In the sixth instalment of the regional markets series, gasworld Business Intelligence investigates the structure and future prospects of the Great Lakes industrial gas market.
The Great Lakes is home to the third-largest industrial gas market out of the eight US regions, with revenues estimated to have reached just over $3.2bn in 2016. This is up from $2.4bn in 2006, indicating an average annual growth rate of 3.3% per annum (p.a.) for the decade.
The region’ GDP, as reported by the US Bureau of Economic Analysis (BEA), grew by 2.9% in 2016. However, the vast majority of this growth was driven by the Great Lakes’ services sector, whilst total manufacturing output was down slightly at -0.1%. Industrial Production, as measured by the Industrial Production Index (IPI), has faced lower rates of growth than GDP since the turn of the millennium. There have been a number of years of decline, with 2009 witnessing the worst decrease of 11.3%.
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