Vacuum Pump Market forecast
Vacuum pumps are increasingly being used by the electronics, semiconductor and oil & gas sectors. Increasing exploration and production activities in the O&G industry is stimulating product demand. An ever-increasing requirement for crude oil from the industrial and transportation sector may foster product penetration. Emergence of e-commerce platforms would allow increased accessibility and availability for vacuum pumps. Whereas research programs in nuclear fusion and nanotechnology may strengthen product demand in the coming years. With growing traction, Global Market Insights, Inc., predicts that the vacuum pumps market may surpass USD 7 billion by 2026.
Based on lubrication, the vacuum pumps market is categorized into dry and wet segments. Of the two, dry vacuum pumps are increasingly used in petrochemical, packaging, pharmaceutical and chemical industries. Demand for consumer electronics, especially by younger generation, will encourage electronics and semiconductor industries to increase their production capacity, in turn augmenting dry vacuum pump market size.
Kinetic vacuum pumps meanwhile are claimed to hold a significant share in the global market. These pumps are used to displace gas molecules by accelerating them in a pumping direction by vapor stream or mechanical system. Kinetic pumps have the potential to generate high to ultra-high vacuum environments. They are relatively costly compared to other pumps. Some of the key example of kinetic pumps include liquid jet pumps, turbomolecular pumps, ion transfer pumps and diffusion pumps.
Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/2667
High vacuum pumps are also slated to record a significant market share. They are used in applications like evaporation coating, mass spectroscopy, electron microscopy and space technology. High vacuum pumps are operated in combination, in low vacuum and medium vacuum backing and with booster pumpers for efficient operations.
According to reports, the U.S., China, and Latin America are anticipated to become the key contributors to global vacuum pump market growth. In China, the vacuum pump market is driven by the region’s flourishing semiconductor and electronics industry.
Meanwhile, the U.S. is expected to generate significant vacuum pumps demand from the oil & gas sector. Apparently, the O&G sector of U.S. majorly depends on crude oil. To meet demands, the U.S. government is endorsing increased extraction from oil and gas reserves. Citing an instance, in 2016, the U.S. laid off restrictions on US$ 50 trillion production from energy reserves. Moreover, the country plans to employ more than 90% of the U.S offshore territory for oil and gas exploration and drilling. Initiatives such as these may escalate the demand for vacuum pumps in the U.S.
Latin America vacuum pumps market is still in the initial stage of development, however, is anticipated to accrue lucrative growth in the coming years. The regional market may witness a steady growth owing to the presence of electronics and semiconductor industry led by medium-scale manufacturing plants mostly in Brazil and Mexico. Lenient government policies and low-cost labor has encouraged U.S.-based companies to set up businesses in Latin America. This trend may fuel the growth of Latin America vacuum pumps market.
Renowned firms operating in the vacuum pumps industry are actively opting for new business strategies, primarily to standout in the competition. Taking 2018 for instance, Gardner Denever announced the acquisition of Runtech Systems to expand vacuum and pressure systems and services and flow control technology. Moreover, in 2017, Pfeiffer Vacuum revealed the purchase of Nor-Cal Products Inc. to strengthen its market presence in the vacuum technology industry.
Author Name : Abhijeet Kakade