Vacuum Pump Market Size

Vacuum Pump Market Analysis

The Vacuum Pump Market size is estimated at USD 7.04 billion in 2024, and is expected to reach USD 10.05 billion by 2029, growing at a CAGR of 7.41% during the forecast period (2024-2029).

A vacuum pump is a type of pump that draws gas particles from a sealed volume and leaves a partial vacuum behind. There are numerous applications for vacuum pumps across numerous industries. Vacuum pumps' adaptability in various applications is a crucial growth engine for the global vacuum pump market. Additionally, it is utilized in multiple applications, including cleaning, sealing, and others.

• Vacuum pumps are used in a wide variety of industrial and scientific applications. They manufacture CRTs, vacuum tubes, electric lamps, flight instruments, print presses, glass and stone cutting factories, suction-based medical applications, electron microscopy, photolithography, uranium enrichment, and composite molding.
• Due to their versatility, vacuum pumps are used in various applications. The oil and gas industry has adopted this machine to extract and compress the gas, which significantly impacts the market. The main growth drivers for the global vacuum pump market are rising crude oil production and the discovery of newer oilfields.
• Additionally, vacuum pumps are crucial to the manufacturing of semiconductor devices. Smartphones and other consumer electronics, automotive, and other applications drive the demand for semiconductor ICs. These are brought on by technological changes, including 5G wireless and artificial intelligence. Additionally, the semiconductor industry is anticipated to invest in this machinery due to the current popularity of Internet of Things-based devices.
• Vacuum pumps also have a significant impact on the pharmaceutical sector. All manufacturing processes use these pumps, including drying, distillation, degassing, crystallization, sublimation, and filling. Each vacuum pump is a component of a vacuum prime system used to create intermediate goods, active pharmaceutical ingredients, and large-scale pharmaceuticals. Vacuum pumps are essential components that perform essential tasks in the value chain because of these applications in various end-user industries.
• Moreover, to maintain a competitive edge in the market, many vendors continuously invest through a range of partnerships, product launches, acquisitions, and other activities. For instance, Atlas Copco completed the acquisition of HHV Pumps Pvt. Ltd in January 2022. The business develops and produces vacuum pumps and systems for use in a variety of industries. THHV Pumps is a top supplier of rotary vane pumps used in the production of refrigeration and air conditioning, vacuum pumps for the chemical and pharmaceutical industries, electrical power equipment, and general industry.
• Additionally, the market may have a profitable opportunity for growth due to growing research and development into the use of vacuum pumps in the medical industry. Additionally, vacuum pumps are expected to present growth opportunities for the market's players due to their increasing use in seawater desalination and their increasing significance in the photovoltaics value chain.
• Due to their wide-ranging applications and advantages, the market is anticipated to experience significant demand from several industries. However, improper vacuum pump installation, high power consumption, and increased product operation and maintenance costs could restrain market expansion.
• Due to supply chain and logistics disruptions brought on by the COVID-19 pandemic, the market for vacuum technologies was initially impacted. Later on, however, it saw a rise in adopting several other solutions. According to Altas Copco, order volumes for equipment also increased, primarily due to an increase in vacuum equipment demand across several regions in the semiconductor industry. The industries have begun to resume operations at levels equal to or higher than before the pandemic, so the market is anticipated to continue to expand.