New York, USA, July 03, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global vacuum pumps market is anticipated to garner a revenue of $9,401.4 million and grow at a CAGR of 5.8% over the analysis timeframe from 2022 to 2031.
The rising demand for vacuum pumps from various sectors including chemical processing, food & beverage, pharmaceuticals, and many more is predicted to foster the growth of the vacuum pumps market throughout the forecast period. Besides, the increasing demand for vacuum pumps that use less energy and have a minimal environmental impact is expected to bolster the growth of the market over the analysis timeframe. Moreover, the rising demand for vacuum pumps from small and medium enterprises (SMEs) due to their large number of applications such as material impregnation, vacuum packaging, and many more are expected to create immense growth opportunities for the vacuum pumps market throughout the estimated timeframe. However, the high cost of vacuum pumps may restrict the growth of the market sub-segment over the forecast period.
Request an Exclusive PDF Sample of the Vacuum Pumps Market (Including Tables, TOC, and Figures)
Segments of the Vacuum Pumps Market
The report has divided the market into segments based on lubrication, pressure, end-user, and region.
Lubrication: Dry Sub-Segment to be Most Profitable
The dry sub-segment generated the largest market share in 2021. This is mainly because dry pumps are used for a wide range of processes such as distillation, evaporation, drying, crystallization, and many more to pump out the gases. Moreover, the dry pumps can reduce heat load, consume less power, and need less water and oil which are the major factors expected to amplify the growth of the market sub-segment over the analysis timeframe.
Pressure: Medium Vacuum Pumps Sub-Segment to be Most Lucrative
The medium vacuum pumps sub-segment held the highest market share in 2021. The increasing demand for medium vacuum pumps across industries due to their numerous advantages such as greater pumping speed, wide operating pressure range, better performance at high pressures, and many more is expected to augment the growth of the vacuum pumps market sub-segment over the estimated period.
End-User: Chemical & Petrochemical Sub-Segment to be Most Productive
The chemical & petrochemical sub-segment generated the biggest market share in 2021. The increasing demand for vacuum pumps in chemical and petrochemical operations for a wide range of tasks such as filtration, distillation, evaporation, crystallization, degassing, and many more are expected to propel the growth of the market sub-segment during the forecast period.
Region: Asia-Pacific Market Expected to Have Wide Growth Opportunities
The Asia-Pacific region of the vacuum pumps market is expected to hold the maximum market share during the analysis period. This is mainly due to the increasing demand for vacuum pumps among various industries including chemical, semiconductor, and healthcare. Moreover, the increasing need for vacuum pumps in the chemical industry of the region to handle caustic and toxic substances is expected to drive the regional growth of the market over the estimated period.
Ask an Expert Analyst or Schedule a call to Get the Latest Trends on Vacuum Pumps Market
Covid-19 Impact on the Vacuum Pumps Market
The outbreak of the Covid-19 pandemic has brought numerous uncertainties across various industries. It has also negatively impacted the growth of the vacuum pumps market. This is mainly due to the closure of manufacturing units, and reduced demand from end-use industries such as automotive, aerospace & defense, oil & gas, and others. Moreover, the shortage of physical workforce due to social distancing guidelines and import-export restrictions have badly impacted the vacuum pumping operations during the pandemic period. All these factors have decreased the market’s growth throughout the crisis.
Key Players of the Vacuum Pumps Market
The major players of the market include
- GlobalVac & Air
- Flowserve Corporation
- Graham Corporation
- Ebara Corporation
- Ingersoll Rand
- Busch Vacuum Solutions (Busch Group)
- Pfeiffer Vacuum GmbH
- Becker Pumps Corporation
- ULVAC Inc.
- Atlas Copco
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
Request an On-Demand Customization of the Specific Segments or Regions on the Vacuum Pumps Market
For instance, in May 2022, Advik Hi-Tech, India's leading & Global automotive components manufacturer announced its partnership with Entecnia, a company specializing in product engineering services. With this partnership, the companies aimed to develop electric vacuum pumps for passenger car braking systems. These vacuum pumps would promote automotive applications by catering to electric vehicles and internal combustion engines.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, and the latest strategic developments.
More about Vacuum Pumps Market:
- Vacuum Pumps MarketHow Latest Developments in Vacuum Pump Technology Benefit Industries with Unmatched Solutions?
- Global Vacuum Pumps Market to Generate $9,401.4 Million by 2031, Due to Increased Demand from Different End-Use Sectors
