Vacuum pumps Market Expected to Reach $9.3 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Vacuum pumps Market," The vacuum pumps market size was valued at $5.4 billion in 2021, and is estimated to reach $9.3 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.

Vacuum pumps are available in various types, including rotary vacuum pumps and reciprocating vacuum pumps. They are applicable in various end-use sectors such as automotive, healthcare, chemical, oil & gas, and pharmaceuticals. 

Depending on lubrication, the vacuum pumps market is divided into dry and wet vacuum pumps. The dry vacuum pumps segment dominated the global market in terms of revenue in 2021. Dry vacuum pumps require low maintenance as no oil changes are required. Hence, they exhibit minimal downtime due to less maintenance, which is expected to drive the segment growth. Moreover, an increase in investments in the end-user industries such as oil & gas, power generation, chemical, and automotive is anticipated to create remunerative opportunities for the growth of the vacuum pumps market.

Asia-Pacific dominated the global market in terms of revenue in 2021, due to the rapid expansion of the automotive, chemical, healthcare, and oil & gas sectors. In the healthcare sector, the key function of a vacuum pump is to deliver vacuum pressure for aspiration and to ensure that both patient rooms and surgery rooms are safe and efficient. Vacuum technology is further pivotal for the sterilization of medical equipment as well as the use of X-ray tubes in high vacuum conditions. In addition, the surge in investment in the healthcare sector is likely to drive the vacuum pumps market growth in Asia-Pacific. For instance, in the Economic Survey of 2022, India’s public expenditure on healthcare was 2.1% of GDP in 2021-22 against 1.8% in 2020-21.

Vacuum pumps are widely adopted in the automotive sector, as they reduce load, which is applied to the brake pedal for breaking effect. Moreover, they offer vacuum assistance while applying breaks. Hence, expansion of the automotive industry in Asia-Pacific is driving the market growth. For instance, in May 2022, Toyota Group invested $624 million to make electric vehicles and their parts in India. Such factors are driving the vacuum pumps market forecast period.

However, during the COVID-19 pandemic, various manufacturers in the vacuum pumps market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of vacuum pump companies. In addition, a lack of manpower and raw materials constricted the supply of equipment for vacuum pumps system, which negatively influenced the growth of the market. Conversely, the reopening of production facilities and the introduction of vaccines for coronavirus disease are anticipated to lead to the re-opening of the vacuum pump companies.

In Asia, the vacuum pumps market in Asia-Pacific has gained traction in the recent years, owing to ongoing investment in automotive and aerospace & defense sectors in China and India. Furthermore, Asia-Pacific is projected to witness increase in adoption of vacuum pumps due to development chemical and petrochemical and oil & gas industries. In addition, rise in investment in automotive, oil & gas, and aerospace & defense sectors is boosting the vacuum pumps market growth. For instance, in May 2022, the Haryana Government approved a policy to spur industrial growth aerospace & defense production sector and place emphasis on creation of an end-to-end ecosystem. The Haryana Aerospace and Defence Production Policy, 2022 aims at attracting investments of at least $1 billion. Similarly, in March 2022, the Government of China announced that it is raising its defense spending in 2022 by 7.1% to $229 billion, up from a 6.8% increase the year before. Hence, all such factors are expected to provide lucrative growth in the vacuum pumps market. Moreover, increase in investment in healthcare and pharmaceuticals in countries such as Australia, South Korea, and Singapore has created demand for vacuum pumps. For instance, according to the Organization for Economic Co-operation and Development Health Statistics 2021, South Korea has increased investment in health, from spending 5.9% of GDP on health in 2010 to 8.4% in 2020.

Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging global vacuum pumps market trends and dynamics. 
• Depending on lubrication, the dry vacuum pumps segment dominated the vacuum pumps market, in terms of revenue in 2021, and is projected to grow at a significant CAGR during the forecast period.
• By pressure, the medium vacuum segment registered the highest revenue in 2021.
• By end user, the chemical and petrochemical segment has registered the highest vacuum pumps market share in 2021.
• Asia-Pacific is projected to register the highest growth rate in the coming years.
• The key players within the global vacuum pumps market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the vacuum pumps industry.
• The report provides an extensive analysis of the current trends and emerging vacuum pumps market opportunities of the market.
• In-depth global vacuum pumps market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.