PORTLAND, Oregon, July 19, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Turbomolecular Pumps Market: Global Opportunity Analysis and Industry Forecast, 2018-2025," the global turbomolecular pumps market was valued at $1,005 million in 2017, and is expected to reach at $1,529 million by 2025, growing at a CAGR of 5.4% during the forecast period. The magnetically levitated segment accounted for more than two-fifths of the market share in 2017, and is expected to witness significant growth during the forecast period.
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A turbomolecular pump is a special type of vacuum pump, similar to a turbopump, which is designed to obtain and maintain high vacuum. A rapidly spinning fan rotor in the turbomolecular pump pushes gas molecules from the inlet of the pump towards the exhaust, creating and maintaining vacuum. Increase in demand for the pump has been witnessed, owing to rise in need for pumps in analytical instrumentation and increase in demand for coatings such as optical coatings and others. In addition, high efficiency and reliability offered by these pumps to perform various corrosive and harsh-duty applications such as mass spectrometry, semiconductors, and others are expected to propel the market growth. However, high cost of these pumps is anticipated to restrain the market growth.
Based the application, the analytical instrumentation segment is expected to garner the largest share in the global market during the forecast period. This is attributed to rise in demand for chemical processing & wastewater processing across the globe. According to the product segment, hybrid type is expected to grow at a significant CAGR during the forecast period, owing to the capability of turbomolecular pumps to efficiently resist corrosion.
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Key Findings of the Market
- Based on application segment, the analytical instrumentation segment dominated the market in terms of revenue in 2017, and is projected to grow at a CAGR of 5.3% during the forecast period.
- Asia-Pacific generated the highest revenue in 2017, and is anticipated to grow at the highest CAGR of 5.9%.
- The magnetically levitated segment based generated the highest revenue in 2017, and is estimated to grow at the rate of 5.3%.
- In Asia-Pacific, China accounted for the largest market share in 2017.
The key players profiled in this report include Agilent, Atlas Copco, Busch, Ebara Technologies, Inc., KYKY Technology Co. LTD., Osaka Vacuum, Ltd., Pfeiffer Vacuum GmbH, Shimadzu Corporation, Ulvac, and Welch.
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SOURCE Allied Market Research