vacuum pumps Market size is slated to reach USD 6.5 billion by 2025; according to a new research report by Global Market Insights, Inc. Chemical manufacturing and processing industry growth is a major influencing factor for the vacuum pump sales. Global chemical market will reach close to USD 5.5 billion in 2025, with a bulk share accounted by China dominated Asia Pacific region. China accounted for close to a quarter of the global chemical consumption and will continue to hold sway over the forecast period with the presence of several small and medium scale enterprises catering to the local demand. Industrially emerging nations such as India, Indonesia, Thailand, etc. also offer a promising future to the chemical industry growth. Requirement of clean and dry reaction chambers for critical applications will boost the regional vacuum pump systems market demand throughout the forecast years.
Rebounding of the petrochemical sector after the fallout earlier this decade will also signify the vacuum pump market in the coming few years. These products have versatile applications throughout the upstream, midstream, and downstream oil & gas industry. These applications include oil & gas recovery, field gas boosting, vacuum reactors, etc. With the increase in the crude oil prices, the U.S. oil & gas companies are responding fast by increasing the expenditure in drilling activities. The quick recovery of the country’s shale oil producers after 2014 will also signify the developments in the industry, which will further propel the vacuum pump system demand over the forecast period.
industrial vacuum pumps market has been segmented, based on lubrication, into dry and wet types. Wet vacuum pumps include water as well as oil lubricated machines and are capable of providing higher pumping speeds than the dry types. This segment will witness growth with a CAGR of around 6% from 2018 to 2025.
Based on industrial vacuum pump technology, the market is classified into gas capture/binding, and gas transfer types. Gas transfer products are further classified into kinetic and positive displacement types. Kinetic pumps segment will witness healthy growth, crossing USD 3 billion in 2025. Gas capture/binding products will generate more than USD 1 billion annually by the conclusion of the forecast span.