According to a new market research report published by Credence Research “Global Dry Vacuum Pump Market (Technology (Gas Capture/Binding Pump, Gas Transfer Pump); Product (Low Vacuum Pump, Medium Vacuum Pump, High Vacuum Pump); Application (Food & Beverages, Oil & Gas, Chemicals, Pharmaceuticals, Wood, Pulp & Paper, Semiconductor & Electronics, Others)) – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027”, the dry vacuum pump market is set to grow with a CAGR of 5.5% during the forecast period, starting from US$ 5.70 Bn in 2018.
The global dry vacuum pump market is driven by its growing adoption in the pharmaceutical industry. The pharmaceutical companies are leveraging on the dry vacuum pumps to maintain the suitable reaction environment during the manufacturing process for the drugs, pharmaceuticals ingredients, and other intermediate products. Furthermore, the increasing research and development activities in the medical space are further estimated to drive the demand for the market.
Previously, the dry vacuum pumps were only used in industrial facilities. However, due to the technological advancement and rising need for the cleanliness and safety has led to the development of multiple new avenues across several industrial verticals. Additionally, the numerous benefits offered by the dry vacuum pumps such as performance, durability, and easy integration is further accelerating the demand for the market.
The market is characterized based on the technology into gas transfer pump and gas capture/binding type pumps. The gas transfer pumps are dominating the technology landscape with the over 65% share in the revenue. The growth of the market is driven by their increasing adoption in the heavy-duty applications including power generation, crude oil pipelines, and chemical transportation. Whereas, the gas capture/biding pumps are estimated to gain traction over the forecast period due to the growing adoption across the industrial applications.
Asia Pacific is estimated to become the most lucrative region for the dry vacuum pump market and projected to grow at a CAGR of more than 7% during the forecast period. The growth of the market is driven by the growing semiconductor and electronics market. China and India are emerging as a hub for the semiconductor industry. In addition, evolving pharmaceutical manufacturing sector in these countries is another prominent factor supporting the market growth here. The large scale investment in the region by the multinational companies due to low labor cost and the presence of a skilled workforce is further fostering the market growth.
The prominent vendors in the dry vacuum pump market are DEKKER, Busch, Atlas Copco, Becker, Agilent, Ebara, Pfeiffer, ULVAC, Kashiyama, Shimadzu, KNF Neuberger, and Gardner Denver.
Browse the full report at https://www.credenceresearch.com/report/dry-vacuum-pump-market
The Global Dry Vacuum Pump Market is Segmented into:
|Segmentation||By Technology Segment (2017–2027; US$ Bn)|
|By Product Segment (2017–2027; US$ Bn)|
|By End-use Segment (2017–2027; US$ Bn)|
|By Geography Segment (2017–2027; US$ Bn)|
*Complete segmentation list is on report page