LPG Vaporizer Market Size To Reach $1.46 Billion By 2030

January 2025 | Report Format: Electronic (PDF)

LPG Vaporizer Market Growth & Trends

The global LPG vaporizer market size is anticipated to reach USD 1.46 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 2.6% from 2024 to 2030. The regional markets together are anticipated to witness a CAGR of 2.8% over the forecast period. Increasing demand for the equipment for efficient vaporization particularly in industrial applications is expected to have a positive impact on the market growth.

The LPG vaporizer market in North America, Europe, and Africa is characterized by the presence of major industry participants catering to various industrial, commercial, and agricultural applications. The North American market comprises several manufacturing companies with widespread distribution network around the world. The market is majorly driven by commercial applications of liquefied petroleum gas which includes hotels, resorts, and restaurants.

The regulatory trends observed by industry participants are primarily in terms of manufacturing codes or policies by several governing bodies including the National Fire Protection Association (NFPA) and American Society of Mechanical Engineers (ASME). Owing to the local regulations and safety concerns, the usage of underground storage tanks has been widespread. These tanks generally utilize the vaporizers, since underground tanks cannot absorb heat during natural vaporization from its surroundings.

Electric vaporizer was the dominant product segment in 2017 amounting for over 39% of the market share in terms of value in North America. Ability of the equipment to reach around 80% efficiency along with varied utilization in multiple industries has led to high penetration in the region.

The Europe direct-fired vaporizer market is expected to register a growth rate of 2.3% over the projected period. The most significant advantage of this product category is the utilization of LPG as the source of energy which makes it cost effective and preferred choice for small-scale applications.

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LPG Vaporizer Market Report Highlights

Direct powered LPG vaporizers led the market with a revenue share of 47.7% in 2023. Direct powered vaporizers exhibit superior efficiency compared to indirect powered counterparts, effectively converting liquid LPG to gas form.
Industrial end use held the largest market share of 43.4% in 2023. LPG is a primary energy source for various industries, including manufacturing, chemicals, and food processing.
Asia Pacific LPG vaporizer market dominated the global LPG vaporizer market with a revenue share of 43.3% in 2023. The Asia Pacific region has witnessed enhanced LPG promotion through government policies and legislations.