Global Vacuum Pumps Market to Generate $9,401.4 Million by 2031, Due to Increased Demand from Different End-Use Sectors

Vacuum pumps are used to remove gas or air molecules from a sealed compartment so as to create partial or full vacuum in the said compartment. For this, vacuum pumps essentially, by setting up a low-pressure zone in the compartment, pull gas and air molecules from that zone. There are various types of vacuum pumps which use different methodologies such as positive displacement, momentum transfer and entrapment, etc. Vacuum pumps are widely used in diverse applications such as semiconductors manufacturing, chemical processing, vacuum coating, etc.

Forecast Analysis of the Vacuum Pumps Market

According to the report published by Research Dive, the global vacuum pumps market is expected to gather a revenue of $9,401.4 million by 2031 and grow at 5.8% CAGR in the 2022-2031 timeframe. Some prominent market players include Atlas Copco, Flowserve Corporation, Ingersoll Rand, Becker Pumps Corporation, GlobalVac & Air, Pfeiffer Vacuum GmbH, Busch Vacuum Solutions (Busch Group), Graham Corporation, ULVAC Inc., Ebara Corporation, and many others.

In recent years, there has been an increase in the demand for vacuum pumps from different end-use industries, which is expected to be the primary growth driver of the global vacuum pumps market in the forecast years. Along with this, rapid industrialization and urbanization is expected to push the market further. Also, a rise in demand for vacuum pumps from small and medium industries is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, high cost of vacuum pumps may restrain the growth of the vacuum pumps market in the forecast period.

Regionally, the vacuum pumps market in the Asia-Pacific region is expected to be the most dominant by 2031. The growing demand for vacuum pumps from a number of industries, including chemicals processing, semiconductor manufacturing, and healthcare is anticipated to become the main growth driver of the market in the forecast period.

Covid-19 Impact on the Vacuum Pumps Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The vacuum pumps market faced a similar fate due to the pandemic. The massive slowdown witnessed by the overall industrial sector including automotive manufacturing, semiconductor manufacturing, chemical processing, etc., brought down the demand for vacuum pumps, which reduced the growth rate of the market during the pandemic.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the vacuum pumps market to flourish. For instance:

• In February 2021, ADVIK Hi-Tech, a manufacturer of automotive components, announced the acquisition of Hanon Bangalore Operations Pvt. Ltd., a company specializing in vacuum pump manufacturing. This acquisition is expected to boost the market share of ADVIK Hi-Tech in the next few years.
   
• In January 2022, Atlas Copco, an industrial manufacturing company, announced the acquisition of HHV Pumps Pvt. Ltd., a leading vacuum pump manufacturer based in Bangalore, India. This acquisition is predicted to help Atlas Copco to consolidate its lead in the market in the near future.
   
• In January 2023, Holland Pump Company, a leading pump rental provider, announced the acquisition of BPR Pumping & Vacuum Solutions, a leading vacuum pumps provider. This acquisition is anticipated to help Holland Pump Company to expand its operations substantially in the coming period.