Press release
Liquid Ring Vacuum Pumps Market is Estimated to Represent US$ 2,871.3 Mn Through 2024
According to “Global Liquid Ring Vacuum Pumps Market Industry Analysis and Forecast 2016-2024,” the global liquid ring vacuum pumps market will reach US$ 2,871.3 Mn by the end of the forecast period.
“Global LRVP market will witness promising growth in the first half of the forecast period (5.5% CAGR), which will incur a slight dip post-2020, (4.9% CAGR). However, the overall CAGR of the market estimated for 2016-2024 is estimated at 5.2%.”
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– Research Analyst, Industrial Automation Domain, Persistence Market Research
Regional analysis indicates that the US$ 535 Mn North American market will rule the roost with an estimated 6% CAGR over 2016-2024. Towards the close of 2024, this region is expected to attain revenues worth US$ 851.1 Mn. Latin America, Europe, and Asia Pacific are identified to be the next key markets for LRVP. North America, Europe, and APAC will collectively hold a whopping 75% share of the total market size in 2024.
In terms of capacity, 500-1500 cfm segment will continue to lead with the maximum revenue sales, followed by < 500 cfm segment. However, < 500 cfm segment will possibly thrive fastest at a CAGR of 5.2%, followed by > 1500 cfm segment with an estimated 4.4% CAGR over 2016-2024.
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Considering material type, cast iron segment will continue dominance with over 60% value share, reaching a value of US$ 1,718.2 Mn in 2024. This segment will also demonstrate the fastest CAGR of 5.3% over the forecast period. Stainless steel segment will also grow moderately at 5%, attaining a value worth US$ 876 Mn in 2024.
Based on the end-use industry, oil and gas sector will retain dominance over others, with over US$ 931 Mn by the end of 2024 in terms of revenues. Chemical processing and general process industries will continue to maintain the second and third largest segments respectively. Among these, general process industries will display a higher CAGR of 5.8% over 2016-2024, bagging the revenues of over US$ 511 Mn. Paper and pulp, and power segments are expected to grow steadily throughout the assessment period.
Dekker Vacuum Technologies Inc., Busch Vacuum Technics Inc., Flowserve Corporation, Tsurumi Manufacturing Co., Ltd., Atlas Copco Airpower N.V., Gardner Denver Nash LLC, Tuthill Vacuum & Blower Systems, and Graham Corp. are some of the key players that constitute the competitive landscape of the global liquid ring vacuum pumps marketplace. Persistence Market Research’s report includes in-depth profiling of key companies.
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Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
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