Market Report Vacuum Pump Market to Witness Steady Growth: Fact.MR
Increasing demand for applications such as conveying, assembly line cleaning, drying, evacuation, suction, and others related to the electronics and semiconductor industry are offering beneficial opportunities for vacuum pump manufacturers around the world.
The semiconductor industry has witnessed robust demand for use in electronics such as smartphones and application in Internet of Things and cloud computing, largely driven by growth in emerging technologies such as AI in products as well growth in automotive and industrial electronics. Furthermore, integration of semiconductors in 5G-enabled devices and network connection levers the growth of vacuum pumps in the processing of integrated circuits and boards.
As per a new market intelligence report by an Esomar-certified market research and consulting firm, the vacuum pump market is anticipated to surpass a valuation of 640 million dollars in 2020, and is projected to expand at a CAGR of more than 6 % through 2030. During the last half-decade, the market has witnessed an affirmative shift from Europe to East Asia, due to increased research & development in the semiconductor industry. Presence of key players such as Toshiba, Sony, and Samsung in East Asia’s semiconductor industry sums up the elevating demand for vacuum pumps in the region.
Key Takeaways from the Study
- 1. The global vacuum pump market is anticipated to add 1.7X value by 2030 as compared to 2020.
- 2. Dry vacuum pump captures a major chunk of the market, equivalent to four-fifth of the global market share, and are set to create an absolute opportunity of more than 1.2 billion dollars by 2030.
- 3. Electronics and semiconductors is the fastest growing segment in the market, owing to shift towards renewable sources of energy and technology across the globe, especially in East Asia, to launch and manufacture smart 5G-enabled devices.
- 4. Europe will continue to dominate the market revenue in 2021, and is expected to gain 38.4 BPS in its market share by 2030 over 2020.
- 5. Engine testing application is anticipated to gain around 156 BPS over the forecast period of 2020-2030
- 6. The use of vacuum pumps in manufacturing applications is anticipated to lose around 139 BPS by 2030.
- 7. By mechanism, gas transfer vacuum pumps hold a lion’s share of the market, estimated to increase to around 58 % by 2030.
- 8. The U.S. market as well as the one in Germany is projected to expand at a CAGR of more than 6 %, while that in China is pegged at close to 8 % CAGR through 2030.
- 9. Covid-19 hit the market hard, with a growth rate of -7.9 % in 2020. However, 2021 looks better, with an expected growth rate of over 5 %.
“Ascending demand from the electronics and semiconductor industry is expected to boost consumption of vacuum pumps throughout the forecast period,” says a report analyst.
Rise in Demand from Healthcare and Pharmaceuticals, Oil & Gas, and Industrial Manufacturing Industry Bolstering Growth
Vacuum pumps facilitate conveying, drying, engine testing, material handling, evaporation, and distillation that are used in the industries of healthcare & pharmaceuticals, oil & gas, and industrial manufacturing. Exponential growth in these industries will raise demand for vacuum pumps simultaneously. The Container Closure Integrity Testing procedure followed during the packaging of drugs and directly consumed eatables allows extensive application of dry vacuum pumps in the pharmaceutical industry.
Who is Winning in this Space?
The global vacuum pump landscape is highly competitive in nature, and is thriving on key players. However, competition has become intense due to the presence of regional players that offer products at low prices. To maintain their position in the market, key players are coming out with diversified offerings such as integration of vacuum pumps with AI and compact solutions for heavy-duty projects.
For instance, in February 2019, Atlas Copco launched the DHS 065-200 VSD+ dry screw vacuum pump, which not only offers lower life-cycle cost and higher productivity but also uses less energy and is easy to maintain.
In 2020, Busch Vacuum launched the Cobra NX 0950 A Plus, an extension in its Plus series, which is a dry oil-free vacuum pump. This pump is integrated with a smart sensor that allows the recording and saving of operating data.
These insights are based on a report on the Vacuum Pump Market by Fact.MR.