What Is The Overview Of The Global Vacuum Pumps Market?
A vacuum pump is a device that removes gas molecules from a sealed volume to create a partial vacuum. The main purpose of a vacuum pump is to reduce the pressure within a system, which can be useful in various applications across multiple industries, including manufacturing, scientific research, and medical fields. These pumps enable processes that require low-pressure environments, such as electron microscopy, semiconductor fabrication, and vacuum packaging.
Vacuum Pumps Global Market Report 2024 provides data on the global vacuum pumps market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Vacuum Pumps market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Vacuum Pumps?
The vacuum pumps market size has grown significantly in recent years, increasing from $5.20 billion in 2023 to $5.50 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. This historic growth is due to the emergence of new end-use industries, advancements in pharmaceuticals, expansion in the chemical industry, energy sector demands, and stricter environmental regulations. The market is projected to continue its strong growth, reaching $6.96 billion in 2028 at a CAGR of 6.0%. Factors contributing to this forecasted growth include the expansion of the semiconductor industry, broader energy sector growth, development in emerging markets, heightened research and development activities, and an increased focus on energy efficiency and sustainability. Key trends expected in the forecast period include the integration of Industry 4.0, development of energy-efficient vacuum pumps with advanced materials, miniaturized vacuum pumps, advancements in high vacuum technologies, and the incorporation of Internet of Things (IoT) technology into vacuum pumps.
What Factors Are Driving Growth In The Vacuum Pumps Market?
The rising food and beverage industry is expected to propel the growth of the vacuum pumps market going forward. The food and beverage industry involves the production, processing, packaging, and distribution of food and drink products for consumption. Its growth is driven by shifting consumer preferences towards convenience foods, increasing demand for healthy and organic options, and an expanding global population fueling consumption. Vacuum pumps are essential in this industry as they help extend shelf life and maintain product quality by removing air and preventing oxidation during packaging and processing. For instance, the Australian Bureau of Statistics reported that sales of food and non-alcoholic beverages in Australia's supermarkets and specialty stores amounted to 15.1 million metric tons in the fiscal year 2021–22, up from 14.8 million metric tons in the previous year. Therefore, the rising food and beverage industry is expected to drive the vacuum pumps market's growth.
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What Are The Main Segments Of The Global Vacuum Pumps Market?
The vacuum pumps market covered in this report is segmented –
1) By Pump Type: Positive Displacement, Dry Vacuum, Centrifugal, Momentum Transfer
2) By Mechanism: Gas Transfer, Gas Binding
3) By Pressure: Low Vacuum Pumps, Medium Vacuum Pumps, High Vacuum Pumps, Ultra-High Vacuum Pumps, Extreme High Vacuum Pumps
4) By End-User: Automotive, Chemical And Petrochemical, Aerospace And Defense, Oil And Gas, Healthcare And Pharmaceuticals, Other End-Users
What Emerging Trends Are Influencing The Growth Of The Vacuum Pumps Market?
Companies in the vacuum pumps market are developing new products like dry-running vacuum pumps to gain a competitive edge. These pumps create a low-pressure environment by removing gas molecules. For example, in March 2023, Flowserve Corporation introduced the SIHI Boost UltraPLUS dry-running vacuum pump. This pump significantly reduces batch process cycle times by up to 50% or more, retaining the benefits of previous models while enhancing performance with reduced re-acceleration times.
What Is The Largest Region In The Vacuum Pumps Market?
Asia-Pacific was the largest region in the vacuum pumps market in 2023. The regions covered in the vacuum pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
