Increasing Demand From Semiconductor Processing Industry
The vacuum pump market is estimated to be valued at US$ 6.51 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
· Strength: Vacuum pumps offer greater efficiency, accuracy, and consistency compared to traditional compressed air systems. They provide clean, oil-free air which is essential for various industrial applications. Vacuum pumps require low maintenance and have a long operational lifespan.
· Weakness: High initial capital investment is required for setting up a vacuum pumping system. Traditional vacuum pumps produce noise during operation which can disturb nearby work areas.
· Opportunity: Growing demand from the semiconductors and electronics industry for vacuum applications like deposition, evaporation, and etching will drive the vacuum pump market. Rapid industrialization in developing nations also provides growth opportunities.
· Threats: Emergence of rental services for industrial equipment can reduce new equipment sales. Strict environmental regulations regarding hazardous fluids can also impact market growth.
Key Takeaways:
The Global Vacuum Pump Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing demand from manufacturing industries. Vacuum technology finds extensive usage in fabrication of semiconductors and electronic components which requires an oil-free and dust-free environment.
The Asia Pacific region dominates the vacuum pump market, with a share of over 35% in 2023. China, Japan, and India have a vast manufacturing sector for automobile, chemicals, food processing, and other industries where vacuum pumps are widely used. Presence of leading players and low manufacturing costs attract manufacturing facilities to these countries.
Key players operating in the vacuum pump market are Tsurumi Manufacturing Co. Ltd., Ingersoll Rand Inc., Wintek Corporation, Atlas Copco AB, Ebara Corporation, Flowserve Corporation, Becker Pumps Corporation, Busch Vacuum Solutions (Busch group), Global Vac, Pfeiffer Vacuum GmbH (Pfeiffer Vacuum Technology AG), Graham Corporation, and ULVAC Inc. Strategic collaborations, new product launches, and regional expansion strategies are adopted by major players to strengthen their market position.
Read more - https://www.articlequarter.com/increasing-demand-from-semiconductor-processing-industry/
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