The industry is using dry vacuum pumps for related operations like coating and drying because electronics and semiconductor products are so widely used. The global dry vacuum pumps market is projected to increase from a valuation of US$ 2.25 Bn in 2022 to US$ 3.22 Bn by 2028. The U.S. is a rapidly evolving market for oil-less vacuum pump manufacturers. Rapidly developing industrial manufacturing, electronics and semiconductors, oil and gas, chemical and petrochemical industries, and other industries, as well as increased business investments in oil-less vacuum pumps, are fueling the market growth in the U.S.
Dry vacuum pumps are primarily used in end-use industries, including the chemical and pharmaceutical, semiconductor, and electronics industries. In response to global warming and the ongoing need to protect the environment, there is an ongoing global push for the production of renewable energy.
The dry vacuum pump market is anticipated to grow from its estimated value of US$ 1,680.8 Mn at the end of 2022 to US$ 3,070.1 Mn by the end of 2028, expanding at a CAGR of 6.2%.
An elaborate executive summary that provides a glimpse of the market’s undercurrents is included in FMI’s report on the dry vacuum pumps market. It includes succinct details on the market’s drivers, trends, challenges, competition, and regional analysis. Through alternative energy sources like solar energy, regions like North America, Europe, and the Asia Pacific are producing renewable energy.
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In addition to providing tax breaks and other incentives to encourage the production of solar energy, the governments of many nations around the world encourage private companies to produce sustainable, environmentally friendly electricity using solar and other renewable energy sources. The production of solar panels has been boosted as a result of the sudden rise in solar plants and projects around the world. This is set to fuel the demand for dry vacuum pumps, according to a recent market intelligence outlook published by Future Market Insights (FMI).
Steady and Growing Demand from the Electronics and Semiconductor Sectors to Augur Well for the Dry Vacuum Pumps Market
Growing infrastructural activities across the globe are directly favouring the demand for pumps. The electronics and semiconductor industries have witnessed rapid revenue growth over the last few years, with an increasing focus on the manufacturing of semiconductor and electronic components and equipment.
This has led to an increase in demand for dry vacuum pumps from these industries, especially in the production of microelectronics and chips. Manufacturers of semiconductor and electronic components such as Panasonic, Samsung, Meiko Electronics, Saigon Semiconductor Technology, and Taiwan Semiconductor Manufacturing Co. are setting up production plants in developing regions to benefit from cost competitiveness.
Local governments across several developing countries such as Brazil, India, and ASEAN countries are focused on increasing foreign direct investments in the manufacturing sector. This is expected to boost sales of dry vacuum pumps in the coming years.
Opportunity Assessment of the Dry Vacuum Pumps Market
Future Market Insights has conducted an extensive opportunity assessment of the global dry vacuum pumps market for the 10 years 2022 to 2028. One of the key opportunity areas in the global market for dry vacuum pumps lies in the strategic investments being made globally across the pharmaceutical industry.
Demand for dry vacuum pumps is steadily increasing from the pharmaceutical industry in developing countries such as Indonesia, India, Brazil, and China. Further, there is a lack of local manufacturers of dry vacuum pumps in developing economies, with the top manufacturers based in Japan, the U.S, Germany, and certain other European countries.
This scenario presents lucrative growth opportunities for global manufacturers of dry vacuum pumps to establish production facilities in developing economies. Setting up bases in developing regions will help manufacturers benefit from better economies of scale, given the low production and labour costs in developing countries.
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Low-cost Chinese Products and Lack of Skilled Labour in Developing Regions to Restrict Revenue Growth of the Global Dry Vacuum Pumps Market
The global market for dry vacuum pumps is disrupted by several players from China who offer products at very low prices. Owing to the increasing price pressure from these companies, leading global players are striving to offer high-quality dry vacuum pumps that are more reliable and efficient at highly competitive prices.
This price-sensitive nature of the global market is expected to restrain revenue growth in the coming years. The dry vacuum pumps markets in the Latin America and SEA regions suffer from a very high dependency on imports from other regional markets, owing to a lack of talented and experienced local vacuum technology professionals. This is leading to a stagnancy in revenue growth of the global dry vacuum pumps market to a certain extent.
Market Key Players
Some of the prominent players reported in this study of the global dry vacuum pumps market include EBARA CORPORATION, Pfeiffer Vacuum GmbH, Atlas Copco AB, Gardner Denver, Inc., ULVAC, Agilent Technologies, Becker, BUSCH and VACUUBRAND GMBH + CO KG, among others.