December 24, 2019
According to the research report titled ‘Vacuum Pumps Market Size By Lubrication (Dry, Wet), By Technology (Gas Capture/Binding Pumps, Gas Transfer Pumps [Positive Displacement Pumps, Kinetic Pumps]), By Product (Low Vacuum, Medium Vacuum, High Vacuum), By Industry (Chemical & Pharmaceutical, Semiconductor & Electronics, Oil & Gas, Food & Beverages, Wood, Paper & Pulp), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, the global vacuum pumps market is anticipated to surpass USD 7 billion by the year 2026.
Rising oil & gas production and exploration activities is the major factor driving the vacuum pumps market growth. Flourishing e-commerce industry enabling easy availability and accessibility to vacuum pumps, coupled with rising R&D activities in nuclear fusion and nanotechnology are also contributing towards market expansion. Moreover, emerging electronics & semiconductor industries are augmenting the demand for vacuum pumps across the globe.
Considering lubrication segment, dry vacuum pumps market is expected to register considerable growth during the forecast period, owing to its rising adoption in pharmaceutical, chemical, petrochemical, and packaging industries. Furthermore, surging need for gadgets and electronic devices is leading to higher production of semiconductors, which in turn stimulating the growth of the segment.
In terms of technology, kinetic gas transfer pumps segment holds the largest share in vacuum pumps market presently. The equipment transfers gas molecules by pushing them in pumping directing using vapor or mechanical streams. They are used for generating high vacuum environments. Kinetic pumps are expensive and include products like liquid jet pumps, ion transfer pumps, and others.
Speaking of type of product, high vacuum pumps market is expected to grow substantially in the upcoming years, pertaining to their extensive applications in space technology, electron microscopy, evaporation coating, and mass spectroscopy.
Based on industry spectrum, oil & gas segment holds the largest share in vacuum pumps market. Vacuum pumps are extensively used for extracting and processing crude oil. Thus, rising adoption of these pumps by oil & gas industry giants, in tandem with high consumer dependence on crude oil are driving the segmental growth.
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Considering geographical landscape, the report cites that Asia-Pacific region dominates the vacuum pumps market, due to growing electronics and semiconductor industry in China. On the other hand, cheap labor force, coupled with favorable government reforms have compelled U.S. based vacuum pump companies to invest heavily in Latin America, which in turn will fuel the popularity of the product across the region.
The prominent companies operating in vacuum pumps market are Ebara Corp., ULVAC Inc., Agilent Technologies Inc., Gardner Denver, Pfeiffer Vacuum Technology AG, and Atlas Copco among others.
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