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Xenon is commercially extracted through atmospheric air distillation while some of its compounds are sourced from certain igneous rocks and hot springs. The rising demand for LEDs is driving the growth of this market. Technavio’s market research analyst projects the global xenon market to reach a volume of 20 million liters during the forecast period.
The stringent regulatory regime and safety regulations pose a challenge for the growth of the market. Industrial gasses from production to storage, transportation and distribution, are subjected to intense regulatory scrutiny on account of the potential hazards they may cause due to leakage or accidents. For instance, OSHA and EPA specify mandates for carriage and storage of cryogenic liquids in all storage forms. Compliance with these standards has been increasing the handling cost for the vendors.
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