Thursday, 28 October 2021 08:43 GMT

Vacuum Pumps Market Valuable Growth Prospects, Size, Share, Demand and Current Trends Analysis

(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 06:19 /Comserve / -- Vacuum Pumps Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

The global vacuum pumps market was valued at USD 2.63 billion in 2019, and it is projected to be worth USD 3.52 billion by 2025, registering a CAGR of 6.1%, during the period 2020-2025. Traditionally, vacuum pumps were used in applications, such as refrigerators, CRTs, evacuation of lamps, and food packaging. However, the increasing demands in industries, such as chemical processing, medical, electronics, and power generation, are expected to drive market growth during the forecast period.

- The substantial demand from these end-user verticals is a result of the operations involved that are extremely susceptible to corrosion, due to constant exposure to several harsh environments. This is emphasizing the need for vacuum pumps to comply with various industry regulations.
- Vacuum pumps also play a significant role in the production process of semiconductor equipment. The overall demand for the semiconductor IC market is being driven by smartphones and other applications across consumer electronics, automotive applications, etc. These are driven by technology transitions, such as wireless technologies (5G) and artificial intelligence. Also, the trend of increasing Internet of Things (IoT) devices is expected to prompt the semiconductor industry to invest in this equipment.
- However, according to World Semiconductor Trade Statistics (WSTS), the worldwide sales of semiconductors witnessed a decline of 12.1% in 2019 compared to 2018, to reach USD 412.1 billion. A confluence of factors, such as cyclicality in product pricing and ongoing global trade unrest, has resulted in the decline of worldwide sales of semiconductors in 2019. However, the scenario has quickly turned with the global market rebounding to an extent during the second half of 2019.

Click Here to Download Sample Report >> 

Key Market Trends

Natural Gas Extraction in Oil & Gas Sector to Drive the Market Growth

- Vacuum pumps are utilized in a variety of applications due to its versatility, and the oil and gas industry has adopted this machine in extraction and compression of gas, which significantly drives the market.
- Field gas boosting is described as the process of raising low-pressure gas from a wellhead to a high-pressure pipeline. The wellhead has a reasonably low positive pressure and is commonly below atmospheric pressure. Thus, a vacuum pump is required to extract the gas and boost it to a PSI above atmospheric pressure. The gas is then usually delivered to a gas processing plant by a high-pressure compressor through a pipeline.
- The United States boom of shale gas and stabilizing oil prices drive the use of vacuum pumps in the chemical and oil and gas industries. Also, these applications are often exposed to harsh conditions, resulting in low productivity, driving oil and gas companies to replace existing equipment with advanced technologies.
- Enhanced oil recovery is a process that involves putting a vacuum on an oil well to relieve pressure on the well. This increases oil production by allowing the oil to flow more freely through the well, and this application can also recover associated gas at the surface of the well.

North America to Account for a Major Share

- Increasing investments in end-user industries, such as oil & gas, chemical, and power generation, as a result of increased natural gas production, are positively impacting the vacuum pump market in North America. The United States and Canada have abundant oil reserves and are trying to utilize their oil sands resources.
- Energy production in the US continues to expand rapidly. For instance, ExxonMobil, one of the leading oil producers in the country, announced its plans to increase the production activity in the Permian Basin of West Texas by producing more than 1 million barrels per day (bpd) of oil- equivalent by as early as 2024.

Request For The Sample Report Here: 

- The US is home to iconic hydropower projects. Grand Coulee Dam built across the Columbia River in Washington is one of the best hydropower projects and generates about two-thirds of the state's electricity requirement. In April 2019, the US Department of Energy (DOE) announced the funding of up to USD 26.1 million to advance the marine and hydrokinetics (MHK) industry and increase hydropower's ability to serve a flexible grid resource, as a part of innovation drive for industry-led technology solutions.
- The country has the largest installed nuclear power capacity. Approximately 20% of US electricity is produced at 99 nuclear reactors spread across 31 states. It is estimated that by 2021, new nuclear reactors are expected to be developed, paving the way for increased installations of vacuum pumps.
- Furthermore, higher production of coal per employee hour could lead to the higher usage of vacuum pumps to compensate for the increase in production hours. Moreover, increased sales could lead to higher investments by mining companies on vacuum pumps, as are extensively used in mining plants.

Competitive Landscape

The vacuum pumps market is highly fragmented due to the presence of large global and local players. Also global investment in R & D in power generation infrastructure and facility upgrades in the oil and gas are the most important drivers which are giving high rivalry among competitors. Key players are Gardner Denver Inc., Atlas Copco Group, Busch Pumps and Systems, etc. Some of the recent developments in the market are -

1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study



4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Industry Policies


Request For Full Report >>  Vacuum Pumps Market

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.