A freshly-compiled business intelligence study by Transparency Market Research (TMR) has notified that the shares in the global laboratory vacuum pump market is distributed among a small chunk of players who operate at the international level. However, the players of this market cannot afford to stay ahead of the curve merely on the back of their existing products, as innovation is essential to maintain the stronghold. Innovative products are being launched consistently to ideally meet the manufacturing and research processes of diverse industries that rely on vacuum systems.
According to the lead analyst of the TMR report, laboratory vacuum pumps that are reliable while operating for longer periods of time are gaining adoption, and the future may very well be with equipment that are smaller as well as generate minimal noise, heat, and vibration. In addition to that, technological advancements are also expected in the direction of higher shaft speeds and pumping mechanisms. Companies are also anticipated to use novel materials and enhance design in order reduce operational costs.
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Global Laboratory Vacuum Pump Market to be worth US$2,451.0 mn by 2025
As per the estimations of the TMR report, the demand in the global laboratory vacuum pump market will multiply at a CAGR of 4.8% during the forecast period of 2017 to 2025. Revenue-wise, the lucrativeness of the market is primed to expand from US$1,686.9 mn in 2017 to US$2,451.0 mn in 2015, whereas volume-wise, the analysts have projected a requirement of more than 4.5 million laboratory vacuum pump by the end of 2025. The report identifies Welch Vacuum – Gardner Denver, Atlas Copco AB, EBARA Corporations, ULVAC, Inc, Wenling Tingwei Vacuum Equipment Co, KNF Group, Edwards Limited, Pfeiffer Vacuum, Oerlikon Leybold Vacuum GmbH, Tuthill Corporation, Graham Corporation, Sterling SIHI GmbH, and Dekker Vacuum Technologies, Inc. as some of the key players in the global laboratory vacuum pump market.
Based on product type, the report segments the market for laboratory vacuum pump into dry and rotary vane vacuum pump. While both the segments are currently producing substantial demands, the latter is expected to expand at a stronger growth rate until 2025. However, the former requires fewer maintenance measures and hence offer sustained demand. Geographically, North America has been highlighted as the region of maximum profitability, promising to offer a demand worth of US$1,165.2 mn by 2025. However, the demand from the region of Asia Pacific is estimated to expand at an above-average CAGR of 5.3% during the forecast period of 2017 to 2025. Rapid industrialization in the emerging economies of China and India is the primary driver of APAC laboratory vacuum pump market.
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Advent of Cost-effective Vacuum Pumps Driving Demand
The global laboratory vacuum pump market is gaining traction from consistent demand by a number of industries pertaining to biotechnology, semiconductor, pharmaceutical, chemical, power, oil and gas, and others. These industries utilize vacuum pumps for various applications that require pressure creation and filtration. In addition to that, technological advancements that have made vacuum pumps a cost-effective equipment for diverse applications is reflecting positively on the incrementing demand. On the other hand, the cost of raw materials has been increasing at a high rate in the recent past and the fluctuations are expected to sustain in the near future too. This is the primary restraint over the global laboratory vacuum pump market.
- In terms of volume, over 4.5 million laboratory vacuum pumps to be required by 2025
- Leading market players consistently evolving their products to meet diverse demands
- Fluctuations in raw material prices obstructing market’s prosperity.