New York, US, July 13, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Vacuum Pumps Market Research Report Information by Lubrication, Region, End-Use Industry, and Pressure - Forecast Till 2032”, the Vacuum Pumps market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 4.90%. The reports even share predictions regarding the market's growing revenue share, which will likely reach USD 8.0 Billion by the end of 2032. As per the reports, the market was worth nearly USD 5.2 Billion in 2022.
Vacuum Pumps Market Overview: The global Vacuum Pumps industry has advanced enormously.
Competitive Analysis
The catalog of the top leaders across the global Market for Vacuum Pumps includes players such as:
- Pfeiffer Vacuum GmbH
- Atlas CoVacuum pumpo A.B.
- Flowserve Corporation
- Becker Pumps Corporation
- Global Vac & Air
- Busch Vacuum Solutions
- Graham Corporation
- Ebara Corporation
- ULVAC Inc.
- Ingersoll Rand
- Among others.
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Vacuum Pumps Market USP Covered
Market Drivers
The global vacuum pumps market has advanced enormously in recent years. The primary aspects causing a surge in market performance are the significant developments in the semiconductor & electronics sectors, adaptability in a variety of applications, the expanding purchasing power of the middle-class people, rapid technological advancements, use of cryogenics in the beverage & microelectronics industries, and widespread adoption of the work from home culture.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 8.0 Billion |
| CAGR during 2023-2032 | 4.90% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Lubrication, Pressure, End User, and Region |
| Key Market Opportunities | Increasing automotive, healthcare, and oil & gas activities |
| Key Market Dynamics | Customers' investments in new production technology and growing adoption of vacuum pumps in oil & gas, power, chemical processing, oil & gas, and semiconductor industries |
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Vacuum Pumps Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Vacuum Pumps industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. In addition, several governmental organizations and key market players are collaborating and, therefore, introducing solutions like innovations and research and development processes through excellent funding that will positively impact the global vacuum pumps market over the review timeframe.
Vacuum Pumps Market Segment Analysis
Among all the lubrications, the dry sub-segment secured the leading position across the global market for vacuum pumps in 2022, given mainly to the expansion in oil and gas activity. Dry vacuum pumps offer better purity by lowering contamination from oil and other substances. They also need less maintenance because the oil doesn't need to be changed as regularly.
Among all the pressure types, the high vacuum pumps secured the leading position across the global market for vacuum pumps in 2022, given mainly to critical applications, including mass spectrometry, electron microscopy, evaporation coating, and space technology. The market segment is anticipated to thrive at a CAGR of 5% through 2027.
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Among all the end-users, the chemical & petrochemical category secured the leading position across the global market for vacuum pumps in 2022, given mainly to the growth of both the small- and large-scale chemical industries. Suction is offered by vacuum pumps to power the liquid filtration process.
Vacuum Pumps Market Regional Analysis
By region, the study provides vacuum pumps market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that The Asia-pacific Region is anticipated to secure the leading position across the global Vacuum Pumps industry over the coming years. The regional market is projected to showcase the maximum growth rate over the assessment era. India, China, and Indonesia are the leading development contributors in the region. Further, the China Vacuum Pumps Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the rising investments in end-user sectors like oil and gas, chemical, and power generation. Oil sands are ample in the region and are found in nations like China and India.
The North American Region secured a substantial position across the global Vacuum Pumps industry in 2021. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Vacuum Pumps Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the growing use in the chemical and oil and gas industries given to the increased shale gas production in the United States and the stabilizing oil prices. In addition, these applications frequently operate in harsher environments, which lowers the forces and productivity of the oil and gas industry to replace outdated equipment with cutting-edge technology.
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The European Region anticipates ensuring the second spot across the global Vacuum Pumps industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Vacuum Pumps Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The region's main aspect supporting regional market expansion is an increase in investments in end-user industries such as power generation, chemicals, and oil & gas. Furthermore, expanding natural gas production is also believed to be one of the vital parameters enhancing the regional market's growth.
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