The global Vacuum Pump Market is estimated to provide unmatched efficiency in various industrial operations with reliable performance and cost effectiveness. Vacuum pumps find major applications across semiconductor and electronics industry where they help in cleaning, degassing, plating and material transportation through vacuum handling. They are also used in coating, evaporating, casting and filtration processes in industries like chemical, packaging, metal processing, pharmaceuticals and food among others. With growth in these industries, demand for vacuum pumps that maximize productivity while reducing operational costs is on the rise.
The global Vacuum Pump Market is estimated to be valued at US$ 7.5 Mn in 2024 and is expected to exhibit a CAGR of 10.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the Vacuum Pump Market is the growing demand from the semiconductor industry. Vacuum technology finds widespread applications in semiconductor manufacturing where they help in thin film deposition process, wafer cleaning, chemical vapor deposition and plasma etching among others. Growing complexity of semiconductors necessitates periodic maintenance and upgrades of existing vacuum pump systems. Moreover, new fabrication facilities are increasingly adopting advanced vacuum pump technologies to gain competitive edge. This is positively influencing market revenues. Furthermore, manufacturers are focusing on developing energy efficient and eco-friendly vacuum pumps to help end users reduce carbon footprint and optimize costs. Customizable vacuum systems integrating Industry 4.0 technologies for predictive maintenance are also gaining traction. Such product innovation by key players is expected to open new growth avenues for the market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brands of existing players make entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and competitive pricing of vendors.
Bargaining power of suppliers: Fair competition among suppliers ensure that they do not have significant influence on pricing and supply constraints.
Threat of new substitutes: Products from different industries can be used for similar applications, creating threat of substitution.
Competitive rivalry: Intense competition exists among leading vendors to gain higher market share through product launches and innovations.
Key Takeaways
Global Vacuum Pump Market Size is expected to witness high growth.
Regional analysis: North America dominates the global vacuum pump market currently. The US and Canada are major revenue generators in this region attributed to large scale manufacturing activities. Asia Pacific is expected to witness fastest growth in the forthcoming years led by rising industrialization in China, India and other Southeast Asian countries.
Key players operating in the vacuum pump market are 3M Company, Johnson & Johnson, Procter & Gamble, Reckitt Benckiser Group plc, Ecolab Inc. These top 5 players account for over 50% of the global market share currently. Ecolab Inc specializes in water, hygiene and infection prevention solutions for food, healthcare, industrial and life science applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it