Global Chemical Injection Skids Market Set For 3.5% Growth, Reaching $2.69 Billion By 2028
Chemical Injection Skids Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Is The Anticipated Growth Rate and Market Size of the Chemical Injection Skids Market?2
The chemical injection skids market size has witnessed steady growth in recent years. It is expected to grow from $2.28 billion in 2023 to $2.35 billion in 2024, marking a compound annual growth rate CAGR of 3.0%. The growth in this period can be attributed to factors including the booming chemicals industry, emerging markets growth, and rapid industrialization. The market size is anticipated to see steady growth in the following years, projected to reach $2.69 billion by 2028 at a CAGR of 3.5%.
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What Is Driving The Growth Of The Chemical Injection Skids Market?3
The growing chemical industry is poised to propel the growth of the chemical injection skids market. The chemical industry, a broad sector encompassing industrial chemical production and processing, stands to benefit from the controlled and automated solution chemical injection skids offer for various processes. For instance, as per the American Chemistry Council, chemical volumes in the United States recorded a growth of 1.4% in 2021 and 3.2% in 2022, while shipments increased by 8.1% in 2021 and 8.2% in 2022.
Additionally, the Government of India announced that India's chemical sector including fertilizers and pharmaceuticals had a revenue growth of 18-23% in FY2022. It's further predicted to expand to USD 304 billion by 2025, marking an annual growth rate of 9.3%. Therefore, the growing chemical industry is a significant driver of the chemical injection skids market.
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Who Are The Major Players In The Market?
Major companies operating in the chemical injection skids market include ChampionX Corporation, Petronash Holdings, INTECH Process Automation, Lewa GmbH, AES Arabia Ltd, AFP, Petrak Industries, Controval Gallery, Habu Technology, Dencil Fluidtek Systems Pvt Ltd, Depamu, and Excel Engineering Systems among others.
What Key Trends Are Impacting The Chemical Injection Skids Market?
Emerging trends in the forecast period are shaping the chemical injection skids market. These include innovations in product development to improve injection skid performance, real-time chemical automation, investments in chemical testing analysis methods, the integration of the internet of things IoT and data analytics in chemical injection skids, strategic collaborations among market players, and the development of technologically advanced products such as chemical skids for high-pressure applications.
How Is The Market Categorized?
The chemical injection skids market is segmented by:
1 Function: Antifoaming, Corrosion Inhibition, Demulsifying, Scale Inhibition, Other Functions
2 End-User: Oil And Gas, Energy And Power, Fertilizer, Chemical And Petrochemical, Water Supply, Water Treatment, Other End Users
Regional Insights: North America Spearheading The Market
North America was the largest region in the chemical injection skids market in 2023. The regions considered in the report extend to Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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