Market Trends of Asia Pacific Vacuum Pumps Industry
This section covers the major market trends shaping the APAC Vacuum Pumps Market according to our research experts:
The Oil and Gas Segment is Expected to Hold a Major Market Share
- According to BP PLC, the oil production in the Asia-Pacific region in the year 2021 was around 7,335 thousand barrels per day. Further, according to the Petroleum Planning & Analysis Cell, the volume of crude oil production in India in FY 2021 amounted to about 30.5 million metric tons. The high production of oil in the region will significantly create an opportunity for the local and international players to develop new products to cater to the needs of the customers.
- The firms are expanding their production capacity of gas so that they can cater to a wide range of needs of customers; this will significantly drive the demand of the studied market in the region. For instance, in August 2022, at the cost of INR 169.11 crore, Indian Oil Corporation (IOC) announced the opening of its newest greenfield LPG bottling facility in Agartala. The plant can bottle 17,000 cylinders daily, including home and commercial ones, and has a rated capacity of 60,000 thousand metric tons per annum (TMTPA). Additionally, it has a 1,350 MT capacity for leak-proof mounded LPG bullets.
- Further, in March 2022, after posting its strongest profit in a decade, China Petroleum & Chemical Corp, better known as Sinopec, is preparing to make its largest capital investment in history for 2022, repeating Beijing's urge for energy companies to increase production. It intends to invest CNY 81.5 billion in upstream exploitation, focusing on the natural gas fields in Sichuan province and the Inner Mongolia region, as well as the crude oil bases in the Shunbei and Tahe fields.
- Vacuum and compressor systems can handle saturated inlet gas streams, explosive gas mixtures, dirty, abrasive gas mixtures, and unpredictable streams that alter depending on the process variables. This results in safe, non-polluting gas and vapor management. Vapor recovery, which is used in the oil and gas sector, is the process of recovering hydrocarbon vapors from stock tanks during upstream production or downstream refining, where the vapors are typically discharged into the atmosphere. By creating a vacuum and compressing the vapors in the stock tanks, vapor recovery can be accomplished. Hexane vapors can be collected, liquefied, and then reused by employing liquid ring pumps. In this application or procedure, the condensable gases are separated using a separator, and the recovered gas is compressed.
- Over the past few years, the shale boom and changing oil and gas landscape have driven oil and gas production growth, much of which has been enabled by advancements in vacuum pumps. The modern shale production well pad design generally requires 8 to 24 wells, each of which could produce oil and natural gas. The economics of the contemporary oil and gas field involves a concentration of measurement controls in a single location.
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China is Expected to Witness a High Market Growth
- Vacuum pump product development is dependent on the growth of numerous industries, and as new industries have emerged, so have new needs. Different technical requirements for vacuum pumps have emerged in recent years in specific sectors like semiconductors, photovoltaics, new energy, optical optoelectronics, and other industries; this presents both an opportunity and a challenge for vacuum pump companies, those manufacturers who can meet the needs of market innovation, brands that can provide solutions for new industries, in order to obtain better development in the region.
- The R&D division of China HokaidoVacuum Pump Company has been putting a lot of effort into improving and innovating vacuum pump technology, structure, and application because it is the company's key product. The business has designated R&D funding for the growth of new market segments, the creation and marketing of new products, and the technical performance of existing items. The product research and development division of Hokaidoinsists in the research and development of vacuum pumps from two directions: the first is technology-oriented, and it relentlessly pursues high-end technology; the second is customer demand-oriented, and it pays close attention to the direction of industry development, while also paying close attention to the usual work, in-depth understanding of customer needs, and direction of industry development, according to which technology and products are created in accordance with the needs of customers and various industries.
- In order to provide a highly-controlled environment with zero dust, vacuum pumps are a must in the semiconductor sector. Solar panels, 4G and 5G network testing, as well as their widespread use have all contributed to the semiconductor and electronics industry's expansion.
- Additionally, the introduction of COVID-19 caused a spike in demand for central vacuum systems, which include vacuum pumps and provide suction during operations; this showed the use of vacuum pumps has increased in the medical and healthcare sector.
- The Food and Drug Administration states that as human pharmaceuticals and biologics are sensitive, they must be packaged in accordance with strict rules for container closure integrity testing. Vacuum pumps are therefore used to ensure the aseptic packaging of food and drink products. To prevent oxidation, the MAP method enables the removal of air, in particular oxygen. Vacuum pumps are needed because of the rising demand for packaged foods and beverages and the strict regulatory requirements imposed on food packaging. The food and beverage industry is propelling, which raises the need for vacuum pumps at the same time as the number of working professionals, particularly women, and the rate of urbanization is on the rise.
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