The vacuum pumps market is expected to witness robust expansion by 2027 owing to increasing oil & gas exploration activities across key regions.

Vacuum pumps are mechanical devices that remove gas molecules and air from a sealed space to create an area free of air and gas. The primary function of vacuum pumps is to clean and seal. These pumps may be classified as wet or dry based on the medium that is pumped through them. The booming pharmaceutical industry worldwide has fueled industry uptake in recent years.

Moreover, industry participants have been implementing strategic initiatives to monetize emerging trends in the market, which has supported overall business growth. For instance, in July 2021, Pfeiffer Vacuum Technology AG, a key manufacturer of vacuum pumps, launched its novel diaphragm pumps, dubbed the MVP 030-3 C DC. The novel diaphragm pump has been designed for applications that require dry and clean vacuum, including analytical systems, laboratories, and leak detection.

Request sample copy of this report @ https://www.gminsights.com/request-sample/detail/2667

The vacuum pumps market has been segmented based on end-use, lubrication, product, technology, and region. In terms of technology, the market has further been bifurcated into gas transfer pumps and gas capture/binding pumps.

The gas capture/binding segment is anticipated to expand at a CAGR of around 6% over the review timeline. The ability of these pumps to achieve high vacuum environments without any moving parts is likely to drive product demand over 2021-2027.

Under gas transfer pumps, the market has been categorized into kinetic pumps and positive displacement pumps. The kinetic pumps segment is projected to attain a market share of more than 20% in terms of volume by the end of 2027.

Request for customization @ https://www.gminsights.com/roc/2667

With respect to end-use, the vacuum pumps market has been divided into wood, paper & pulp, chemical & pharmaceutical, food & beverages, semiconductor & electronics, oil & gas, and others. The oil & gas industry is the third major consumer of vacuum pumps, and thus, the oil & gas segment registered about 10% share in the overall market in 2020.

The oil & gas sector employs vacuum pump systems across several applications, such as vapor recovery, flare gas recovery, enhanced oil recovery, gas gathering, methane gas recovery, biogas recovery, field gas boosting, fuel gas boosting, tank cars unloading, and so forth. The wide range of applications of vacuum pumps in the oil & gas industry is set to drive segmental expansion in the coming time period.

Meanwhile, the wood, paper & pulp segment is speculated to expand at nearly 5.1% CAGR through the analysis period, which is lower than the average growth of the global vacuum pumps market. The moderate product demand in this sector is attributable to the reducing popularity of paper-based media products, such as newspapers, magazines, and so on.

From the regional perspective, the Latin America vacuum pumps market is slated to exhibit a solid growth trajectory, growing at a CAGR of approximately 5.9% over the study timeline. Shifting focus of the U.S.-based vacuum pump end-user companies towards LATAM owing to lenient government policies and the low-cost labor force is likely to bolster regional market growth through 2021-2027.