April 14, 2024
Vacuum Pump Market

Vacuum Pump Market Riding High on Growing Cleaning Industry Trends

The vacuum pump market is witnessing tremendous growth driven by increasing focus on cleanliness and hygiene. Vacuum pumps find wide application in various cleaning devices and industrial processes that require creating a vacuum space. These pumps help extract air from cleaning appliances like vacuum cleaners, thereby enabling them to pick dirt and dust particles effectively. Some key advantages of vacuum pumps include strong suction power, deep cleaning capability, and ability to pick both wet and dry debris. With rising health, hygiene and sanitation standards worldwide, the demand for different types of cleaning equipment using vacuum pumps is surging exponentially.

The Global Vacuum Pump Market is estimated to be valued at US$ 7.5 Mn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2030. Vacuum pumps are profusely used in the manufacturing of various household appliances as well as diverse industrial sectors like chemical, oil & gas, pulp & paper, and semiconductor. Rapid urbanization and growing disposable incomes are propelling consumer spending on sophisticated cleaning appliances. Furthermore, stringent regulations regarding workplace safety and hygiene are bolstering the installation of vacuum equipment across several process industries.

Key Takeaways
Key players operating in the Vacuum Pump Market Demand are 3M Company, Johnson & Johnson, Procter & Gamble, Reckitt Benckiser Group plc, Ecolab Inc. These leading brands are focusing on new product launches and strategic acquisitions to fortify their market share.

The growing demand for technologically advanced cleaning appliances equipped with efficient vacuum pumps is expected to drive the market during the forecast period. Manufacturers are integrating specialized features like auto-shut modes, bagless designs, and enhanced portability to appeal to diverse consumer segments.

The market is witnessing significant expansion in developing economies of Asia Pacific and Latin America led by rapid industrialization and rising spending power of middle-class households. Key players are boosting their distribution networks and production capacities in these high potential regions.

Market key Trends
One of the key trends witnessed in the vacuum pump market is the rising popularity of cordless and portable vacuum cleaners powered by rechargeable lithium-ion batteries. This has alleviated previous issues of limited run-time and tethering to utility outlets associated with traditional corded variants. Furthermore, lithium batteries provide higher energy density and extended life cycles compared to older nickel-cadmium or nickel-metal hydride counterparts. Their lightweight, compact designs make modern cordless vacuums extremely convenient to use for spot cleaning of car interiors, upholstery, and other hard-to-reach areas.
Porter’s Analysis

Threat of new entrants: Low setup cost makes entry easy but presence of dominant players creates barriers.

Bargaining power of buyers: Buyers have medium bargaining power due to availability of substitutes and price sensitivity in the market.

Bargaining power of suppliers: Suppliers have medium power due to availability of substitutes and switching costs for buyers.

Threat of new substitutes: Moderate threat from compressed air pumps and blowers offering similar functionality at competitive prices.

Competitive rivalry: High due to presence of global players differentiating through innovation and quality.

Geographical Regions

Asia Pacific accounts for the largest share in terms of value due to increasing industrial activities in China and India.

North America is currently the fastest growing regional market and is expected to maintain its positon over the forecast period supported by strong manufacturing base and technological advancements.

Geographical Regions

Currently, Asia Pacific holds the largest share of the global vacuum pump market in terms of value. China and India are driving the market growth in this region owing to increasing industrial activities.

North America is anticipated to witness the fastest growth over the forecast period from 2024 to 2030. Presence of major end-use industries along with technological advancements isfueling the vacuum pump demand in the region.

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