December 5, 2024
Vacuum Pump Market
Ict

Vacuum Pump Market Driven By Rising Demand From Diverse Industrial Sectors

Vacuum pumps are mechanical devices that help in extracting gases from a sealed volume in order to leave behind a partial vacuum. Vacuum pumps find wide application across diverse industries such as pharmaceuticals, chemicals, mining and metals, oil and gas, pulp and paper, food processing, and semiconductor for various purposes including material handling, degassing, filtration, evaporation, analytical analysis and sample preparation. Key advantages of vacuum pumps include their ability to generate precise vacuums for sensitive applications, offer flexibility in materials handling depending on the pumping speed and ultimate pressure, deliver clean and oil-free environments for contamination sensitive work, and operate reliably in manufacturing facilities for extended periods.

The global Vacuum Pump Market is estimated to be valued at US$ 6.51 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends driving growth in the vacuum pump market is increasing adoption of dry vacuum pumps across manufacturing sectors. Dry vacuum pumps require virtually no maintenance as they do not use oil during operation and generate clean, oil-free vacuum ideal for semiconductor production, coating applications and analytical instrumentation. LED and OLED display manufacturing is another area witnessing rising penetration of dry diaphragm, dry scroll and dry claw vacuum pumps. Second major trend is technological advancements in pump designs focused on energy efficiency and cost reduction. Major pump manufacturers are developing new magnetic bearing driven turbo pumps offering energy savings of over 30% compared to conventional pumps. They are also working on modular pump designs with standardized components allowing easy assembly and lower manufacturing costs.

Porter’s Analysis:

  • Threat of new entrants: High capital requirements for manufacturing and distribution network deters new players to enter.
  • Bargaining power of buyers: Buyers have options to choose from various brands and technologies which puts pressure on pricing.
  • Bargaining power of suppliers: Component manufacturers have minimal bargaining power as vacuum pump players source components from multiple Tier 1 suppliers.
  • Threat of new substitutes: Vacuum pumps don’t have viable substitutes as it plays an integral role in process industries.
  • Competitive rivalry: Market leaders like Tsurumi, Ingersoll have distinct product offerings while regional players compete on cost.

Key Takeaways:

The Global Vacuum Pump Market Size is expected to witness high growth. North America region is projected to dominate the market during the forecast period due to strong presence of automotive, chemical and pharmaceutical industries. Growing demand from electronics, semiconductors, solar industries will mainly drive the growth in Asia Pacific region.

Regional analysis comprises Asia Pacific region is expected grow at fastest pace led by China, India and other southeast Asian countries. North America holds second largest share led by U.S and Canada. Europe captures around one-fourth share led by Germany, France and U.K.

Key players operating in the vacuum pump market includes Tsurumi Manufacturing Co. Ltd., Ingersoll Rand Inc., Wintek Corporation, Atlas Copco AB, Ebara Corporation, Flowserve Corporation, Becker Pumps Corporation, Busch Vacuum Solutions (Busch group), Global Vac, Pfeiffer Vacuum GmbH (Pfeiffer Vacuum Technology AG), Graham Corporation, and ULVAC Inc. Key players are focusing on new product launches competitive pricing and expanding manufacturing facilities globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

Ravina Pandya

Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. 

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