The vacuum pump is widely used to evacuate air from sealed enclosures for experimental or production purpose and to produce low-pressure environments. Vacuum pumps allow gases to evacuate from vacuum systems while ensuring minimum contamination. They are employed in various industrial applications such as coating, evaporation, ion implantation, and equipment assembly, among others.
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% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend driving the growth of the vacuum pump market is increasing demand from the semiconductor and electronics industry. Vacuum pumps play a vital role in manufacturing semiconductors and electronic components. They help in cleaning chip surfaces, evaporating materials onto silicon wafers and carrying out many other processes smoothly. Rising demand for electronic goods and advancement in technology has augmented the production of semiconductors significantly. This has resulted in growing need for vacuum pumps from semiconductor manufacturers bolstering the market growth.
Segment Analysis
Vacuum Pumps are classified into four different categories: positive displacement pumps, centrifugal pumps, entrapment pumps and blowers/exhausters. Positive displacement pumps dominated the market in 2021, accounting for over 45% of the total market share. It is dominating due to its advantages such as constant flow rate irrespective of pressure, and use of fewer moving parts which makes the pump design simple and reliable for various industrial applications.
Key Takeaways
The global vacuum pump market is expected to witness high growth over the forecast period of 2024 to 2031. Global Vacuum Pump Market Size is growing at a CAGR of 10%.
Regional analysis: Asia Pacific dominated the vacuum pump market in 2021 and is expected to continue its dominance over the forecast period. This can be attributed to strong growth of industries such as semiconductors, electronics, automotive in countries like China and India. Additionally, presence of key vacuum pump manufacturers in China and Japan is also driving the regional market.
Key players operating in the vacuum pump market are 3M Company, Johnson & Johnson, Procter & Gamble, Reckitt Benckiser Group plc, Ecolab Inc. 3M Company accounted for the largest market share in 2021 due to its diverse product portfolio and strong distribution network across major markets. Procter & Gamble is also among the top players benefiting from its focus on new product development.
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