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MEA Vacuum Pumps Market Expansion Expected at Robust CAGR of 11.1% till 2025
Vacuum Pumps Market (By Application Range - Low Vacuum Pressure, Medium Vacuum Pressure, High and Ultra-high Vacuum Pressure; By Type - Entrapment Pumps and Gas Transfer Vacuum Pumps; By End-use Application - Oil & Gas, Industrial and Manufacturing, Power, Chemical Processing, Semiconductor & Electronics and Others) - MEA Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2025
Published 30 October 2015
Vacuum pumps are devices that create a partial volume when gas molecules are removed rapidly from a sealed volume. Vacuum technology is used in numerous applications in everyday life as a result of technological innovation. These applications include TV screens, coated eyeglass lenses, mobile telephones, x-ray machines, thermos jugs, and many others. Vacuum pumps are designed depending on the nature of the particular application in which the product is going to be used.
Resurgence of Economy and Demand for Different Types of Vacuum Technologies Drives Market
The MEA vacuum pumps market is projected to expand at a strong CAGR of 11.1% from 2015 to 2025. Market growth for vacuum pumps has been led by restoration activities of large projects post the economic slowdown in the last decade and rising energy demand. Additionally, the development of processing industries is anticipated to augment market growth for vacuum pumps globally over the next decade. Various types of vacuum technologies are being used by small-scale industries in the manufacturing, power, and processing industries.
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Modern technological innovations in the MEA vacuum pumps market provide cost-saving solutions that achieve highly effective results in vacuum-based applications in several industries. The application segmentation of the MEA vacuum pumps market was dominated by low vacuum pressure range in 2014, with a 45% market share. This dominant share was attributed to increased need for vacuum pumps in the packaging and conveying industries. Medium vacuum pressure pumps had a 39% market share in 2014 and this segment is expected to strengthen till 2025. The demand from the food and beverages, textiles, power, plastics, chemical, and pharmaceutical industries has augmented the market for medium vacuum pressure pumps.
Oil and Gas Segment Leads Market, Gas Transfer Pumps Most in Demand
MEA vacuum pumps are categorized into entrapment pumps and gas transfer pumps. Gas transfer pumps dominated the market with a 61% share in 2014 and this hierarchy is estimated to continue over the next few years. The oil and gas sector had a dominant 36% market share in MEA vacuum pumps by end use in 2014.
Geographically, the GCC countries led the overall market for MEA vacuum pumps in 2014, holding 30% of the total MEA vacuum pumps market. This was due to the robust growth of the manufacturing and industrial sectors in the region. Iran is expected to surpass the GCC countries during the next decade and claim a larger MEA vacuum pumps market share. The growth of the vacuum pumps market in Iran is attributed to strong economic GDP as well as revival of industries and manufacturing sectors. New market opportunities in South and North Africa and rest of MEA are anticipated to propel the MEA vacuum pumps market at a CAGR of 11.1% from 2015 to 2025.
Market growth opportunities for MEA vacuum pumps are intensifying in countries such as Egypt, Nigeria, Algeria, South Africa, Israel, and Iraq. This will boost the MEA vacuum pumps market’s growth prospects in these regions.
Leading players in the MEA vacuum pumps market include ULVAC, Inc., Gardner Denver, Inc., Oerlikon Leybold Vacuum GmbH, Pfeiffer Vacuum GmbH, Tuthill Corporation, Graham Corporation, Dekker Vacuum Technologies, Inc., Atlas Copco AB, Ebara Corporation, and Sterling SIHI GmbH.
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