The global Vacuum Pump Market is estimated to be valued at US$ 6.51 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vacuum pumps are mechanical devices that create low pressure environments for various industrial and scientific processes. They are used to evacuate air or gases from a sealed volume such as a chamber, pipe, or vessel, to leave behind a partial vacuum. Vacuum pumps are utilized in different industries such as semiconductor, coating, packaging, HVAC, scientific research laboratories, and more. The demand for vacuum pumps is increasing across healthcare and pharmaceutical sectors owing to various applications in biological research, sterilization equipment, medical devices manufacturing, and preservation of medicines.
Market key trends:
One of the key trends in the vacuum pump market is growing demand from healthcare sector. Healthcare settings such as hospitals, clinics, and other medical facilities require vacuum pumps for various procedures and operations. Vacuum pumps are used in blood collection bags, drainage of wound or abscesses, diagnostic equipment such as MRI machines, and surgical equipment. Growing disease burden worldwide has boosted the demand for advanced medical devices and facilities, thereby propelling the need for vacuum pumps in the healthcare industry. Furthermore, increasing R&D investments and expenditure on pharmaceutical and biotechnology industries are also supporting vacuum pump market growth.
Porter’s Analysis:
- Threat of new entrants: The threat of new entrants is moderate as there is high capital requirement for setting up manufacturing units and R&D needed for product development. However, the market is growing at decent pace making it attractive for new players.
- Bargaining power of buyers: The bargaining power of buyers is high in the vacuum pump market as buyers have many options to select from. Buyers can negotiate on prices and demand discounts based on order volumes.
- Bargaining power of suppliers: Bargaining power of suppliers is moderate as raw materials required for pump manufacturing have few suppliers. Established suppliers leverage their market position but buyers still have alternative options available.
- Threat of new substitutes: Threat of substitutes is low as vacuum pump is an important and core equipment required across many industries. No close substitute currently offers similar functioning. Newer technologies need significant investments to match vacuum pumps effectiveness.
- Competitive rivalry: The vacuum pump market experiences high competitive rivalry with presence of global as well as regional/local players competing on product quality, pricing and innovation.
Key Takeaways:
The Global Vacuum Pump Market Demand is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing demand from semiconductor & electronics sector. Miniaturization of electronic components has fueled the need for high precision vacuum pumps in manufacturing processes.
Regional analysis indicates Asia Pacific as the fastest growing region in the vacuum pump market owing to extensive manufacturing activities across industries such as semiconductor, packaging, chemical and others. China, India, Japan and South Korea are expected to be major consumer markets. Europe and North America continue to dominate with presence of major vacuum pump companies and significant R&D spending.
Key players operating in the vacuum pump market are Tsurumi Manufacturing Co. Ltd., Ingersoll Rand Inc., Wintek Corporation, Atlas Copco AB, Ebara Corporation, Flowserve Corporation, Becker Pumps Corporation, Busch Vacuum Solutions (Busch group), Global Vac, Pfeiffer Vacuum GmbH (Pfeiffer Vacuum Technology AG), Graham Corporation, and ULVAC Inc. Manufacturers are focusing on developing innovative products to enhance operational efficiency and improve pumping speeds.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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