The helium gas market in the United Kingdom is projected to experience modest growth at a CAGR of 1.7% through 2034. This growth is primarily driven by advancements in cryogenics, particularly in energy storage systems, which require extreme cooling solutions. As the UK prioritizes renewable energy sources and seeks effective alternatives for energy storage, the demand for helium is expected to rise to support these technological developments.
With the support of various growth drivers for the helium gas market, the sector will encompass a sluggish advancement, reaching a stage of maturity. The said industry will follow a CAGR of 4.4% through 2034. The helium gas market size will attain USD 46.8 billion by 2034, elevating the size from USD 30.4 billion, measured in 2024.
The rising dependency on nuclear power generation has forced people to seek the effective functioning of atomic systems. Nuclear reactor cooling systems are gaining traction in the industry. This can be fulfilled with the help of Helium, as the gas possesses a significantly lower boiling point. This explains the increasing helium gas market size.
Similar to the nuclear industry, the healthcare industry is fueling growth drivers for the helium gas market. The medical sector is evolving, using innovative and cutting-edge techniques for medical inspection. Helium finds wide applications in the medical field, including MRI machine cooling for repetitive use, which drives the demand for the gas.
Key players in the helium industry gain traction due to the growing electronics and semiconductor industry. Helium can effectively be used in the construction of LCDs, which is the reason for the growing sector of such players. As a result, the industry is fueled to grow.
With the ability of the gas to meet sustainability, governments are mandating the use of Helium as an alternative source of energy. Such factors increase the helium gas market size.
Rising Demand and Innovation Propel Growth in the Helium Gas Market
The helium gas market is influenced by various growth drivers, including:
• Increased Demand in Healthcare: Helium is crucial in medical imaging technologies, particularly MRI machines. As the healthcare sector expands and the use of MRIs increases, the demand for helium is expected to rise.
• Growing Aerospace and Defense Sector: Helium is used in various aerospace applications, including rocket propulsion systems and high-altitude balloons. As investments in aerospace and defense grow, the demand for helium will likely increase.
• Electronics and Semiconductor Industry: The production of semiconductors and electronic components utilizes helium in various processes, such as cooling and creating inert atmospheres. The ongoing expansion of the electronics industry supports helium demand.
• Emergence of Alternative Energy Technologies: Helium is used in the development of energy-efficient technologies, such as fuel cells and photovoltaic cells. The shift towards renewable energy sources can drive demand for helium in these applications.
• Research and Development Activities: The scientific community, including universities and research institutions, heavily relies on helium for cryogenics, cooling superconducting magnets, and conducting experiments. The growth in R&D activities boosts helium consumption.
• Increased Use in Welding and Metallurgy: Helium is utilized as a shielding gas in welding and various metallurgical processes. The growth in manufacturing industries, particularly automotive and construction, drives the demand for helium in these applications.
“With the overuse of helium, the reserves of the gas might become obsolete, which is a key challenge, affecting the growth drivers for the helium gas market,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Market Study
• The helium gas market in the United States of America will advance at a CAGR of 2.4% through 2034.
• India will lead the industry by registering the advancement at a CAGR of 6.5% from 2024 to 2034.
• The United Kingdom will likely traverse a sluggish progress path in the sector at a CAGR of 1.7% through 2034.
• The healthcare industry will demand helium the most, justifying the share of 25.7% in the competitive landscape.