Increasing demand for applications such as conveying, assembly line cleaning, drying, evacuation, suction, and others related to the electronics and semiconductor industry are offering beneficial opportunities for vacuum pump manufacturers around the world.
The semiconductor industry has witnessed robust demand for use in electronics such as smartphones and application in internet of things (IoT) and cloud computing, largely driven by growth in emerging technologies such as artificial intelligence (AI) in products as well growth in automotive and industrial electronics. Furthermore, integration of semiconductors in 5G-enabled devices and network connection levers the growth of vacuum pumps in the processing of integrated circuits and boards.
As per Fact.MR’s report, the vacuum pump market is anticipated to surpass $640 million starting in 2020, and is projected to expand at a compound annual growth rate (CAGR) of more than 6% through 2030. During the last half-decade, the market has witnessed an affirmative shift from Europe to East Asia, due to increased research and development in the semiconductor industry. Key players such as Toshiba, Sony and Samsung in East Asia’s semiconductor industry sums up the elevating demand for vacuum pumps in the region.
Key Takeaways From the Study
- The global vacuum pump market is anticipated to add 1.7X value by 2030 as compared to 2020.
- Dry vacuum pumps capture a major chunk of the market, equivalent to four-fifths of the global market share, and are set to create an absolute opportunity of more than $1.2 billion by 2030.
- Electronics and semiconductors is the fastest growing segment in the market, owing to shift toward renewable sources of energy and technology across the globe, especially in East Asia, to launch and manufacture smart 5G-enabled devices.
- Europe will continue to dominate the market revenue in 2021, and is expected to gain 38.4 basis ponts (BPS) in its market share by 2030 over 2020.
- Engine testing application is anticipated to gain around 156 BPS over the forecast period of 2020-2030.
- The use of vacuum pumps in manufacturing applications is anticipated to lose around 139 BPS by 2030.
- By mechanism, gas transfer vacuum pumps hold a lion’s share of the market, estimated to increase to around 58% by 2030.
- The U.S. market as well as Germany is projected to expand at a CAGR of more than 6%, while in China it is pegged at close to 8% CAGR through 2030.
- COVID-19 hit the market hard, with a decrease in the growth rate of -7.9% in 2020. However, 2021 looks better, with an expected growth rate of over 5%.