July 13, 2024
Vacuum Pump Market
Ict

Vacuum Pump Market is Expected to be Flourished by Growing Demand from Semiconductor and Electronics Industry

The Vacuum Pump is a device that removes gas molecules from a sealed volume in order to leave behind a partial vacuum. Vacuum pumps are used in a wide range of industries such as semiconductor and electronics, packaging, chemical processing, automotive manufacturing, mining, and others. Within the semiconductor and electronics industry, vacuum pumps are used to manufacture various electronic components such as microchips, displays, solar cells, etc. They are used to deposit thin films on substrates in vacuum deposition processes and enable etching of wafers in dry etching processes.

The global vacuum pump market is estimated to be valued at US$ 6.51 billion in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for the growth of vacuum pump market is the growing demand from the semiconductor and electronics industry. Vacuum pumps play a vital role in the manufacturing processes of electronic components which require ultra-high vacuum environments. The demand for vacuum pumps is directly correlated to the growth of the semiconductor industry. With the rising demand for consumer electronics such as smartphones, TVs, tablets, etc. as well as increased digitization across industries, semiconductor manufacturing is growing rapidly. This is boosting the demand for vacuum deposition coaters, physical vapor deposition systems, ion implanters, and other vacuum process equipment which utilize vacuum pumps. In addition, growing application of MEMS technology in consumer electronics and rising focus on innovations like IoT and Industry 4.0 are further fuelling vacuum technology adoption and propelling vacuum pump market growth over the forecast period.

Segment Analysis:

The vacuum pump market can be segmented into two primary types- gas transfer vacuum pumps and gas displacement vacuum pumps. Within gas transfer vacuum pumps, the application of rotary vane pumps has dominated the segment owing to their ability to transfer gases efficiently from one chamber to another while maintaining a high vacuum. However, moving forward, the adoption of dry vacuum pumps such as dry scroll vacuum pumps and dry screw vacuum pumps is expected to gain higher traction in industries such as semiconductor and electronics manufacturing given their advantage of being oil-free and generating less waste.

PEST Analysis:

Political: Environmental regulations around emissions may impact manufacturers to invest more in developing oil-free and clean pump technologies.

Economic: Growth in end-use industries such as semiconductor, packaging, coating and vacuum metallurgy will drive demand for high quality industrial vacuum pumps.

Social: Increasing presence of contract manufacturers and focus on outsourcing production activities to developing nations in Asia Pacific impacts vacuum pump market dynamics.

Technological: Advancements in vacuum pump designs towards compact, oil-free and higher efficient models will allow their usage in new applications and help manufacturers gain competitiveness.

Key Takeaways:

The Global Vacuum Pump Market Growth is expected to witness high over the forecast period of 2023 to 2030. Regionally, the Asia Pacific region dominates currently owing to presence of manufacturing powerhouses like China and involvement of regional key players.

Regional analysis related content comprises – The Asia Pacific region currently has over 45% share of the global vacuum pump market led by countries like China, India, Japan and South Korea. This can be attributed to growing electronics, semiconductor and automotive manufacturing industries within the region which rely on vacuum pumps for various process applications.

Key players related content comprises – Key players operating in the vacuum pump market are Tsurumi Manufacturing Co. Ltd., Ingersoll Rand Inc., Wintek Corporation, Atlas Copco AB, Ebara Corporation, Flowserve Corporation, Becker Pumps Corporation, Busch Vacuum Solutions (Busch group), Global Vac, Pfeiffer Vacuum GmbH (Pfeiffer Vacuum Technology AG), Graham Corporation, and ULVAC Inc. Key players are focusing on introducing new oil-free and energy efficient pump models targeting application areas like coating, power and thin-film deposition.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it