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According to a research report by Global Market Insights, the vacuum pump market will hit $6.5 billion by 2025. Chemical manufacturing and processing industry growth is a major infl uencing factor for sales. 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 local demand.
Industrially emerging nations, such as India, Indonesia and Thailand, also offer promising markets. The rebound of the petrochemical sector will also boost the vacuum pump market in the coming few years. Applications for vacuum pumps include oil & gas recovery, field gas boosting and vacuum reactors. With the increase in the crude oil prices, the U.S. oil & gas companies are responding by increasing the expenditure in drilling activities. The quick recovery of the country’s shale oil producers after 2014 will further propel the vacuum pump demand over the forecast period.
The vacuum pump market has been segmented, based on lubrication, into dry and wet types. Wet vacuum pumps include water, as well as oil-lubricated machines, capable of providing higher pumping speeds than the dry types.
This segment will witness annual growth of around 6% from 2018 to 2025. Based on vacuum pump technology, the market is classified into gas capture and binding, and gas-transfer types. Gas-transfer products are further classified into kinetic and positive displacement types. The kinetic pumps segment will witness healthy growth, crossing $3 billion in 2025. Gas capture and binding products will generate more than $1 billion annually by the conclusion of the forecast span.