BURNABY, Canada, September 10, 2014 /PRNewswire/ --
Global vacuum pump market is consolidated as manufacturers are engaged in application specific marketing
Vacuum pumps are a dominant segment in the global vacuum technologies market, having accounted for about 65% market share in 2013, with the remaining share being held by vacuum instrumentation and vacuum hardware segments. According to the recently published report by TechSci Research, "Global Vacuum Pump Market Forecast & Opportunities, 2019", the global market for vacuum technologies is growing at a healthy rate, which in further boosting the demand for vacuum pumps worldwide. The global vacuum pump market is projected to witness a CAGR of 5.3%, in value terms, during 2014-19.
Global demand for vacuum pumps is increasing due to their growing adoption in power, oil & gas, chemical processing and semiconductor industries. Moreover, rising investment in these industries is also expected to benefit the market of vacuum pumps globally. Wet vacuum pumping has been the conventionally used technology in the global vacuum pump market. However, increasing penetration of dry vacuum pumps in the semiconductor and chemical processing industries is impacting the demand for wet vacuum pumps.
Rising regulations in favour of using energy efficient and clean pumping technologies is pushing the demand for dry vacuum pumps globally. A typical semiconductor fabrication facility requires around 750 dry vacuum pumps, which is surging the demand for dry vacuum pumps globally. Strong demand for dry vacuum pumps is also emanating from emerging industries, such as photovoltaic, nanotechnology, etc.
"On account of increasing power demand, significant capacity addition is required, which is projected to create white market space for vacuum pump manufacturers across the globe. By 2020, more than 100 gas fired plants, 120 nuclear plants and 150 coal fires plants are projected to be added into the global power industry, which in turn would boost the demand for vacuum pumps. The global power industry plans to invest an estimated USD3 billion on pumps by the end of 2014, which is expected to accelerate growth in the global vacuum pump market." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Vacuum Pump Market Forecast & Opportunities, 2019" has evaluated the future growth potential of the Global Vacuum Pump Market and provides statistics and information on market structure, industry behavior and trends. The report also includes vacuum pump market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in the Global Vacuum Pump Market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research