Global Helium Market: Snapshot
Helium is the second component on the periodic table. It is a dreary an unscented gas yet it has various utilizations, some of which may shock you! Helium gas is actually ‘lighter-than-air’ because of its amazingly low thickness, which clarifies its most notable use; enhancing inflatables. Helium’s quality on earth was affirmed in 1895, anyway it was first found in 1868 when French space expert, Pierre Janssen, saw an obscure gas during a sun based overshadowing. This is the place the name ‘Helium’ began, as it was named after the Greek God of the sun, Helios. Since the gas is used in variety of applications, its demand has skyrocketed in recent years. Owing to this growing demand, the global helium market is expected to grow exponentially in coming years.
- Helium is industrially recouped from flammable gas stores, for the most part from Texas, Oklahoma and Kansas. This allows, North America to dominate the regional front of global helium market. It is utilized as an idle shield for curve welding, to pressurize the fuel tanks of fluid energized rockets and in supersonic windtunnels. Helium is joined with oxygen to make a nitrogen free air for remote ocean jumpers so they won’t experience the ill effects of a condition known as nitrogen narcosis. Fluid helium is a significant cryogenic material and is utilized to examine superconductivity and to make superconductive magnets. This helps the global helium market to grow exponentially in coming years.
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Sales of Cryogenic Devices Surge with Improvements in Manufacturing Processes
Helium is a synonymous term with most cryogenic applications. Its exceptional cooling abilities are proving to be useful for the development of various cryogenic devices. Cryogenics currently accounts for the second-highest production amongst all applications in the helium market, with a ballpark output of ~38 million cubic meters in the year 2018. Hence, companies in the helium market are innovating cryogenic turbines that provide the liquefaction of helium. As such, companies in the helium ecosystem are increasing their capabilities to enhance the quality of cryogenic devices to cater to the needs of stakeholders in the aerospace industry. This trend is also helping in magnetic resonance imaging for the purpose of scientific research.
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Companies in the helium landscape are expanding their scope of application in tissue and organ preservation, superconductivity, and mechanical engineering. The sales of cryogenic turbines are estimated to surge during the forecast period. As such, companies in the helium market are simplifying complex manufacturing processes with improved and optimized titanium and stainless steel parts. These parts are processed with the help of vacuum brazing and chemical nickel coating. They are also expanding the use of electron beam welding in manufacturing processes that are validated through several samples. On the other hand, companies are developing cryogenic compressors and pumps. They are also increasing their focus on aerodynamic gas bearings.
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Paradigm Shifts in Aerospace Industry of Asia Pacific Create Opportunities in Healthcare
Helium-3 is gaining increased importance in aerospace and healthcare industries. Helium-3 helps doctors diagnose lung diseases, as this element offers real-time imaging of lungs.
The healthcare segment is estimated to reach a value of ~US$ 940 million by the end of 2027, which is the second-highest amongst all end users in the helium market. Hence, stakeholders in the aerospace industry are increasing efforts to discover deposits of helium-3 on the moon. This trend is gaining momentum in the aerospace industries of Asia Pacific. As such, Asia Pacific holds the largest market share in the helium market, and is projected to exponentially grow throughout the forecast period. Hence, stakeholders in the Indian aerospace industry are planning an upcoming space probe to locate deposits of helium-3 that are worth trillions of dollars.
Stakeholders in the aerospace industry are successfully carrying out the development of lunar landing crafts. For instance, Lockheed Martin – an American aerospace and defence company, revealed the company’s crewed lunar lander concept that aligns with NASA’s flight-proven technologies and systems. Hence, stakeholders in the helium market are increasing focus on the aerospace industry, as the moon is a million times more abundant in helium-3 gas as compared to the Earth. Other countries in Asia Pacific, such as China, are also aiming to make history in achieving a first-of-its-kind soft landing on the far side of the moon with the help of their lunar landing craft.
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