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Insights Vacuum Pump Global Market to 2026 – Featuring Ingersoll Rand, ULVAC and Wintek Among Others – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The "Vacuum Pump Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)" report has been added to ResearchAndMarkets.com's offering.

The global vacuum pump market was valued at USD 5.14 billion in 2020. It is expected to reach a value of USD 8.01 billion by 2026, registering a CAGR of 7.41% over the forecast period (2021-2026).

Companies Mentioned

  • Ingersoll Rand Inc.
  • Atlas Copco AB (Edwards)
  • Flowserve Corporation
  • Busch Vacuum Solutions (Busch group)
  • Pfeiffer Vacuum GmbH (Pfeiffer Vacuum Technology AG)
  • ULVAC Inc.
  • Graham Corporation
  • Global Vac
  • Becker Pumps Corporation
  • Ebara Corporation
  • Wintek Corporation
  • Tsurumi Manufacturing Co., Ltd.

Key Market Trends

Oil & Gas Sector is Expected to Hold Significant Market Share

  • Oil is a vital and versatile substance, used in different ways and in different forms for various applications. The Organization of the Petroleum Exporting Countries (OPEC) projects that the global oil product demand will reach around 109 million barrels per day by 2045, with transportation fuels such as gasoline and diesel anticipated to remain the most consumed products.
  • Currently, most pumps and other installations in oil and gas have large operational expenditures compared to capital costs. This pushes their B/C ratio and increases their payback period. To avoid this problem, large vacuum apparatus such as vacuum pumps must be very efficient, reducing additional equipment running these pumps and having adequate control systems.
  • Steam ejectors use a lot of energy in this industry and require huge capital and maintenance costs associated with the steam generation and pumping. To reduce this problem, a vacuum pump can effectively replace most of these steam injectors. This effectively reduces the high costs of generating steam and increases the benefits. The efficiency of this equipment is also very high as compared to steam processes. Therefore, more substantial savings and increased benefits are obtained when using these machines.
  • Distillation is one of the standard processes in most refineries. This process requires the condensation of natural products such as naphtha. To effectively complete this process, the pump must perform as a condenser and distiller. After atmospheric distillation, a more significant fraction of crude oil is driven into the vacuum distillation unit, one of the most productive and critical equipment in the refinery. The vacuum in a distillation column is kept by a multistage steam ejector unit, including liquid ring vacuum pumps.

North America Accounts For Largest Market Share

  • The increasing investments in the end-user industries, such as oil and gas, chemical, and power generation, significantly impact the vacuum pump market in the North American region due to the increasing natural gas production. Countries in the area, such as the United States and Canada, have abundant oil reserves, and they try to utilize their oil sands resources.
  • The boom of shale gas in the United States and the stabilizing oil prices are driving the usage of vacuum pumps in the chemical and oil and gas industries. Additionally, these applications are often exposed to harsher conditions, resulting in low productivity, driving the oil and gas companies to replace existing equipment with advanced technologies.
  • Energy production in the United States continues to expand rapidly. For instance, ExxonMobil, one of the major oil producers in the country, announced its plans to increase the production activity in the Permian Basin of West Texas by producing around 1 million BPD oil equivalent as early as 2024.
  • The United States also pioneered various solar energy projects and remained a powerhouse in new renewable energy technologies. The US Department of Energy's Energy Information Administration (EIA) estimated that the net capacity of the electric power sector in the country was estimated to be around 1.07 terawatts in 2020 and was expected to increase significantly in the future to reach approximately 1.7 terawatts by 2050.
  • Furthermore, higher production of coal per employee hour could lead to higher usage of vacuum pumps to compensate for the increase in the production hours. Moreover, increased sales could lead to higher investments by the mining companies in vacuum pumps, as they are extensively used in mining plants. This could lead to coal plants installing many conventional and advanced vacuum pumps, thus, driving the demand for vacuum pumps in this region.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

4.1 Market Overview

4.2 Industry Attractiveness – Porter's Five Forces Analysis

4.3 Industry Value Chain Analysis

4.4 Industry Policies

5 MARKET DYNAMICS

5.1 Market Drivers

5.1.1 Increasing Popularity of MEMS Technology

5.1.2 Increasing Demand for Dry Vacuum Pump

5.2 Market Challenges

5.2.1 High Cost and Compatibility Issues

6 IMPACT of COVID-19 ON THE MARKET

7 MARKET SEGMENTATION

7.1 By Type

7.2 By End-user Application

7.3 By Geography

8 COMPETITIVE LANDSCAPE

8.1 Company Profiles

9 INVESTMENT ANALYSIS

10 FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/dw1ikq

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