xe gas, thereby generating etching-active plasma. In 2018, Samsung practiced the 3D photolithography process for the semiconductor industry, which requires a significant amount of this gas.


Request a Free sample to learn more about this report.


Xenon Market Growth Factors


Robust Adoption of Satellites to Bolster Market Growth


Xe is an inert gas that is an excellent propellant for the electric ion propulsion system. It is gaining considerable traction in the satellite sector due to its advantages. Electric propulsion plays a crucial role in interplanetary operations, electric propulsion plays an important role in space exploration. Weight reduction is the major advantages of using this gas as a propellant. It enables the spacecraft to carry more payloads. Also, the high ionization promoted by the gas makes it an ideal choice for moving between heliocentric orbits. U.S., China, and Russia launched several satellites by 2019 and are likely to offer the key countries for satellite launches. The increasing adoption of the gas from developed countries for satellites is likely to drive the market.


Increasing Demand from Light & Imaging and Medical Industries to Drive Market Growth


Xenon is witnessing rising demand from certain specialized light applications. When excited by electrical discharge, it produces an attractive blue glow. Lamps made of this gas are used as high-speed electronic flash bulbs in photography, sunbed lamps, and bactericidal lamps employed in food processing & preparation, medical, and other industries. These lamps also find applications in ruby lasers. The derivative of the product, called Xenon difluoride, is used for etching silicon microprocessors. The product is also used in the manufacturing of certain drugs and intermediates. For instance, it is used in the manufacturing of 5-fluorouracil, which is widely used in the treatment of certain types of cancers. Moreover, it is also used as a general anaesthetic gas in certain medical conditions. Therefore, the multiple applications of the product in light & imaging and medical industries are driving its demand owing to the significant growth of these industries.


RESTRAINING FACTORS


Dangerous Health Effects of the Gas on the Human Body to Restrain Market Progress


The gas is classified as an asphyxiant, which means the inhalation of excess concentration of this gas can result in nausea, dizziness, vomiting, and sometimes, death. At low oxygen levels, death may occur within seconds without warning. At 75% oxygen and 25% of this gas, the person may develop the symptoms mentioned above, but it may also lead to mental illness, fatigue, depression, and emotional instability. The European Industrial Gases Association (EIGA) and the U.S. Occupational Safety and Health Administration (OSHA) passed the rule stating that oxygen levels in places where rare gases are stored should range between 20% and 25%. Entry to the area must be prohibited in case of oxygen level uncertainties. Although the ambient level of oxygen is present, adequate ventilation should be there to enter fresh air to avoid any disaster.


Xenon Market Segmentation Analysis


By Type Analysis


Growing Demand for N5 Type in Imaging & Satellite to Augment Market Growth


On the basis of type, the xenon market share is categorized as N3, N4.5, and N5. The classification among these segments is done based on the purity of the gas.


The N5 segment, also known as research-grade, holds a purity level of 99.999%, making it extremely costly but useful in applications such as imaging, lighting, satellite, electronics & semiconductors, and medical. As several key private players, including SpaceX, Lockheed Martin, and Boeing planned for space exploration and satellite launch programs in the near future, the demand for N5 type is expected to improve during the xenon industry forecast period.


By Application Analysis


To know how our report can help streamline your business, Speak to Analyst


Due to Higher Adoption, the Satellite Segment Dominated Market in 2023


On the basis of application, the market is segmented into imaging & lighting, medical, satellite, electronics & semiconductors, and others. The satellite segment held the lions share in the market and is projected to grow at a CAGR of 7.6% during the study period. With increasing number of electric propulsion spacecraft & satellites, the demand for Xe gas is expected to grow. Several satellites are scheduled for launch during the short-term forecast, and many more are expected to be announced in the future. Some of the announced spacecraft and satellite missions include Hotbird 13F (2021), Hotbird 13G (2021), SES-17 (2020), GSAT-20 (2020), and others.


The imaging & lighting segment accounted for the prominent market share, but it is markedly shrinking due to the increasing adoption of LED technology. This segment is expected to get dethroned due to the reduced demand from conventional lighting. Though the demand for these headlights is expected to decrease, the need for flash lamps & tubes is still expected to grow moderately, owing to their strong demand in projectors and other applications.


The electronics & semiconductor segment is the fastest growing segments in the global market. The gas is mainly consumed in the semiconductors for the etching process. Some leading gas producers also provide gas recovery systems to the semiconductor industry to reduce the overall cost by up to 50% or more.


The medical grade gas requires high purity of 99.9999% and is ideal anesthetic gas as it is reported to have no side effects and fast response time. Around 3-4 minutes are sufficient to make patients unconscious. Usually, after 2-3 minutes, after the cessation of the gas supply, patients are restored to consciousness without any side effects.


The others segment includes research & development work, which also accounts for considerable market size and plays an important role in studying the nature of dark matter. Liquid xenon is used in such studies, which are quite expensive. The dark matter detection project LUX-ZEPLIN (an international collaboration between a large underground inert gas experiment group and ZEPLIN-III dark matter experiment group), alone is expected to consume around 10 tons of this gas after it starts taking data in 2020. However, the demand for research and development and in the other segments is likely to decline during the forecast period as it is very costly and cannot be readily available when required.


REGIONAL INSIGHTS


Asia Pacific Xenon Market Size, 2023 (USD Million)

To get more information on the regional analysis of this market, Request a Free sample


Asia Pacific is a major consumer owing to the rising product demand from the satellite industry. The market size of the region in 2023 was valued at USD 93.52 million. Many satellites with xenon-based electric propulsion systems are scheduled to launch in the coming years. A significant amount of this gas is also consumed while testing the engines. For instance, the GSAT 20 launched by the Indian Space Research Organization (ISRO) in mid-2020. The procurement process for high purity xenon started in 2018 for testing and quality inspection purposes. ISRO has also made a few satellite launches (GSAT 9, GSAT 4) that used Xe-based electric propulsion systems.


China and Japan are prominent countries that consume a significant amount of Xe for satellite applications. Electronics and semiconductor industries account for high gas consumption for etching and other applications. The growth of electronics industry is expected to positively support the xenon market growth due to increasing semiconductor production.


Europe is expected to witness moderate growth in the market. Semiconductors and satellite applications are expected to remain the major growth promoters for the local market. The ongoing dark matter research in Italy is also expected to create growth opportunities. The third-generation experiment uses three and a half tons of xenon to catch the passing Weakly Interacting Massive Particles (WIMPs).


Latin America and the Middle East & Africa are expected to showcase low market value growth compared to other regions. This factor is attributable to fewer developments in these end-use markets. Most of the demand in these regions is accounted for by lighting & imaging applications.


List of Key Companies in Xenon Market


Market Players to Focus on Strengthening Positions through Mergers & Acquisitions


The global market is highly consolidated, with top-5 players accounting for over 85% of the market share. Leading key players strengthened their positions in major economies. This merger strategy was adopted to maintain an uninterrupted supply of gas to end-users. The Air Liquide is a prominent player operating in this market. Post-acquisition of Airgas, it became a major industrial gas producer in the U.S., and in 2016, it became one of the largest producers of industrial gases. Further, the company also acquired SIG Gases in Malaysia to double its production capacity for packaged gases. Messer Group GmbH is another key company operating in the market. The company targeted the market in Europe by investing heavily in its Hungary-based operations in the last three years. It currently has over 20+ production sites in the country.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS



  • June 2023: Linde PLC announced the opening of one of the world’s largest plants for the production and filling of xenon and krypton at Leuna, Germany. The move is anticipated to enable the company to consolidate its European noble gas production at the Leuna site in Germany.

  • February 2019: OneWeb Satellites, a designer and manufacturer of a fleet of satellites, launched its first six spacecraft out of 100. The company plans to launch 900 spacecraft one after the other to deliver affordable internet services to customers. The company’s low-power proportional system is conceived by Airbus, which features xenon HETs and innovative electronics and propellant systems.

  • July 2018: Air Liquide, one of the largest producers of rare gases and other industrial gases in the world, signed several new multi-year contracts for xenon & krypton supply to the satellite and semiconductor industries in the U.S., Europe, and Asia Pacific. The contracts are reported to be worth over USD 59 million.


REPORT COVERAGE


An Infographic Representation of Xenon Market

To get information on various segments, share your queries with us



The market research report provides qualitative and quantitative insights into the global market based on a holistic research methodology. Quantitative insights include the global market sizing in terms of value (USD million) and volume (million liters) across each segment, sub-segment, and region profiled in the scope of the study. Additionally, the report covers historical data, market share analysis, and growth rates of the segment, sub-segments, and key countries across each region. Qualitative insights cover an elaborative analysis of the drivers, restraints, growth opportunities, and key market trends related to the market. The competitive landscape section covers detailed company profiling of the key players operating in the global market and their SWOT analysis.


To gain extensive insights into the market, Request for Customization


Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



CAGR



Growth Rate of 2.1% from 2024 to 2032



Unit



Volume (Million Liters), Value (USD Million)



 


 


 


Segmentation


 



By Type



  • N3

  • N4.5

  • N5



By Application



  • Imaging & Lighting

  • Satellite

  • Electronics & Semiconductors

  • Medical

  • Others



Geography



  • North America (By Country)


    • U.S.

    • Canada

    • Mexico


  • Europe (By Country)


    • Germany

    • U.K.

    • France

    • Russia

    • Italy

    • Rest of Europe


  • Asia Pacific (By Country)


    • China

    • Japan

    • South Korea

    • India

    • South East Asia

    • Rest of Asia Pacific


  • South America (By Country)


    • Brazil

    • Argentina

    • Rest of South America


  • Middle East & Africa (By Country)


    • Saudi Arabia

    • Turkey

    • Egypt

    • South Africa


  • Rest of Middle East & Africa






Frequently Asked Questions

Fortune Business Insights says that the market size was valued at USD 253.14 million in 2023 and is projected to reach USD 304.74 million by 2032.

The market will exhibit steady growth at a CAGR of 2.1% during the forecast period.

The satellite segment is expected to lead this market during the forecast period.

The increasing demand for satellites is the key factor driving the market growth.

Asia Pacific is expected to hold the highest share in the market.

Widening applicability in the semiconductor industry is the current market trend.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts
Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 102
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Chemicals & Materials Clients
BASF
GM
Kpmg
Citibank
3M
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X