Press release
Vacuum Pumps Market to Register 6% CAGR by 2026? Top Players Atlas Copco, Agilent Technologies Inc., Ebara Corporation., Gast Manufacturing Inc., Gardner Denver, Busch Group.
Vacuum Pumps Market
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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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.
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.
Market Growth Drivers -
o Significant developments in the global semiconductor & electronics sector
o Rising chemical manufacturing in Asia Pacific and Latin America
o Pharmaceutical industry growth in North America and Europe
o Increasing oil & gas exploration activities in North America
o Escalating packaged food & beverages demand
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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.
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.
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