VACUUM PUMP MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028)

May 03, 2023

The Vacuum Pump Market is segmented by Type (Rotary Vacuum Pumps (Rotary Vane Pumps, Screw, and Claw Pumps, Root Pumps), Reciprocating Vacuum Pumps (Diaphragm Pumps, Piston Pumps), Kinetic Vacuum Pumps (Ejector Pumps, Turbomolecular Pumps, Diffusion Pumps), Dynamic Pumps (Liquid Ring Pumps, Side Channel Pumps), Specialized Vacuum Pumps (Getter Pumps, Cryogenic Pumps)), End-user Application (Oil and Gas, Electronics, Medicine, Chemical Processing, Food and Beverages, Power Generation), and Geography.
Vacuum Pump Market Analysis
The global vacuum pump market is projected to register a CAGR of 7.1% over the forecast period. The overall growth of the vacuum pump market is primarily driven by customers' investments in new production technology and, to a certain extent, by investments in production capacity. The growing adoption of vacuum pumps in oil & gas, power, chemical processing, oil & gas, and semiconductor industries is further driving the demand for vacuum pumps.
· Vacuum pumps play a significant role in the production process of semiconductor devices. The overall demand for the semiconductor IC market is driven by smartphones and other applications across consumer electronics, automotive, etc. These are caused by technology transitions, such as wireless technologies (5G) and artificial intelligence. Also, the trending usage of Internet of Things-based devices is expected to encourage the semiconductor industry to invest in this equipment.
· According to World Semiconductor Trade Statistics (WSTS), the global sales of semiconductors witnessed a year-on-year growth of 26.2% in 2021. Further, the global semiconductor market was expected to grow to USD 663 billion in 2022, representing a 13.9% growth rate. In 2022, most major categories are expected to see high year-over-year growth, led by Logic with 24.1% growth, Analog and sensors with 21.9% and 16.6% growth.
· The increasing application of MEMS technology in the vacuum pump industry is expected to drive the market further. MEMS technology has many applications across numerous market verticals, specifically consumer electronics, such as tablets, smartphones, and video game systems. For instance, MEMS-based environmental hubs and gas sensor vacuum pumps are becoming more prevalent since people's perception of their immediate environment has changed. Due to pollution, the population cares more about the air they breathe, both within their houses and outside.
· Moreover, vacuum pumps also play a vital role in the pharmaceutical industry. These pumps are used in all manufacturing stages, including drying, distillation, degassing, crystallization, sublimation, and filling. Each vacuum pump is used as a part of a vacuum prime system design used to make intermediate products, active pharmaceutical ingredients, and bulk drugs. Such applications in various end-user industries make vacuum pumps vital elements that carry out critical tasks in the value chain.
· Further, the market has been witnessing activities to boost production capacities, driven by a high focus on capturing the demand from the semiconductor industry. The growing demand for high-spec semiconductors necessary to address the demand for Cloud, AI, IoT, automated driving (self-driving cars), and 5G through the provision of cutting-edge semiconductor manufacturing equipment is further encouraging the vendors to expand their manufacturing footprint and market presence.
· However, the vapor pressure of the liquid inside the pump limits the ultimate suction pressure of the pump, which is among the major limitations of vacuum pumps. Additionally, these pumps are also prone to liquid slug damage. Such factors are challenging the growth of the studied market.
· The outbreak of the COVID-19 pandemic has affected the market for vacuum technologies in the initial months due to supply chain and logistics disruption. Still, later, it witnessed increased adoption of various other solutions. According to Altas Copco, order volumes for equipment also increased, mainly due to increased demand for Vacuum Equipment in the semiconductor industry. The order intake increased in Asia and Europe but decreased in North America. The market is expected to witness further growth as the industries have started resuming their operations to pre-pandemic levels and above.

Author:

Ms. yoyo

E-mail:

lvsong@lvsongtrade.com

Phone/WhatsApp:

+8618961136068