Vacuum Pumps Market Size Projected to Generate a Revenue of $9,401.4 Million by 2031Download Sample Reports Overview
The Global Vacuum Pumps Market Size is predicted to be valued at $9,401.4 million by 2031, surging from $5,353.5 million in 2021, at a noteworthy CAGR of 5.8%.
Impact Analysis of COVID-19 on the Vacuum Pumps Market
The COVID-19 pandemic led to severe disruptions that has affected the demand, supply, import-export, and availability of vacuum pumps across end-use industries. Most sectors throughout the world have been severely affected during the COVID-19 pandemic. As a result of various precautionary lockdowns and other constraints imposed by regulating authorities across the world, independent manufacturing and supply-chain operations have been severely disrupted. These factors had an impact on the revenue trajectory of the global vacuum pumps market during the pandemic. However, as the individual regulatory bodies began to release these imposed restrictions, the global vacuum pumps market started to recover.
Global Vacuum Pumps Market Analysis
The versatility of vacuum pumps in a wide range of applications is a key development factor for the global vacuum pumps market. Vacuum pumps are useful for extracting air and gases from a sealed or restricted place. They are utilized in a variety of industries, including food & beverage, processing, chemical and pharmaceutical, car, oil & gas, and a variety of others. Another reason that is expected to improve semiconductor and electronics sales is the increasing purchasing power of the world's middle-class population, as well as rapid technical advances in electronics devices such as computers, mobile phones, and tablets. These are the major factors anticipated to boost the vacuum pumps market share during the forecast time.
The high cost of vacuum pumps is one of the major factors projected to restrict the entry of new organizations interested in this market. Vacuum pumps can be costly to purchase and install, particularly for small and medium-sized businesses. Vacuum pumps come in a range of sizes and types, and their costs vary depending on their intended function. A high-capacity vacuum pump, for example, may cost tens of thousands of dollars and be utilized in semiconductor chip fabrication. The high cost of vacuum pumps may prove to be a significant barrier for SMEs to overcome. These businesses may lack the financial resources to make a major initial investment, and the cost of acquiring and installing a vacuum pump may be prohibitively expensive.
The vacuum pump industry has been rapidly evolving, driven by the demand for more efficient and cost-effective solutions. Manufacturers and suppliers are constantly creating new and creative technologies to meet the market demand for vacuum pumps, Demand of vacuum pumps is increasing across numerous sectors such as food & beverage, pharmaceuticals, and chemicals. Increased energy economy is a primary driver of technical advancements in the vacuum pump sector. With rising energy prices and environmental concerns, there is a greater need for vacuum pumps that consume less energy while still performing well. Therefore, manufacturers are investing in technology such as variable frequency motors and cutting-edge control systems to increase the energy efficiency of their pumps. Furthermore, increased R&D in introducing vacuum pumps into the medical sector might provide a profitable growth potential for the market.
Global Vacuum Pumps Market, Segmentation
The vacuum pumps market is segmented on the basis of lubrication, pressure, end user, and region.
The lubrication segment is further classified into dry and wet. Among these, the dry sub-segment accounted for a dominant market share in 2021. The capacity of dry pumps to minimize heat load, power consumption, and the need for water and oil can result in considerable cost savings. Furthermore, dry screw vacuum systems require lesser maintenance and repairs than older vacuum technologies. Furthermore, the reduced noise levels and limited heat generation in the work area aid in keeping the production space at correctly controlled temperature levels. Oil escaping from dry screw pumps with less oil reduces the possibility of slips and falls.
The pressure segment is further classified into low vacuum pumps, medium vacuum pumps, ultra-high vacuum pumps, and extreme high vacuum pumps. Among these, the medium vacuum pumps sub-segment accounted for a dominant market share in 2021. Medium vacuum pumps are pumps that offer evacuation of chambers or systems to pressures between 10-1 and 10-3 mbar in the medium vacuum range. Increased innovations in the utilization of digital equipment, as well as consistent expansion in the semiconductor manufacturing industry, are expected to drive the global vacuum pumps market during the forecast period.
The end user segment is further classified into automotive, chemical & petrochemical, aerospace & defense, oil & gas, healthcare & pharmaceuticals, and others. Among these, the chemical & petrochemical sub-segment accounted for a dominant market share in 2021. Vacuum pumps are extremely effective in removing gas and vapor from a process, allowing chemical and petrochemical companies to function more effectively and generate higher-quality products. Vacuum pumps are used in a variety of chemical and petrochemical processes, such as distillation, drying, filtration, evaporation, crystallization, and degassing.. Vacuum pump is an important and highly dependable component in the chemical & petrochemical industry.
The vacuum pumps market in Asia-Pacific is projected to show the fastest growth by 2031. The Asia-Pacific vacuum pumps market is expected to expand rapidly due to high unmet demands, increasing water shortages, and rising need for clean drinking water. In addition, considerable R&D in the pharmaceutical, healthcare, industrial production, and other industries will help to support the rising demand during the forecast period.
Key Players in the Global Vacuum Pumps Market
Some of the leading vacuum pumps market players are
- Atlas Copco
- Becker Pumps Corporation
- Busch Vacuum Solutions (Busch Group)
- Ebara Corporation
- Flowserve Corporation
- GlobalVac & Air
- Graham Corporation
- Ingersoll Rand
- Pfeiffer Vacuum GmbH
- ULVAC Inc
In January 2022, Atlas Copco completed the acquisition of HHV Pumps Pvt. Ltd. The company specializes in the design and production of vacuum pumps and systems for a wide range of industrial applications.