Vacuum Pumps Market size is slated to exceed USD 7.5 billion by 2027; according to a new research report by Global Market Insights Inc.
The semiconductor & electronics sector will hold sway in the vacuum pumps industry throughout the forecast period, accounting for their extensive applications. Continuous technological advancements in the field of telecommunication are leading to rising demand for cellular phones and smartphones. Vacuum pumps are also required in the manufacturing of flat panel displays, and solar cells, among other electronic equipment.
Technological advancements to spur wet vacuum pumps demand
Wet pumps include oil and water lubricated products. They provide high pumping speeds and a wide pressure range at an economical price. Attributable to such factors, the segment dominates the market throughout the assessment period. However, these machines require regular maintenance and oil change along with a significant risk of contamination. Nevertheless, technical advancements, such as the development of food-grade lubricants and high to ultra-high vacuum pumps, will boost the use of superior quality wet vacuum pumps.
Get more details on this report - Request Free Sample PDF
Browse key industry insights spread across 350 pages with 518 market data tables & 15 figures & charts from the report, “Vacuum Pumps Market Size By Lubrication (Dry, Wet), By Technology (Gas Capture/Binding Pumps, Gas Transfer Pumps [Positive Displacement Pumps, Kinetic Pumps]), By Product (Low Vacuum, Medium Vacuum, High Vacuum), By Industry (Chemical & Pharmaceutical, Semiconductor & Electronics, Oil & Gas, Food & Beverages, Wood, Paper & Pulp), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
Gas transfer pumps to dominate product demand
Gas transfer vacuum pumps market accounted for over 80% of the revenue share in 2020. These pumps operate by the principle of positive displacement (such as in gas displacement pumps) or momentum exchange (such as in kinetic pumps). Gas displacement pumps, such as diaphragm pumps, scroll pumps, screw pumps, piston pumps, rotary vane pumps, etc., transfer the gas-sealed zone to a downstream pump stage or the atmosphere. These can easily achieve low to medium vacuum environments during application. Gas displacement pumps are the most popular segment based on technology and will hold sway throughout the forecast period.
Low vacuum pumps to showcase robust growth
Low vacuum pumps are anticipated to witness a CAGR of around 5.5% through 2027. Low vacuum pumps can reach a pressure range of as low as 100 Pascals (~1 Torr) and are extensively used in filtration applications. Growth in the application sectors, such as vacuum packaging, laboratory & medical vacuum, glass processing, etc., will propel industry demand.
Oil & gas exploration activities in North America
North America is anticipated to capture more than 15% of the global vacuum pumps market share by 2027. The regional industry is characterized by the presence of several major manufacturers in the country, thus meeting the demand of the vast industrial sector of the U.S. Continuous technological advancements in the manufacturing plants to develop new processes and increase their operational efficiency have led to the popularity of vacuum technology in the region.
Portfolio expansion is one of the key developments among industry players
Some of the major vacuum pumps market players are Leybold GmbH, ULVAC Inc., Gardner Denver, Agilent Technologies Inc., Pfeiffer Vacuum Technology AG, Gebr. Becker GmbH, and Atlas Copco, among others. The industry participants are engaged in various developments along with product portfolio expansion to reinforce their footholds.