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Fastest growing segment fueling the growth of Global Vacuum Pump Market

Vacuum Pump Market

The global 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:

The vacuum pump market comprises products that evacuate and remove gases from an enclosed space. Different types of vacuum pumps such as dry vacuum pumps, liquid ring, and centrifugal pumps are used across various end-use industries like semiconductor & electronics, oil & gas, chemical & petrochemical, power generation and others. Vacuum pumps offer advantages like high efficiency, contamination-free operation and maintain clean environment required by various industrial processes.

Market key trends:

Among different types, vacuum pumps are projected to witness high demand. Vacuum pumps remove residual gases from vacuum systems and provide high or ultra-high vacuum for industrial processes. They facilitate increased productivity, reproducibility and quality of production in various industries. Technological advancements are underway to develop efficient and sustainable vacuum pumps. For instance, dry pumps integrated with electric motors offer noiseless operation, require less maintenance and have high power efficiency. Growing demand from industries like semiconductor, healthcare and packaging will continue driving the vacuum pumps market over the forecast period.

Segment Analysis:

The global vacuum pump market is segmented based on type, technology, application, end-use industry, and region. Based on type, the market is segmented into dry vacuum pumps and centrifugal vacuum pumps. Centrifugal vacuum pumps dominate the market as these pumps are used for low vacuum applications and are economic variants. Based on technology, the market is segmented into entrapment vacuum pumps, reciprocating vacuum pumps, and others. Reciprocating vacuum pumps dominate the market as these pumps are versatile and used in variety of applications.

Key Takeaways:

The Global Vacuum Pump Market Demand is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing demand from semiconductor and coating industries.

Regional analysis related content comprises: The Asia Pacific region dominates the vacuum pump market and is expected to grow with the highest CAGR during the forecast period due to growing electronics and semiconductor industries in China, India, Japan and South Korea.

Key players related content comprises: 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.

 

Read more  - https://www.trendingwebwire.com/vacuum-pump-market-share-and-demand-analysis/ 

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