Compressors and Vacuum Pumps Market Size, Share, Growth, and Industry Analysis, By Type (Vacuum Pumps, and Compressors), By Application (Industrial and Manufacturing, Chemical Processing, Semiconductor and Electronics, and Other), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Compressors and Vacuum Pumps Market Report Overview

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The global compressors and vacuum pumps market size was USD 1511 million in 2021 and is projected to touch USD 2045.08 million by 2031 with a CAGR of 3.4% during the forecast period from 2024 to 2031.

The global compressors and vacuum pumps market belongs to the industrial machinery industry and is centered around the manufacturing and distribution of equipment utilized for compressing gases or generating vacuums. These devices have extensive applications across diverse sectors such as manufacturing, oil and gas, chemical processing, power generation, healthcare, and more.

Compressors are mechanical devices that enhance the pressure of a gas by decreasing its volume. They are utilized in a wide range of industries, including automotive, HVAC (heating, ventilation, and air conditioning), food and beverage, and energy, to compress gases like air, natural gas, refrigerants, and various process gases.

On the other hand, vacuum pumps are designed to eliminate gas molecules from an enclosed space, creating a vacuum. They have applications in industries such as semiconductor manufacturing, pharmaceuticals, packaging, and research laboratories. Vacuum pumps are used for various processes such as vacuum packaging, degassing, vacuum drying, and chemical vapor deposition.

COVID-19 Impact: Disrupted Supply Chain

The supply chains in the compressors and vacuum pumps market were significantly disrupted by the pandemic, causing manufacturing and distribution challenges. Lockdown measures, travel restrictions, and workforce limitations led to production delays, scarcity of raw materials, and logistical obstacles.

Consequently, the market experienced limited availability of compressors and vacuum pumps as a result of these disruptions. The COVID-19 pandemic forced many manufacturing facilities worldwide to suspend or decrease their operations due to lockdown measures and safety protocols aimed at limiting the virus's spread.

These measures included social distancing requirements and reduced workforce capacities, which resulted in decreased production levels and delays in manufacturing compressors and vacuum pumps. Consequently, the supply of these products was significantly disrupted. Additionally, the pandemic disrupted the global movement of goods, including the transportation of raw materials necessary for the production of compressors and vacuum pumps.

International trade restrictions, border closures, and reduced shipping capacities contributed to delays in obtaining the required raw materials, components, and parts. This scarcity of raw materials further hindered the production process and adversely affected the availability of compressors and vacuum pumps in the market.

LATEST TRENDS

"Growing demand for energy-efficient solutions"

The growing demand for energy-efficient solutions in the compressors and vacuum pumps market is driven by several factors and industry trends. Energy-efficient compressors and vacuum pumps play a vital role in enabling businesses to lower their power consumption and decrease operating costs.

These devices are specifically engineered to optimize energy usage, resulting in long-term reductions in electricity bills. By embracing energy-efficient solutions, companies can achieve substantial cost savings, leading to enhanced profitability.

Additionally, the growing recognition of environmental sustainability and associated concerns has driven industries to prioritize energy efficiency in their operations. Energy-efficient compressors and vacuum pumps effectively mitigate greenhouse gas emissions and minimize the carbon footprint of industrial processes.

"Rise of oil-free compressors"

The need for clean and uncontaminated compressed air in industries such as pharmaceuticals, food and beverage, and electronics manufacturing has led to an increasing demand for oil-free compressors. These compressors are designed to eliminate the risk of oil contamination, ensuring the purity and cleanliness of the compressed air.

As a result, oil-free compressors are highly suitable for critical applications in industries where maintaining air quality and preventing contamination are of utmost importance.

"Adoption of smart and connected technologies"

The compressors and vacuum pumps market is undergoing a transformative phase through the integration of smart and connected technologies. The adoption of IoT (Internet of Things) and data analytics has revolutionized the industry by enabling real-time monitoring of equipment performance, optimization of maintenance schedules, and facilitating predictive maintenance.

Compressors and Vacuum Pumps Market Segmentation

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• By Type

Based on Type the Compressors and Vacuum Pumps Market is classified as Vacuum Pumps and Compressors.

• By Application

Based on application the Compressors and Vacuum Pumps market is classified as Industrial and Manufacturing, Chemical Processing, Semiconductor and Electronics, and Other.

DRIVING FACTORS

"Industrialization and infrastructure development"

The demand for compressors and vacuum pumps is being propelled by the continual process of industrialization, particularly in emerging economies. As these economies experience growth, expand their industries, and undertake infrastructure projects, the requirement for compressors and vacuum pumps rises to facilitate manufacturing, construction, and energy generation activities.

"Demand from diverse industries"

Compressors and vacuum pumps have wide-ranging applications spanning multiple industries such as manufacturing, oil and gas, chemical processing, power generation, healthcare, and more. The demand for this equipment is directly tied to the growth and specific needs of these industries.

For instance, compressors play a vital role in the automotive industry, where they are employed in pneumatic tools and systems. Vacuum pumps, on the other hand, are essential for processes like vacuum molding and degassing.

RESTRAINING FACTORS

"Maintenance and operating costs:"

Regular maintenance is essential for compressors and vacuum pumps to maintain their optimal performance and extend their lifespan. However, the costs associated with maintenance, including servicing, repairs, and replacement of parts, can be substantial. In addition, the ongoing operating costs, such as energy consumption and labor for maintenance activities, contribute to the overall cost of ownership of this equipment.

Compressors and Vacuum Pumps Market Regional Insights

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Regional disparities are evident in the compressors and vacuum pumps market concerning market size, growth rates, and key market players. North America has a notable presence in the compressors and vacuum pumps market, with the United States being a significant market due to its robust industrial base spanning various sectors.

The region's market growth is fueled by its emphasis on energy efficiency, strict environmental regulations, and advancements in technology. Key market players in North America include Atlas Copco, Gardner Denver Holdings, and Ingersoll Rand.

KEY INDUSTRY PLAYERS

"Players offer products catering to various industries and applications"

The compressors and vacuum pumps market features several key industry players who are prominent in the market like Atlas Copco, Gardner Denver Holdings, and Others.

These major industry players have made significant strides in the compressors and vacuum pumps market, establishing themselves as influential forces. They offer a wide range of innovative products, cutting-edge technologies, and comprehensive services to meet the diverse requirements of industries globally.

List of Market Players Profiled

• Gardner Denver (U.S.)
• Pfeiffer Vacuum (Germany)
• ULVAC (Japan)
• Atlas Copco (Sweden)
• Tuthill (U.S.)
• Graham (U.S.)

REPORT COVERAGE

The future demand for the compressors and vacuum pumps market is covered in this study. The Research report includes Disrupted Supply Chain due to the Covid-19 Impact. The report covers the latest trends in the market leading to the growing demand for energy-efficient solutions in compressors and vacuum pumps. The paper includes a segmentation of the compressors and vacuum pumps market. The research paper includes the driving factors which lead to the demand for compressors and vacuum pumps. The report also covers information on Regional Insights where the region which has emerged leading market for compressors and vacuum pumps.