Vacuum Pump Market size worth around $7bn by 2026
Published Date: June 20, 2018 Authors: Kiran Pulidindi, Soumalya Chakraborty
Vacuum Pump Market size will exceed USD 7 billion by 2026; according to a new research report by Global Market Insights, Inc.
Growing chemical industry boosts vacuum pump adoption
Vacuum pumps are used for crystallization, evaporation, distillation, drying, solvent recovery, and coating in the chemical manufacturing industry. These pumps handle organic solvents and components for controlling environmental pollution and operational costs. Rising demand for bulk and specialty chemicals in emerging nations will drive vacuum pump market size over the study timeframe. According to BASF, chemical production in Latin America increased by 2% from 2017 to 2018. Moreover, rising oil & gas project investment driven by low-cost shale gas is increasing the demand of vacuum pumps. Ongoing petrochemical projects across the region will support the industry expansion.
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Wet vacuum pumps provide high pumping speeds and a wide pressure range at an economical cost. Technical advancements such as development of food grade lubricants and high to ultra-high vacuum pumps will boost the use of superior quality wet vacuum pumps in the coming years.
Based on technology, vacuum pump market is segmented into gas transfer pumps and gas capture binding pumps. Gas transfer pumps account for over 80% share as these can be used without any limitation of entrapment capacity. These pumps operate by the principle of positive displacement (such as in gas displacement pumps) or momentum exchange (such as in kinetic pumps.
Browse key industry insights spread across 324 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), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Low vacuum pumps will foresee significant growth as these can reach a pressure range of as low as 100 Pascals (~1 Torr) and are extensively used for filtration applications. Growth in the application sectors such as vacuum packaging, laboratory & medical vacuum, glass processing, etc. will propel the product demand over forecast timeframe.
Food & beverage industry is a significant contributor towards vacuum pump market growth. The pumps are extensively used for applications including packaging, beverage bottling, deodorizing, filtration, cleaning, drying, sap extraction, milking systems, chocolate production, coffee roasting, and sterilization. The high demand for packaged and processed food in the developed economies of the will boost the vacuum pumps demand.
North America oil & gas industry to drive the product demand
Increasing oil & gas exploration activities in North America will drive the vacuum pump market size. Vacuum pumps play an important role in oil and gas exploration activities. They are used for vapor recovery, flare gas recovery, fuel gas boosting, enhanced oil recovery, gas gathering, coal-bed methane gas recovery, landfill gas recovery, digester gas recovery and tank cars unloading. They provide precision and efficiency which is necessary for in the midstream for transportation and distribution of oil and gas.
Industry players undergoing portfolio expansion
Industry players are expanding their product portfolio to strengthen their industry foothold. In October 2014, Shimadzu Corporation developed and launched TMP-B300, a turbomolecular pump to expand its product portfolio. The major industry players include, Atlas Copco, Pfeiffer Vacuum Technology AG, Gebr. Becker GmbH, Gardner Denver, Agilent Technologies Inc. among others.