Global Vacuum Pump Market - Segmented by Type (Rotary, Reciprocating), End User (Energy and Power, Oil and Gas, Chemical, Semiconductor) and Region - Growth, Trends and Forecast (2018 - 2023)
The global vacuum pump market was valued at USD 2.16 billion in 2017, and is expected to reach a value of USD 3.06 billion by 2023, recording a CAGR of 5.9% over the forecast period (2018 - 2023).
Vacuum pumps are witnessing substantial demand from various end-user verticals, as the operations involved in these verticals are extremely susceptible to corrosion, due to constant exposure to several harsh environments, emphasizing the need for vacuum pumps to comply with various industry regulations.
The vacuum pump market has currently reached a level of maturity in the developed regions, which has made many market incumbents expand their geographical presence, by moving toward the developing economies to capitalize on the untapped potential in these markets.
There has been a considerable rise in the number of small-scale vacuum pumps manufacturing players setting up shops in the developing regions during the recent past, as they combine with OEMs across the borders to manufacture low-cost pumps for use in the end-user industries.
The demand for retrofitting is much higher than new installations, as the vacuum pumps have now become an integral part of the manufacturing equipment across a majority of end-user verticals.
Increasing Focus on Set-up and Cost Minimization with Dry Vacuum Pumps
Regarding maintenance, dry pumps typically need a check-up after every 4 to 5 years, due to the absence of touching parts, thus, increasing the product life.Latest generation dry pumps that utilize energy-efficient motors integrated into the pump offer a better energy footprint in normal operation, as compared to oil-sealed pumps, thus, increasing their efficiency.Additionally, a stand-by mode in dry vacuum pumps offers additional energy savings and an extension of bearing life/service intervals.
Also, dry vacuum pumps offer superior performance. In many cases, process elements have an adverse effect on the performance of the pump by extending the pump downtime of oil-sealed pumps.
Oil & Gas Industry held the Largest Share of the Market in 2017
Vacuum pumps find various applications in the oil & gas industry, in all areas of exploration, extraction, refinement, and distribution. The global oil & gas industry remains unpredictable, with instabilities in the crude oil prices. This instability has been directly impacting the demand for pumps from the industry, thus, challenging its growth. Also, the depressed upstream investments in the current scenario of low crude oil prices are also affecting the growth of vacuum pumps in this industry.
Middle-East & Africa expected to Witness the Fastest Growth during the Forecast Period
Middle East has been leveraging the benefits of increase in the global oil demand.However, a series of factors are currently showing an adverse impact on the economy in this region. Consequently, countries, such as Saudi Arabia and Iraq, are cutting down oil production, in compliance with the recent oil deal, which has been dramatically impacting the growth among oil-exporting countries, and which, may slow down the market for vacuum pumps.While the landmark agreement boosted oil prices by the end of 2016, other key producers are increasing shale oil production. Iran is expected to emerge as a major player, as the country is leveraging its return to the international markets.
On the other end, Saudi Arabia is expected to perform poorly, as it is responsible for the major share of the oil reduction under the OPEC agreement.
Key Developments in the Market
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