Vacuum pumps market is forecasted to cross US$ 7 billion revenue by 2026
Category: #headlines  By Rahul Varpe  Date: 2020-02-07
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Vacuum pumps market is forecasted to cross US$ 7 billion revenue by 2026

Rising oil and gas exploration and production activities across the globe is the key driver influencing vacuum pumps market growth. Rising demand for crude oil from the transportation and industrial sector is escalating the exploration activities. Increasing utilization of vacuum pumps for extracting and processing the crude oil will escalate the industry.

Dry vacuum pumps will foresee significant growth over the study timeframe with its application in industries including packaging, petrochemical, chemical, pharmaceutical etc. Rising demand for electronic devices and gadgets among the younger generation will require an increased production capacity for semiconductor and chips, thereby promoting dry vacuum pump demand over the study timeframe.

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Vacuum Pumps Market is expected to exceed USD 7 billion by 2026. Continuous upsurge in growth of semiconductor and electronics industry will induce vacuum pumps demand in the projected time period.

Some major findings of the vacuum pumps market report include:

  • China leads the vacuum market with prevailing semiconductor and electronics industry
  • Nanotechnology and nuclear fusion research program to drive the product demand
  • Emergence of e-commerce to enhance product accessibility and availability
  • High industry rivalry leading to industry growth.

Rising oil and gas exploration and production activities across the globe is the key driver influencing vacuum pumps market growth. Rising demand for crude oil from the transportation and industrial sector is escalating the exploration activities. Increasing utilization of vacuum pumps for extracting and processing the crude oil will escalate the industry.

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Kinetic pumps hold substantial share with their adoption to displace the gas molecules by accelerating them in the pumping direction by mechanical or vapor stream systems. These are used for generating high to ultra-high vacuum environments. They are relatively high priced and include products such as turbomolecular pumps, liquid jet pumps, diffusion pumps, ion transfer pumps, etc.

High vacuum pumps possess strong growth potential and are used in applications such as mass spectroscopy, evaporation coating, electron microscopy, and space technology requiring high vacuum. However, they are used in combination and medium and low vacuum backing and booster pumps for efficient operation.

Oil & gas sector holds significant share with high dependence on crude oil. In 2016, the U.S., lifted the restrictions on USD 50 trillion production of energy reserves. Further, the government announced plans of employ over 90% of the U.S. offshore territory for oil and gas drilling and exploration, thereby escalating the vacuum pumps market.

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Latin America is at a nascent stage and will witness steady growth with presence of semiconductor & electronics industry is led by medium scale manufacturing plants in Mexico and Brazil. Shifting focus of the U.S. based vacuum pump end-user companies towards Latin America owing to lenient government policies and low-cost labor force will be a key driving factor for the regional growth over the forecast period.

The industry players are adopting multiple strategies to distinguish themselves and to gain a competitive edge over other participants. For instance, in 2018, Gardner Denever acquired of Runtech Systems in order to expand flow control technology, vacuum and pressure systems and services. Further, in August 2017, Pfeiffer Vacuum acquired Nor-Cal Products Inc., to strengthen its position in the vacuum technology industry.

Related news - https://www.marketwatch.com/press-release/industrial-fall-protection-equipment-market-is-set-to-record-7-cagr-during-forecast-time-2020-02-06 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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