Energy inflation rates in the European Union have experienced significant fluctuations in recent years, with dramatic increases followed by sharp declines. The impact of geopolitical events, particularly Russia's invasion of Ukraine and the tensions in the Middle East, has led to intense volatility in energy prices across various commodities. As of June 2025, liquid fuels are projected to have a negative inflation rate of nine percent, a stark contrast to the peak of 88 percent seen in June 2022. Broader energy price trends The volatility in energy inflation rates is reflected in broader price indices. The harmonized index of consumer prices (HICP) for energy in the EU reached nearly 170 index points in October 2022, before declining slightly in 2023 and 2024. This surge was largely driven by increased fuel demand after the COVID-19 pandemic and sanctions on Russian fossil fuel imports. By comparison, the global energy price index stood at approximately 101.5 in 2024, with forecasts suggesting a decrease to below 80 by 2026. This was considerably lower than the HICP in the EU in 2025, which was around 150. Energy consumption patterns Despite price volatility, global primary energy consumption was continuously rising and is expected to increase until 2045. While renewable energy production is projected to grow in the upcoming years, oil and gas will remain the dominant energy sources worldwide in the next few decades. The two fossil fuels had a central role in the EU’s energy sector as well, having accounted for almost 65 percent of the region’s primary energy consumption in 2024.

The global fuel energy price index stood at 158.38 index points in August 2025, up from 100 in the base year 2016. Figures decreased that month due to a fall in natural gas prices. The fuel energy index includes prices for crude oil, natural gas, coal, and propane. Supply constraints across multiple commodities The global natural gas price index surged nearly 11-fold, and the global coal price index rose almost seven-fold from summer 2020 to summer 2022. This notable escalation was largely attributed to the Russia-Ukraine war, exerting increased pressure on the global supply chain. Tariffs bring economic uncertainty With the global economy having adjusted to the effects of the Russia-Ukraine war, new uncertainty has emerged due to tariffs imposed by the Trump administration. If these tariffs are fully implemented, global trade could be significantly disrupted, mainly the bilateral trade between the world’s two largest economies. In 2025, import tariffs between China and the United States exceeded 130 percent on both sides, while their tariffs on imports from the rest of the world were around 10 percent. U.S. tariffs on Chinese imported goods reached a high of 134.7 percent in April of that year, while China imposed a 147.6 percent tariff on U.S. goods. Early estimates indicate that the impact of Trump’s proposed tariffs on the U.S. economy could amount to 0.4 percent of GDP, mainly driven by the reduced trade with Mexico, Canada and China.

Natural gas producers are facing turbulent times. Europe has traditionally relied on Russia and Norway as internal sources of natural gas, while countries such as the US, Qatar and Algeria are major sources of imports (although accounting for a much smaller share of overall consumption). Russia’s invasion of Ukraine has shaken up Europe’s natural gas supply structure, with European governments making efforts to reduce their dependence on Russian gas supplies. Revenue is forecast to swell at a compound annual rate of 16.2% to €113.9 billion over the five years through 2025. Revenue expanded in 2021 and 2022 as a sharp hike in natural gas prices and a post-pandemic rise in demand drove an increase in exploration and production activity. Russia’s invasion of Ukraine led to a spike in natural gas prices, with the impacts of reduced demand for gas and a decrease in Russian gas production outweighed by soaring wholesale prices and heightened demand for other natural gas reserves, spurring a jump in revenue. An ongoing reduction in demand for natural gas and easing prices caused revenue to dip in 2023 and 2024. In 2025, revenue is slated to bounce back by 53.3% owing to geopolitical uncertainties, including trade wars and fresh sanctions on Russia, buoying natural gas prices. Revenue is forecast to rise at a compound annual rate of 2.3% over the five years through 2030 to just under €128 billion. The gas market will continue to be shaped by geopolitical tensions into the medium term, with the International Energy Agency expecting natural gas prices to remain high until 2025 as countries continue to shift their supply structure. Following this, natural gas demand and prices are set to fall as Europe continues to expand its renewables capacity.

Electricity prices in Europe are expected to remain volatile through 2025, with Italy projected to have some of the highest rates among major European economies. This trend reflects the ongoing challenges in the energy sector, including the transition to renewable sources and the impact of geopolitical events on supply chains. Despite efforts to stabilize the market, prices still have not returned to pre-pandemic levels, such as in countries like Italy, where prices are forecast to reach ****** euros per megawatt hour in August 2025. Natural gas futures shaping electricity costs The electricity market's future trajectory is closely tied to natural gas prices, a key component in power generation. Dutch TTF gas futures, a benchmark for European natural gas prices, are projected to be ***** euros per megawatt hour in July 2025. The reduced output from the Groningen gas field and increased reliance on imports further complicate the pricing landscape, potentially contributing to higher electricity costs in countries like Italy. Regional disparities and global market influences While European electricity prices remain high, significant regional differences persist. For instance, natural gas prices in the United States are expected to be roughly one-third of those in Europe by March 2025, at **** U.S. dollars per million British thermal units. This stark contrast highlights the impact of domestic production capabilities on global natural gas prices. Europe's greater reliance on imports, particularly in the aftermath of geopolitical tensions and the shift away from Russian gas, continues to keep prices elevated compared to more self-sufficient markets. As a result, countries like Italy may face sustained pressure on electricity prices due to their position within the broader European energy market. As of August 2025, electricity prices in Italy have decreased to ****** euros per megawatt hour, reflecting ongoing volatility in the market.

Natural gas producers are facing turbulent times. Europe has traditionally relied on Russia and Norway as internal sources of natural gas, while countries such as the US, Qatar and Algeria are major sources of imports (although accounting for a much smaller share of overall consumption). Russia’s invasion of Ukraine has shaken up Europe’s natural gas supply structure, with European governments making efforts to reduce their dependence on Russian gas supplies. Revenue is forecast to swell at a compound annual rate of 16.2% to €113.9 billion over the five years through 2025. Revenue expanded in 2021 and 2022 as a sharp hike in natural gas prices and a post-pandemic rise in demand drove an increase in exploration and production activity. Russia’s invasion of Ukraine led to a spike in natural gas prices, with the impacts of reduced demand for gas and a decrease in Russian gas production outweighed by soaring wholesale prices and heightened demand for other natural gas reserves, spurring a jump in revenue. An ongoing reduction in demand for natural gas and easing prices caused revenue to dip in 2023 and 2024. In 2025, revenue is slated to bounce back by 53.3% owing to geopolitical uncertainties, including trade wars and fresh sanctions on Russia, buoying natural gas prices. Revenue is forecast to rise at a compound annual rate of 2.3% over the five years through 2030 to just under €128 billion. The gas market will continue to be shaped by geopolitical tensions into the medium term, with the International Energy Agency expecting natural gas prices to remain high until 2025 as countries continue to shift their supply structure. Following this, natural gas demand and prices are set to fall as Europe continues to expand its renewables capacity.

Natural gas producers are facing turbulent times. Europe has traditionally relied on Russia and Norway as internal sources of natural gas, while countries such as the US, Qatar and Algeria are major sources of imports (although accounting for a much smaller share of overall consumption). Russia’s invasion of Ukraine has shaken up Europe’s natural gas supply structure, with European governments making efforts to reduce their dependence on Russian gas supplies. Revenue is forecast to swell at a compound annual rate of 16.2% to €113.9 billion over the five years through 2025. Revenue expanded in 2021 and 2022 as a sharp hike in natural gas prices and a post-pandemic rise in demand drove an increase in exploration and production activity. Russia’s invasion of Ukraine led to a spike in natural gas prices, with the impacts of reduced demand for gas and a decrease in Russian gas production outweighed by soaring wholesale prices and heightened demand for other natural gas reserves, spurring a jump in revenue. An ongoing reduction in demand for natural gas and easing prices caused revenue to dip in 2023 and 2024. In 2025, revenue is slated to bounce back by 53.3% owing to geopolitical uncertainties, including trade wars and fresh sanctions on Russia, buoying natural gas prices. Revenue is forecast to rise at a compound annual rate of 2.3% over the five years through 2030 to just under €128 billion. The gas market will continue to be shaped by geopolitical tensions into the medium term, with the International Energy Agency expecting natural gas prices to remain high until 2025 as countries continue to shift their supply structure. Following this, natural gas demand and prices are set to fall as Europe continues to expand its renewables capacity.

The global coal price index reached 156.46 index points in August 2025. This was an increase compared to the previous month, while the overall fuel energy price index decreased. The global coal index expresses trading of Australian and South African coal, as both countries are among the largest exporters of coal worldwide. How coal profited from the 2022 gas crunch Throughout 2022, coal prices saw a significant net increase. This was largely due to greater fuel and electricity demand as countries slowly exited more stringent coronavirus restrictions, as well as fallout from the Russia-Ukraine war. As many European countries moved to curtail gas imports from Russia, coal became the alternative to fill the power supply gap, more than doubling the annual average price index between 2021 and 2022. Main coal traders and receivers Although China makes up by far the largest share of worldwide coal production, it is among those countries consuming the majority of its extracted raw materials domestically. In terms of exports, Indonesia, the world's third-largest coal producer, trades more coal than any other country, followed by Australia and Russia. Meanwhile, Japan, China, and India are among the leading coal importers, as these countries rely heavily on coal for electricity and heat generation.

Natural gas producers are facing turbulent times. Europe has traditionally relied on Russia and Norway as internal sources of natural gas, while countries such as the US, Qatar and Algeria are major sources of imports (although accounting for a much smaller share of overall consumption). Russia’s invasion of Ukraine has shaken up Europe’s natural gas supply structure, with European governments making efforts to reduce their dependence on Russian gas supplies. Revenue is forecast to swell at a compound annual rate of 16.2% to €113.9 billion over the five years through 2025. Revenue expanded in 2021 and 2022 as a sharp hike in natural gas prices and a post-pandemic rise in demand drove an increase in exploration and production activity. Russia’s invasion of Ukraine led to a spike in natural gas prices, with the impacts of reduced demand for gas and a decrease in Russian gas production outweighed by soaring wholesale prices and heightened demand for other natural gas reserves, spurring a jump in revenue. An ongoing reduction in demand for natural gas and easing prices caused revenue to dip in 2023 and 2024. In 2025, revenue is slated to bounce back by 53.3% owing to geopolitical uncertainties, including trade wars and fresh sanctions on Russia, buoying natural gas prices. Revenue is forecast to rise at a compound annual rate of 2.3% over the five years through 2030 to just under €128 billion. The gas market will continue to be shaped by geopolitical tensions into the medium term, with the International Energy Agency expecting natural gas prices to remain high until 2025 as countries continue to shift their supply structure. Following this, natural gas demand and prices are set to fall as Europe continues to expand its renewables capacity.

Snapshot img

Pipeline Transport Market Size 2025-2029

The pipeline transport market size is forecast to increase by USD 31.8 billion, at a CAGR of 3.4% between 2024 and 2029.

The market is witnessing significant growth due to the benefits that pipelines offer over other modes of oil and gas transportation, including their efficiency, cost-effectiveness, and environmental sustainability. A notable trend in the market is the development of pipelines for transporting hydrogen, reflecting the growing importance of renewable energy sources and the transition towards a low-carbon economy. However, the market faces significant challenges, including the requirement for constant surveillance and monitoring to ensure safe and smooth transportation, as well as the high initial investment costs and regulatory complexities involved in pipeline construction and operation.
Companies seeking to capitalize on market opportunities must address these challenges through innovative technologies and strategic partnerships, while also staying abreast of regulatory developments and market trends. Navigating these dynamics requires a deep understanding of the market landscape and a proactive approach to operational planning and risk management. This market is subject to dynamic market trends and influences, such as the increasing focus on renewable energy sources and the continued reliance on traditional fossil fuels In the energy and chemical sectors.

What will be the Size of the Pipeline Transport Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The market encompasses the design, construction, operation, and maintenance of transmission, distribution, and gathering pipelines for transporting various commodities, including natural gas, oil, coal, water, chemicals, and renewable resources. The market continues to evolve, shaped by dynamic market conditions and diverse applications across various sectors. Pipeline analytics and automation play a crucial role in optimizing pipeline performance and enhancing operational efficiency. Pipeline abandonment and decommissioning are ongoing processes that impact the market's economic landscape. Environmental concerns and sustainability are increasingly shaping pipeline design and construction. Pipeline safety and insulation remain paramount, with ongoing advancements in technology and regulation. Pipeline capacity expansion and optimization are key drivers, as pipelines adapt to meet evolving energy demands. Pipeline risk assessment and permitting are complex processes, requiring intricate coordination and compliance with regulations.

Telemetry and SCADA systems facilitate real-time monitoring and control, while pipeline coating and corrosion mitigation ensure longevity. Pipeline capacity expansion and optimization are ongoing priorities, with capacity expansion projects and pipeline rehabilitation initiatives underway. Pipeline robotics and artificial intelligence are transforming pipeline maintenance and inspection, enabling more precise and efficient operations. Pipeline modeling and simulation tools enable accurate forecasting and scenario analysis, while pipeline temperature and pressure measurement provide critical data for pipeline management. Compressors and pumps are essential components of pipeline infrastructure, ensuring consistent flow and pressure. Pipeline data acquisition and security are critical, with ongoing advancements in data analytics and cybersecurity. Pipeline transportation caters to various industries, including oil & gas, chemical, and water resources, transporting liquid products like crude oil, petroleum products, coal, water, chemicals, beer, hot water, steam, drinking water, irrigation water, steel, plastic tubes, and natural gas liquids.

How is this Pipeline Transport Industry segmented?

The pipeline transport industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Oil and gas
  Water
  Chemical and petrochemicals
  Others


Application

  Gathering
  Transmission
  Distribution
  Feeder


Service

  Consulting services
  Managed services
  Maintenance and support


Geography

  North America

    US
    Canada
    Mexico


  Europe

    France
    Italy
    Russia
    Ukraine


  APAC

    China
    India
    Japan


  Rest of World (ROW)

. By Type Insights

The oil and gas segment is estimated to witness significant growth during the forecast period. The market has been shaped significantly by the oil and gas industry, experiencing both challenges and transformations. Government initiatives have been instrumental in shaping this sector. For example, in early

The average gas price in Great Britain in July 2025 was 81.16 British pence per therm. This was 13 pence lower than the same month the year prior and follows a trend of increasing gas prices. Energy prices in the UK Energy prices in the UK have been exceptionally volatile throughout the 2020s. Multiple factors, such as a lack of gas storage availability and the large share of gas in heating, have exacerbated the supply issue in the UK that followed the Russia-Ukraine war. This has also led to many smaller suppliers announcing bankruptcy, while an upped price cap threatened the energy security of numerous households. The United Kingdom has some of the highest household electricity prices worldwide. How is gas used in the UK? According to a 2023 survey conducted by the UK Department for Energy Security and Net Zero, 58 percent of respondents used gas as a heating method during the winter months. On average, household expenditure on energy from gas in the UK stood at some 24.9 billion British pounds in 2023, double the amount spent just two years prior.

UK oil and natural gas production is on long-term decline as old oil and gas fields in the North Sea mature and near the end of their life cycle. Oil and gas extracting companies reaped the rewards of an upsurge in global prices through 2022-23, leading to sharp revenue growth. However, this quickly turned around in 2023-24, with most major companies’ revenue nosediving along with oil prices as oil and gas from America flooded the market, slightly outpacing demand. Still, revenue is expected to expand at a compound annual rate of 5.1% over the five years through 2025-26 to £23 billion, owing primarily to the significant price hikes of 2021-22 and 2022-23. This includes a forecast dip of 4.3% in 2025-26, owing to oil and gas prices edging down. Profit is also slated to fall over the year. Global oil and gas prices greatly affect the industry's performance, with the Organisation of the Petroleum Exporting Countries (OPEC) putting supply cuts in place and global tensions resulting in price peaks and troughs. In October 2022, OPEC instituted a supply cut of two million barrels of crude oil per day, driving Brent Crude Oil prices up to US$110 (£87.80) per barrel, which was extended until March 2025. At the same time, the sanctions on Russian oil and gas imports because of the Russia-Ukraine conflict add further impetus to prices. The EU has banned imports of Russian-made oil and gas, providing opportunities for UK exporters. Crude oil prices remain high, but significant oil production from non-OPEC countries has made oil prices plummet since July 2024. Despite mounting tensions in the Middle East having the potential to cut oil supply from the region, the ongoing political tensions have yet to significantly impact global prices, with prices falling by 15.8% in the year to August 2025. Oil and gas prices are likely to continue inching downwards in the coming years. The UK government has implemented policies to create a more favourable environment for extractors in the North Sea to improve UK energy security. However, the depletion of natural resources, the high cost of extraction, low gas and oil prices and the global energy transition will threaten the industry's long-term viability. Revenue is forecast to climb at a compound annual rate of 2% over the five years through 2030-31 to £25.4 billion, supported by two new major oil and gas fields, Jackdaw and Rosebank.

Electricity suppliers are responsible for delivering electricity to consumers, forming the final phase of the electricity supply chain. After it was opened to competition in 2005, the electricity supply market has displayed notable change in recent years, with efforts to promote competition threatening the market share of Ireland’s energy giants. At an industry level, Ireland’s energy efficiency drive has weighed on household electricity consumption, though growing demand from large energy users (LEUs) has maintained strong underlying electricity consumption. Electricity suppliers’ revenue is forecast to increase at a compound annual rate of 7.8% over the five years through 2025 to reach €7.3 billion. Following a decline during the pandemic, a rebound in global demand for fuels like oil and natural gas caused wholesale electricity prices to surge in 2021, leaving suppliers scrambling to increase tariffs. Russia’s invasion of Ukraine spurred a renewed rise in wholesale electricity prices in 2022, leading to widespread double-digit tariff increases throughout the year. Such price hikes caused a jump in revenue, though this wasn’t enough to offset the impact of wholesale price increases, with the industry operating at a loss over the two years through 2022. Wholesale electricity prices eased in 2023, though tariffs continued to edge up, facilitating a return to profitability. Further reductions in wholesale prices led to widespread tariff drops in 2024, though prices and revenue remained above pre-2022 levels. Ongoing volatility in global energy markets and increased network charges are set to limit the scope for tariff reductions in 2025. Still, revenue is forecast to fall by 6.5% during the year thanks to the impact of 2024 tariff reductions. Revenue is forecast to inch down at a compound annual rate of 1.7% over the five years through 2030 to €6.7 billion. Prices are likely to remain volatile in the medium term, owing to ongoing conflicts in the Middle East and Ukraine. Fuelled by a continued rise in electricity consumption from data centres, growing demand from LEUs should keep Ireland's energy giants on top of the market.

Flat glass and glass products are key materials throughout downstream industrial and construction markets, with glass bottles and containers also widely used by food and beverage manufacturers. Glassmakers across Europe rely on activity in these downstream markets, with high fixed costs associated with glass production dictating that small changes in output can substantially impact profitability. Revenue is forecast to decline at a compound annual rate of 5.3% to £72.5 billion over the five years through 2024. Glassmakers have endured a difficult period in recent years, starting with the pandemic, when operational disruption was compounded by the impact of lockdown measures on key downstream industrial markets to spur a reduction in output. Following the easing of pandemic-related restrictions, glassmakers reaped the rewards of the release of pent-up demand in downstream markets, though keeping pace with the sudden jump in demand remained a challenge. Such excesses in demand were symptomatic of the wider industry and the economy as a whole, with key raw materials proving harder to come by and energy prices spiking as natural gas reserves were depleted. Russia’s invasion of Ukraine has exacerbated cost increases, with soaring natural gas prices leading to significant price hikes among glassmakers in 2022 as they sought to maintain output amid unsustainable cost increases. Despite easing, cost pressures remain as the war in Ukraine rumbles, maintaining high prices. A widespread economic slowdown across the continent has added to difficulties faced by glassmakers, with the effects of reduced downstream industrial production activity damaging demand. Industry revenue is expected to drop by 2.7% in 2024. Demand conditions are likely to remain sluggish in the short term, albeit despite picking up as economic growth slowly gathers pace. Revenue is forecast to rise at a compound annual rate of 3.3% to £85.2 billion over the five years through 2029. Natural gas prices will remain high and potentially volatile until the Russia-Ukraine is resolved, threatening to plunge glassmakers back into crisis. More stringent building efficiency standards and efforts to tackle housing shortages in key downstream construction markets, including the UK, France and Germany, boost demand prospects from downstream construction markets.

Major global events, like the pandemic and the Ukraine war, have greatly impacted machinery manufacturers by creating significant volatility in commodity prices. Major production and travel slowdowns harmed demand for oil and gas, resulting in fewer extraction projects and lowering the need for machinery. Still, Russia's invasion of Ukraine led to sanctions placed on Russia by various countries, which led to surging oil and gas prices. This uptick in prices led to strong US oil and gas production growth, boosting machinery sales in 2022 and 2023. Still, supply chain woes led to considerable increases in machinery production costs. Manufacturers passed these higher costs onto customers to retain profit but hindered revenue growth as customers increasingly sought cheaper imports. Overall, revenue has been falling at a CAGR of 3.4% over the past five years to total an estimated $14.0 billion through the end of 2024, including an estimated decrease of 1.8% in 2024. Manufacturers have also endured export declines. The increasing value of the US dollar has disincentivized foreign energy producers from purchasing US-made machinery despite its high quality. Interest rate hikes have also hindered manufacturers' performance. Since oil and gas producers typically purchase machinery on credit, higher interest rates reduce capital expenditures. Interest rate cuts and increases in oil and gas prices will benefit manufacturers in 2024. Falling oil and gas prices will negatively impact machinery manufacturers. These price drops will cause drilling projects to slow down, reducing the need for new machinery and maintenance services. While the dollar's falling value will reduce import penetration, exports will continue to drop alongside oil and gas prices. The Willow Project, one of the largest oil projects in the United States, is likely to boost domestic oil production, driving machinery sales. Domestic manufacturers will continue to focus on high-value-added products, protecting them from substitutes and enabling them to become more profitable. The Trump administration plans to ramp up oil drilling and gas extraction by rolling back previous regulations restricting carbon emissions, thereby creating greater energy independence for the nation and potentially boosting equipment sales. Overall, revenue is forecast to fall at a CAGR of 4.6% to total an estimated $11.0 billion through the end of 2029.

Following the easing of restrictions related to the coronavirus pandemic in 2022, inflation rates in many economic sectors in Europe spiked, with the food and non-alcoholic beverages and transport sectors being particularly affected. Additionally, Russia's invasion of Ukraine in February 2022 and the subsequent energy crisis caused a spike in the housing, water, electricity, gas, and other fuels sector, with the inflation rate in these products reaching 23.2 percent in October 2022. All economic sectors have experienced a significant disinflation during 2023 onwards, as higher interest rates set by the European Central Bank dampen economic activity and slowed prices increase.

Long-term distribution agreements, particularly on-site contracts with durations ranging from 10 to 20 years, have become a staple for major companies like Linde, Air Liquide and Air Products and Chemicals. These agreements often include take-or-pay provisions, stabilizing revenue streams amid fluctuating markets and supporting profit reinvestment into core ventures. Emphasizing margin optimization over rapid expansion, leading manufacturers have invested in capital equipment and machinery to offset labor costs and pursued vertical integration, extending their reach into the wholesale distribution of gases like carbon dioxide, oxygen and hydrogen. Industry-wide revenue has increased at a CAGR of 1.9% through the end of 2025, reaching an estimated $14.7 billion in 2025, including an expected decline of 1.6% in 2025 alone. Despite momentum from earlier growth, industrial gas manufacturers face challenges due to a slowdown in core downstream markets, driven by tightened monetary policies and heightened borrowing costs. This has pressured demand across sectors ranging from construction to general manufacturing, with the most pronounced impact on the steel manufacturing sector, a major consumer of purified oxygen. The ongoing turmoil in the energy markets, heightened by geopolitical conflicts in Ukraine and the Middle East, has led to surging energy prices, driving domestic oil and gas production up and buoying demand for gases used in enhanced oil recovery and other related processes. Meanwhile, major companies like Air Products are making strategic moves to optimize their operations, including divesting non-core businesses to strengthen their focus on high-margin ventures, leading to an improvement in profit. Industrial gas manufacturers are poised for a more stable operating environment with growth driven by organic demand. The easing of monetary policy is expected to lower financing costs, providing a favorable climate for downstream markets like refining, chemical manufacturing and metals production to expand. This, in turn, will increase the need for complementary industrial gases. The push for domestic semiconductor manufacturing will continue to gain momentum, with investments from major companies like Intel and TSMC boosting demand for industrial gases critical in chip production. As technological advancements become more mainstream, gas manufacturers are expected to invest in technologies like IoT, AI and Blockchain to improve efficiency, asset utilization and data protection. These efforts, combined with a slowdown in market entrants, are set to consolidate the industry's major companies, enhancing their market presence. Industry revenue is expected to expand at a CAGR of 0.4%, reaching $15.0 billion in 2030.