The recently published market study by Fact.MR highlights the current trends that are expected to influence the dynamics of the Vacuum Pump Market in the upcoming years. The report introspects the supply chain, cost structure, and recent developments pertaining to the Vacuum Pump Market in the report and the impact of the COVID-19 on these facets of the market. Further, the micro and macro-economic factors that are likely to impact the growth of the Vacuum Pump Market are thoroughly studied in the presented market study.
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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 Fact.MR’s report, the vacuum pump market is anticipated to surpass a valuation of US$ 640 Mn 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.
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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 Study
- The global vacuum pump market is anticipated to add 1.7X value by 2030 as compared to 2020.
- Dry vacuum pump capture 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 US$ 1.2 Bn by 2030.
- 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.
- 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.
- Engine testing application is anticipated to gain around 156 BPS over the forecast period of 2020-2030
- The use of vacuum pumps in manufacturing applications is anticipated to lose around 139 BPS by 2030.
- By mechanism, gas transfer vacuum pumps hold a lion’s share of the market, estimated to increase to around 58% by 2030.
- 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.
- 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%.
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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.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/30/2008433/0/en/Demand-for-Waterjet-Cutting-Machines-Majorly-Upheld-by-Automotive-and-Mining-Propelling-Abrasive-Machines-to-Reign-Supremacy-Says-Fact-MR.html
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