Helium is the universe's second-most plentiful element. It is primarily trapped in subsurface natural gas bunkers and is commercially recovered using a fractional distillation process. In the longer term, rising helium use in the electronics and semiconductor industries, as well as increased use in the healthcare sector, are expected to fuel market demand. On the other hand, the high cost of the extraction procedure and the strict government rules governing the usage of helium are anticipated to stifle the market's expansion. The market was led by gas-phase helium, which is also expected to grow at the fastest rate over the next few years. Over the projected period, it is expected that the development of efficient gas storage and transportation techniques will present several opportunities. However, the aerospace industry suffered a significant setback as a result of the COVID-19 epidemic, which resulted in the industry's shrinkage in recent years, significantly impacting helium's growth prospects in aerospace applications.