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2024 Global Vacuum Pumps Market Report: Key Trends and Competitive Landscape
vacuum pumps market trends
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According to The Business Research Company's, The vacuum pumps market size has grown strongly in recent years. It will grow from $5.20 billion in 2023 to $5.50 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to the emergence of new end-use industries, pharmaceutical developments, chemical industry growth, energy sector needs, and increasing environmental regulations.
The vacuum pumps market size is expected to see strong growth in the next few years. It will grow to $6.96 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to the expansion of the semiconductor industry, energy sector expansion, development of emerging markets, increasing research and development activities, and growing focus on energy efficiency and sustainability. Major trends in the forecast period include industry 4.0 integration, the development of energy-efficient vacuum pumps utilizing advanced materials, a trend towards miniaturized vacuum pumps, advancements in high vacuum technologies, and the integration of Internet of Things (IoT) technology into vacuum pumps.
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Market Drivers and Trends:
The rising food and beverage industry is expected to propel the growth of the vacuum pumps market going forward. The food and beverage industry encompasses the production, processing, packaging, and distribution of food and drink products for consumption. The food and beverage industry is increasing due to shifting consumer preferences towards convenience foods, growing demand for healthy and organic options, and an expanding global population driving consumption. Vacuum pumps are utilized in the food and beverage industry to extend shelf life and maintain product quality by removing air and preventing oxidation during packaging and processing. For instance, in May 2021, according to the Australian Bureau of Statistics, an Australian government statistical agency, sales of food and non-alcoholic beverages in Australia's supermarkets, grocery stores, convenience stores, and specialty food stores amounted to 15.1 million metric tons in the fiscal year 2021-22, showing a surge compared to the 14.8 million metric tons sold in the preceding fiscal year of 2020-21. Therefore, the rising food and beverage industry is driving the growth of the vacuum pumps market.
Major companies operating in the vacuum pumps market are developing new products, such as dry-running vacuum pumps, to gain a competitive edge in the market. Dry-running vacuum pumps refer to devices that remove gas molecules from a sealed volume to create a partial vacuum or low-pressure environment. For instance, in March 2023, Flowserve Corporation, a US-based provider of flow control products and services, launched the SIHI Boost UltraPLUS dry-running vacuum pump. It is designed to significantly reduce cycle times for batch processes by up to 50% or more, making it an effective solution for load lock applications. This improved pump design retains the benefits of the original SIHI Boost pumps, including oil-free operation and full electronic synchronization, and further enhances performance by cutting re-acceleration time by up to 50%.
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Major Key Players of the Market:
Atlas Copco AB, Agilent Technologies Inc., Ebara Corporation, Gardner Denver Holdings Inc., ULVAC Technologies Inc., Busch Vacuum Solutions, Pfeiffer Vacuum GmbH, Leybold GmbH, Anest Iwata Corporation, KNF Neuberger GmbH, Graham Corporation, Tuthill Corporation, Becker Pumps Corporation, VACUUBRAND GMBH + CO KG, Dekker Vacuum Technologies Inc., Gast Manufacturing Inc., Osaka Vacuum Ltd., Welch Vacuum Technology Inc., Wenling Tingwei Vacuum Equipment Co. Ltd, Kashiyama Industries Ltd.
Vacuum Pumps Market 2024 Key Insights:
• The vacuum pumps market size is expected to see strong growth in the next few years. It will grow to $6.96 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• The Rising Tide of the Food and Beverage Industry and Its Impact on Vacuum Pump Market Growth
• Innovative Solutions Revolutionize Batch Processing Efficiency In Vacuum Pumps Market
• Asia-Pacific was the largest region in the vacuum pumps market in 2023
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