Increase in investment in automotive, healthcare, oil & gas, chemical & petrochemical, and aerospace sectors drives market growth.

PORTLAND, OR, UNITED STATES, May 19, 2023 /EINPresswire.com/ -- Vacuum pumps are available in various types, including rotary vacuum pumps and reciprocating vacuum pumps. They are applicable in various end-use sectors such as automotive, healthcare, chemical, oil & gas, and pharmaceuticals.

The vacuum pumps market size was valued at $5.4 billion in 2021, and is estimated to reach $9.3 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
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Asia-Pacific dominated the global market in terms of revenue in 2021, due to the rapid expansion of the automotive, chemical, healthcare, and oil & gas sectors. In the healthcare sector, the key function of a vacuum pump is to deliver vacuum pressure for aspiration and to ensure that both patient rooms and surgery rooms are safe and efficient.

Vacuum technology is further pivotal for the sterilization of medical equipment as well as the use of X-ray tubes in high vacuum conditions. In addition, the surge in investment in the healthcare sector is likely to drive the vacuum pumps market growth in Asia-Pacific. For instance, in the Economic Survey of 2022, India’s public expenditure on healthcare was 2.1% of GDP in 2021-22 against 1.8% in 2020-21.

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Vacuum pumps are widely adopted in the automotive sector, as they reduce load, which is applied to the brake pedal for breaking effect. Moreover, they offer vacuum assistance while applying breaks. Hence, expansion of the automotive industry in Asia-Pacific is driving the market growth. For instance, in May 2022, Toyota Group invested $624 million to make electric vehicles and their parts in India. Such factors are driving the vacuum pumps market forecast period.

Key Findings Of The Study

• The report provides an extensive analysis of the current and emerging global vacuum pumps market trends and dynamics.
• Depending on lubrication, the dry vacuum pumps segment dominated the vacuum pumps market, in terms of revenue in 2021, and is projected to
grow at a significant CAGR during the forecast period.
• By pressure, the medium vacuum segment registered the highest revenue in 2021.
• By end user, the chemical and petrochemical segment has registered the highest vacuum pumps market share in 2021.
• Asia-Pacific is projected to register the highest growth rate in the coming years.
• The key players within the global vacuum pumps market are profiled in this report, and their strategies are analyzed thoroughly, which help
understand the competitive outlook of the vacuum pumps industry.

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David Correa
Allied Analytics LLP
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