Technavio Announces Top Three Emerging Trends Impacting the Global Industrial Vacuum Pump Market Through 2020
By Business Wire News
By Business Wire News
Technavio’s latest report on the global industrial vacuum pump market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Anju Ajaykumar, a lead analyst from Technavio, specializing in research on engineering tools, says, “There is a growth in demand for power worldwide that is leading to widespread expansion of activities in all regions. These expansion activities in the power industry will drive the demand for industrial vacuum pumps globally. Besides the usage in the power industry, demand in the global industrial vacuum pump market is positively affected by the growth of the oil and gas, food processing, chemical processing, and the semiconductor manufacturing industries.”
The top three emerging trends driving the global industrial vacuum pump market according to Technavio heavy industry research analysts are:
- Growing demand from semiconductor industry
- Emerging demand from pharmaceutical and biotechnology industries
- High-tech application of industrial vacuum pumps
Growing demand from semiconductor industry
The global semiconductors market is projected to grow at a CAGR of over 6% during the forecast period and exceed USD 510 billion by 2020. A semiconductor manufacturing unit, also known as a fab or foundry, holds major significance for the microelectronics industry, as it is the place where devices central to microelectronics such as ICs (integrated circuits) are manufactured.
A typical semiconductor manufacturing unit needs around 750 dry vacuum pumps. The growth of the semiconductor manufacturing sector is boosting the global demand for these dry vacuum pumps. Another sector that is contributing to the demand for dry vacuum pumps is nanotechnology. As the demand for computers, laptops, and mobile phones grows, the extensive use of industrial vacuum pumps in the semiconductor manufacturing industry is likely to see a rise. This will lead to the growth of the global industrial vacuum pump market.
Emerging demand from pharmaceutical and biotechnology industries
The global biotechnology industry is expected to exceed USD 472 billion by 2020, growing at a CAGR of close to 9%. The pharmaceutical and biotechnology sectors are important end-users of industrial vacuum pumps, contributing to the growth of the global industrial vacuum pump market in a substantial manner.
In both the pharmaceutical and the biotechnology sectors, considerable effort goes into effectively controlling contamination from various sources that include people, raw materials, finished products, process plant and equipment, and accommodating-services. This is vital because even an infinitesimal amount of contamination will affect the efficacy of the end-product. Therefore, the main purpose behind the use of industrial vacuum pumps in these sectors is to achieve product quality assurance in accordance with the whole concept of good pharmaceutical manufacturing operations.
High-tech application of industrial vacuum pumps
The growth of industrial vacuum pumps will be driven by the growing use of high-tech applications such as of cloud computing and the LED manufacturing industry. The Industrial Internet is generating data at double the speed when compared to the other industries. With investment in infrastructure expected to top USD 60 trillion in the next 15 years, the number of devices connected to the Internet will continue to swell. The manufacture of all these devices will require high-tech vacuum pumps that will lead to the growth of the industrial vacuum pump market.
Moreover, the need to reduce operational costs is boosting demand for high-tech pumps that offer higher vacuum quality and energy efficiency. Also, the use of energy efficient pumps is increasingly influenced by commercial and legislative requirements to preserve the environment. These requirements will spur the use of dry vacuum pumps that are known for their high reliability and quality, besides providing lower maintenance costs. For example, government policies and regulations on safety and health concerns in Europe have encouraged the use of dry vacuum pumps in the region. “Even in other regions, a growing number of end-users are becoming aware of the benefits of dry vacuum pumps, which is expected to result in more sales in the market,” says Anju.
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