Vacuum pumps have been around for centuries, providing us a multitude of services and functions. In present times, demand for vacuum pumps is mainly being driven by its increasing usage in oil and gas, power, chemical processing, as well as semiconductor industries. There are several uses of vacuum pumps, especially when it comes to industrial, manufacturing, and scientific purposes. Vacuum pumps are specifically designed depending on the nature of the application in which the product is going to be used.
MEA Vacuum Pumps Market to Grow at a Healthy Rate through 2025
Modern-day technological innovations in the MEA vacuum pumps market offer cost-saving solutions that to achieve effective results in vacuum-based applications in various industries.
The MEA vacuum pumps market is a dominant segment in the global vacuum technologies market. Transparency Market Research reports that an increase in drilling and mining activities, industrial as well as manufacturing processes in regions such as Iraq, Iran, Asia, and the GCC countries is expected to drive the MEA vacuum pumps market over the forecast period 2015-2025. The firm also states that the MEA vacuum pumps market is predicted to grow at a rapid 11.1% CAGR during the period from 2015 to 2025.
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From a regional stance, here’s a look below at some of the key market trends and drivers of the MEA vacuum pumps market in various regions.
GCC Countries Take the Lead in MEA Vacuum Pumps Market
The demand for vacuum pumps is increasing in GCC countries due to their rising investment in power, oil and gas, semiconductor, and chemical processing industries. In 2014, GCC countries held around 30% of the overall market owing to robust industrial and manufacturing activities in the region.
In the last two decades, the export of non-oil products has also increased in the region. In the past few years, Japan has mainly relied on GCC countries for gaseous hydrocarbons and other oil and gas supplies. All these factors have highlighted the significance of vacuum pumps in the GCC regional market.
Market Opportunities Stir in Rest of the World
Iran’s demand from the vacuum pumps market is predicted to grow rapidly and surpass the market’s growth in GCC countries during the next decade. Iran is expected to account for a larger market share in the overall market by 2025. The Iran vacuum pumps market is rising, due to the revival of the industrial and manufacturing sectors, as well as stability in GDP figures.
North America and Asia Pacific are also key contributors to the growing vacuum pumps market, wherein China and the U.S. hold dominant shares in this market. Demand for vacuum pumps in both these countries is driven by strong oil and gas production and growth of the semiconductor industry. Many end-use industries have developed their manufacturing facilities in countries such as India and China due to regulatory support in these regions.
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Several companies across the globe are heavily investing in research and development activities and new product development, which are in turn boosting the sales of vacuum pumps in the global market. LED lighting is an emerging market that is likely to generate a strong growth opportunity for the MEA vacuum pumps market in the next few years.