Vacuum Pumps Sales to Grow over 6% through 2031, Dry Vacuum Pumps will Account for Over Half of All New Installation
The market study by Fact.MR provides incisive coverage on the major growth drivers and restraints affecting global vacuum pumps market for the next decade. Rising demand for dry vacuum pumps within diverse sectors will continue to spur the sales.
NEW YORK, Aug. 10, 2021 /PRNewswire/ -- Fact.MR projects the demand for vacuum pumps to grow at an impressive pace over the forecast period between 2021 and 2031. Sales of vacuum pumps are expected to rise at 1.7x spurred by increasing production of suction pumps for mechanical ventilators, especially amidst COVID-19.
Increasing application of vacuum pumps in diverse industries including, electronics & semiconductors, packaging, oil and gas will continue driving growth. Due to their wide array of benefits such as filling, conveying, evaporation, and material handling, vacuum pumps are gaining traction in aforementioned industries.
As per Fact.MR, electronics and semiconductor industry is the most lucrative segment, expanding at healthy rate of 7% CAGR during the assessment period. However, rising application of vacuum pumps in industrial manufacturing will account for the largest revenue share.
In addition to this, application of vacuum pumps in food processing and packaging sector is expected to gain momentum over the coming years. Rising application of vacuum pumps in these diverse end-use applications will continue fuelling their demand through the course of the assessment period.
Driven by these factors, the global vacuum pumps market is poised to expand at a steady pace of 6% CAGR during the forecast period.
"Integration of novel technologies such as artificial intelligence and machine learning has created scope for vacuum pumps application in electronics & semiconductor, packaging, and food-processing industries. This will in turn drive the market in the coming years," says a Fact.MR analyst.
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Key Takeaways from Vacuum Pump Market Survey
- While dry pumps will hold the largest market share, regenerative vacuum pumps will exhibit faster growth over the forecast period
- Electronics and semiconductors, collectively, will exhibit high growth owing to the increasing adoption of renewable technology across East Asia
- Gas transfer vacuum pumps will account for over 58% of global market share
- Vacuum pump market across Germany expanded at around 4.5% CAGR during 2016 and 2020
- The U.S. is leading the vacuum pump market at the forefront, accounting for over 86% of market share in terms of value
- The U.K. is anticipated to be highly lucrative market for vacuum pumps during the forecast period
Key Drivers
- Increasing demand for vacuum pumps integrated with micro-electro-mechanical systems (MEMS) technology will fuel the growth
- Burgeoning demand for dry vacuum pumps for material handling and engine testing will bolster the market growth
Key Restraints
- High cost combined with compatibility issues in dry vacuum pumps is likely to create a challenge for the growth
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Competitive Landscape
As per Fact.MR, due to the presence of numerous companies in the vacuum pump market, the competition is severe. Some of the key players are therefore offering products at lower prices to gain competitive edge.
Integration of novel technologies such as artificial intelligence in vacuum pumps and compact solution for heavy-duty projects are the key strategies adopted by leading players.
In May 2021, Fieldpiece Instruments, the global industry leader in tools and test instruments for HVACR professionals, announced the launch of new-generation vacuum pumps that are small, lightweight, and portable that allows fast-timesaving vacuum evacuation to make the job easier and efficient.
In February 2020, Edwards launched the new nXRi high performance compact dry pump that has lower input power and zero maintenance, with real performance improvements and cost effective for a range of applications.
COVAL, a leading player, in 2019, offered a new Wash Down range of vacuum pumps that can be exposed to water and humidity and quickly dismounted, while still maintaining a high performance level.
Some of the leading players operating in the vacuum pump market profiled by Fact.MR are:
- Atlas Copco
- Ebara Corporation
- Busch Vacuum Solution
- Edward (Atlas Copco)
- Becker pumps Corporations
- Others
More Valuable Insights on Vacuum Pump Market
In its latest report, Fact.MR report on global vacuum pump market offers unbiased analysis, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021 and 2031. The study also provides detailed analysis on the market which is segmented on the basis of:
Pump Type:
- Positive Displacement
- Liquid Ring Vacuum Pumps
- Rotary Screw Pumps
- Rotary Root Pumps
- Dry Vacuum Pumps
- Dry Screw Vacuum Pumps
- Dry Scroll Vacuum Pumps
- Dry Diaphragm Vacuum Pumps
- Dry Clan & Hook Pumps
- Others
- Centrifugal Pumps
- Momentum Transfer
- Rotary Vane Vacuum Pumps
- Turbo Molecular Vacuum Pumps
- Regenerative Application
Lubrication:
- Dry
- Wet
Application:
- Assembly
- Conveying
- Dehydration/Drying
- Engine Testing
- Evaporation & Distillation
- Filling
- Holding/Chucking
- Manufacturing
- Material Handling
- Thermoforming
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Key Questions Covered in the Vacuum Pump Market Report
- The report offers detailed insights into vacuum pump demand outlook for 2021-2031
- The market study also highlights projected sales growth for vacuum pump market between 2021 and 2031
- Vacuum pump market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Vacuum pump market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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