Vacuum Pump Market Share Surges as Semiconductor Demand Grows
The global vacuum pumps market is experiencing substantial growth, driven by increasing demand from the semiconductor and oil & gas industries. Vacuum pumps play a crucial role in various applications, and their importance is on the rise due to technological advancements and the growing need for efficiency across industries.
Semiconductor Industry Boosts Market Valuation
The semiconductor industry has witnessed remarkable growth, owing to the rising demand for semiconductor devices in automotive and consumer electronics, including smartphones. Technological transitions such as artificial intelligence and wireless technologies further contribute to this demand. According to the World Semiconductor Trade Statistics (WSTS), semiconductor sales worldwide saw a 6.8% year-on-year growth in 2020, with expectations of continued growth. Companies like EBARA Precision Machinery Europe (EPME) are investing in advanced semiconductor production equipment, driving the demand for vacuum pumps in the semiconductor industry.
Oil & Gas Industry Spurs Vacuum Pump Usage
The oil & gas industry is another significant contributor to the vacuum pumps market. With the global demand for oil products expected to reach 110 million barrels per day by 2045, vacuum pumps are increasingly used for oil recovery. Vacuum pumps offer cost-effective solutions compared to alternative equipment, such as steam ejectors, due to their higher efficiency and lower maintenance costs. Various types of vacuum pumps, including jet and liquid ring variants, are employed in crude oil distillation to enhance efficiency and reduce resource consumption. Companies like GEA Group provide jet vacuum pumps tailored for oil distillation applications, contributing to the growth of the vacuum pumps market in the oil & gas sector.
Manufacturers’ Growth Strategies Drive Market Expansion
Manufacturers in the vacuum pumps industry are actively pursuing growth strategies to stay competitive and expand their market share. The adoption of new technologies in vacuum pump designs is a significant driver of market growth, as modern pumps offer high power and efficiency with minimal maintenance costs. Recent innovations such as Leybold’s DV 800 and DRYVAC DV 500 vacuum pumps, with compact designs and improved performance, exemplify this trend. Pfeiffer Vacuum’s HiPace 80 Neo vacuum pump, featuring reduced noise emissions and vibrations, further enhances service life and performance. Acquisitions and strategic partnerships, such as Atlas Copco’s acquisition of Dekker Vacuum Technologies Inc., are also shaping the industry landscape and driving growth opportunities for manufacturers.
North America Leads the Global Market
North America, particularly its developed economies, is positioned as a dominant region in the global vacuum pumps market. Investments in industries such as oil & gas, chemicals, power generation, and pharmaceuticals have spurred demand for vacuum pumps. Additionally, high coal production per hour per employee in the region contributes to the growing adoption of vacuum pumps. As a result, North America offers significant growth opportunities for vacuum pump manufacturers.
Key Players in the Vacuum Pumps Market
Prominent players in the vacuum pumps market include Atlas Copco, Ingersoll Rand Inc., Flowserve Corporation, Pfeiffer Vacuum GmbH, and Busch Vacuum Solutions.
As the demand for vacuum pumps continues to rise across various industries, manufacturers are poised to play a pivotal role in driving innovation and expanding the market’s global footprint.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/vacuum-pumps-market
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