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Technavio’s market research analyst projects the global noble gas market to grow at a rate of 5% during the forecast period. The rising demand arising from the chemical, engineering, consumer goods, aerospace, and electronics sectors is driving the growth of this market.
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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