LPG Vaporizer Market Size Is Expected To Reach USD 1.37 Billion By 2025
According to a study conducted by Grand View Research, Inc., the LPG vaporizer market in North America, Europe, and Africa accounted for USD 1.13 billion in 2017. The markets are expected to witness a cumulative CAGR of 2.8% over the forecast period (2018 - 2025). The major driving factor for the market is growing usage of Liquefied Petroleum Gas (LPG) requiring high-pressure vaporization of the gas. Industry is witnessing investment opportunities in many segments due to development in gas distribution, equipment market, storage, terminal, and marketing. Growth prospect for the market in Europe, Africa, and North America will continue to appear promising only until the market in developing countries begins to expand. Moreover, increasing number of customers are being introduced to the gas with improved infrastructure to distribute the product effectively. LPG vaporizer being a technology-driven market, development of cutting-edge technologies has led to high product penetr