Growing Demand from Semiconductor Industry to Boost Sales of Vacuum Pumps
Application of vacuum pumps in the production of semiconductor devices has significantly accelerated their market valuation since past couple of years. Demand for semiconductor devices in the automotive and the consumer electronics industry such as smartphones has witnessed an upswell and it is expected to further rise on the back of growing technological transitions such as artificial intelligence and wireless technologies. Moreover, according to World Semiconductor Trade Statistics (WSTS), semiconductor sales worldwide reflected a 6.8% Y-o-Y growth in 2020 and are expected to further rise in the coming years. Furthermore, companies are focusing on developing advanced semiconductors to address needs of the end use industries. For instance, in 2020, EBARA Precision Machinery Europe (EPME) announced development of a new second overhaul centre for vacuum pumps in a bid to manifest E-Vision 2030, a long-term vision of the company, and would develop advanced semiconductors of higher specifications to support rising demand for IoT, Cloud, automated driving, 5G, and artificial intelligence via provision of revolutionary semiconductor producing equipment. This is expected to fuel demand of vacuum pumps in the semiconductor industry, in turn fuelling the growth of the vacuum pumps market in the years to follow.
Increasing Use of Vacuum Pumps in Oil and Gas Industry to Influence Growth of Vacuum Pumps Market
Demand for oil across a range of applications has been on the rise since past couple of years. According to Organization of the Petroleum Exporting Countries (OPEC) analysis, per day demand for oil products will touch 110 million barrels globally by end of 2045, off which share of transportation fuels such as diesel and gasoline will remain the highest. This has influenced use of vacuum pumps in the recovery of oil, reducing costs associated with installation of additional equipment required to carry out the function. Moreover, owing to their higher efficiency and comparatively less capital investment, vacuum pumps are a preferred choice over steam ejectors as the latter use more energy, in turn incurring high maintenance costs related to pumping and generation of steam. In addition, use of various types of vacuum pumps such as jet and liquid ring variants are used to develop vacuum in columns in crude oil distillation. Often, their combination increases efficiency, lowers consumption of cold water and power. Companies are offering jet vacuum pumps for oil distillation given the growing demand of the product in the industry. For instance, GEA group provides jet vacuum pumps which are best suited for the oil distillation application. These vacuum pumps convey higher quantities of gas and are low maintenance products. In this backdrop, growing demand from the oil and gas industry is expected to bolster growth of the vacuum pumps market worldwide.
Key Growth Strategies Adopted by Manufactures Likely to Boost Vacuum Pumps Market Growth
Manufactures of vacuum pumps have been focusing on developing new products and implementing new growth strategies to gain competitive edge and enhance their market share. Adoption of new technology in the vacuum pumps space is expected to largely contribute to the growth of the market, given their high power and efficiency quotients coupled with less maintenance costs. In 2021, Leybold launched new vacuum pumps in which two new technologies were incorporated. The DV 800 and DRYVAC DV 500 have small footprint given their compact design and facilitate higher performance and less energy consumption. In addition, higher speed of pumping offered by the DV 800 vacuum pump variant will fuel its use across companies where time is a crucial aspect, such as packaging or battery manufacturing. Similarly, in the same year, Pfeiffer Vacuum introduced HiPace 80 Neo vacuum pump that features reduced noise emissions and vibration coupled with better service life. In 2020, Busch Israel offered vacuum pumps to a Palestinian hospital owing to lack of the product due to corona crisis. In February 2020, Dekker Vacuum Technologies Inc. was acquired by Atlas Copco. The aim of this acquisition was to complement Atlas Copco’s current portfolio, particularly in the liquid ring vacuum pump market. Similarly in 2021, Hanon Banglore Operations, a part of Hanon Systems, was acquired by ADVIK to expand its reach in the water and vacuum pumps area in the passenger cars segment. Such growth strategies are likely to pave new pathways for manufactures in turn contributing towards growth of the vacuum pumps market on the global front.
North America Likely to Dominate Global Vacuum Pumps Market
Developed economies in North America are expected to showcase potential growth opportunities for vacuum pumps market. This is mainly attributed towards rising investments in oil and gas industry, Chemicals, power generation and pharmaceuticals, where demand for vacuum pumps is relatively higher. Moreover, high coal production per hour per employee can result in increasing adoption of vacuum pumps. This aspect continues to influence the vacuum pumps market in North America, and manufacturers can expect significant growth opportunities in the region in the coming years.
Vacuum Pumps Market: Competitive Landscape
Key players involved in the vacuum pumps market include Atlas Copco, Ingersoll Rand Inc., Flowserve Corporation, Pfeiffer Vacuum GmbH and Busch Vacuum Solutions.
Global Vacuum Pumps Market is Segmented as Below:
Key Elements Included In The Study: Global Vacuum Pumps Market
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