July 25, 2024
Vacuum Pump Market

Growth of Vacuum Pumps in the Manufacturing Industry is anticipated to open up new avenue for Vacuum Pump Market

The 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 Overview:

Vacuum pumps are mechanical devices that help in lowering or raising the pressure of gases by evacuation or compression. There are various types of vacuum pumps available in the market such as positive displacement pumps, entrapment pumps, and kinetic pumps. Vacuum pumps find widespread applications in manufacturing, industrial processes, laboratory equipment, coating processes, analytical instruments, vacuum forming packaging equipment, medical equipment, and more. Rising demand from industries such as chemical processing, oil & gas, power generation, semiconductor manufacturing, food processing is expected to drive the vacuum pump market over the forecast period.

Market Dynamics:

The growth of the vacuum pump market is driven by two major factors – growing manufacturing industry and increasing research & development activities. Firstly, the manufacturing industry has been growing steadily over the years. With rapid industrialization and new product development, the demand for vacuum pumps from various manufacturing sectors such as automotive, electronics, chemicals, food & beverages, pharmaceutical, pulp & paper is increasing. Vacuum pumps play a crucial role in vacuum packaging, drying processes, and material handling in these industries. Secondly, research institutions and pharmaceutical companies are increasingly investing in R&D activities. Vacuum pumps are widely used in analytical instruments, research equipment, and medical devices which require vacuum technology. Rising focus on developing new drugs and medical innovation is propelling the demand for high-performance vacuum pumps in the research sector.

Segment Analysis:

The vacuum pump market is dominated by the air transfer pump segment. Within this segment, rotary vane vacuum pumps account for the largest market share. Rotary vane vacuum pumps find widespread applications across all end-use industries owing to their high efficiency, low maintenance, and competitive pricing. Their robust design allows continuous operation for long periods without failure, making them a preferred choice in industrial processes that require round-the-clock vacuum generation.

PEST Analysis:

  • Political: Regulations regarding workplace safety and emission standards promote the adoption of technologically advanced vacuum pumps across industries.
  • Economic: Growing manufacturing industries along with research & development activities drive the demand for high-performance vacuum pumps. Investments in the semiconductor and healthcare sectors boost market revenue.
  • Social: Increasing public awareness about environmental protection and sustainable manufacturing encourages industries to replace conventional pumps with energy-efficient vacuum pump systems.
  • Technological: Advancements in vacuum pump designs catering to customized industrial vacuum requirements aid market expansion. Developments in materials and integrated controls enhance operational efficiency.

Key Takeaways:

The Global Vacuum Pump Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing investments in the healthcare and semiconductor industries.

The Asia Pacific region accounts for the largest market share due to surging demand from industrial sectors and the presence of emerging economies like China and India. Government initiatives to attract foreign investments and expand domestic manufacturing capacities boost regional market growth.

Key players operating in the vacuum pump market are 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 in the vacuum pump market focus on enhancing their product portfolios through advanced technology integration. For instance, in 2022, ULVAC launched new dry vacuum pumps equipped with an intelligent pump control system for pharmaceutical and R&D applications. The system delivers stable, precise vacuum levels along with real-time process monitoring and data logging capabilities. Meanwhile, Busch expanded its vacuum solutions portfolio through acquisitions and opened new production plants to meet rising demand.

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