According to the new research report available at MarketStudyReport.com under the title ‘Global Industrial Vacuum Pump Market: Analysis By Product Type (Dry Vacuum Pump, Liquid Ring Vacuum Pump, Rotary Vane Vacuum Pump, Others), End User Industry (Oil and Gas, Chemical, Semiconductor Electronics, Power, Others), By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) - By Region (Americas, Europe, APAC, MEA), By Country (U.S, Canada, Mexico, Brazil, Germany, France, Italy, UK, China, Japan, India, South Korea)’, the worldwide industrial vacuum pump market is presumed to record 5.82% CAGR through 2024.
 

Vacuum pump is a mechanical device which is used to develop vacuum by eliminating molecules from a sealed volume. The market is mainly driven by the initiatives taken by the governments and rising urbanization in emerging countries for the development of power & oil gas sector. Furthermore, Industrial vacuum pump market share is predicted to increase owing to growing electricity demand worldwide and rapid industrial activities in emerging countries.
 

Industrial vacuum pump market is also anticipated to grow substantially due to increase in the demand of automation coupled with rapid industrialization growth in developing economies. Furthermore, escalating industrial base and advancement in the technology is predicted to trigger the market growth.
 

As per the report, industrial vacuum pump market size is expected to significantly increase by the end of the year 2024. Moreover, the report provides a comprehensive insight about segmental growth, trends, drivers, challenges, opportunities impacting the market growth.
 

Industrial vacuum pump market is analysed on the basis of product type, end-user spectrum and geographical outlook. Speaking of the product type, the market is segmented as liquid vacuum pump, rotary vacuum pump, dry vacuum pump and others.
 

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Based on the end-user spectrum, the market is fragmented as electronics, oil & gas, power, semiconductor, chemical, and others. While considering the geographical outlook, the market is divided into four main regions which are Europe, Asia Pacific, Americas, and Middle East & Africa.
 

The prominent companies operating in industrial vacuum pump market include Cutes Corp., Atlas Copco AB, Dekker Vacuum Technologies, Pfeiffer Vacuum, Tuthill Corp, Gardner Denver, Becker Pumps Corp, Flowserve Corp, Ebara Corporation, and Graham Corporation.