The MEA Vacuum Pumps Market, By Application Range (Low Vacuum Pressure, Medium Vacuum Pressure and High and Ultra-high Vacuum Pressure), By Type (Entrapment Pumps (Adsorption Pump, Getter Pump, Cyropump and Condenser Pump), Gas Transfer Pumps, (Positive Displacement Pumps and Kinetic Vacuum Pumps)), By End-use Application (Oil & Gas, Industrial and Manufacturing, Power, Chemical Processing, Semiconductor and Electronics and Others (Pharmaceutical, Aviation))- MEA Forecast to 2027”, is expected to be valued at US$ 792.5 Million by 2027, exhibiting a CAGR of 11.1% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
A vacuum pump is a device that removes gas molecules from a sealed volume so as to leave behind a partial vacuum. The different pressure range includes the rough vacuum, process vacuum, industrial vacuum, semiconductor process vacuum, thin-film deposition (non-Semiconductor), instrumentation manufacturer’s pressure range, and vacuum pressure for R&D activities. Furthermore, vacuum pumps are majorly used in various sectors such as oil and gas, industrial and manufacturing, power, chemical processing, semiconductor, and electronics.
The MEA Vacuum Pumps Market was accounted for US$ 339.7 Mn in terms of value in 2019 and is expected to grow at CAGR of 11.1% for the period 2020-2027.
Growing focus on manufacturing fuel-efficient vehicles is expected to boost the MEA vacuum pumps market growth over the forecast period
Automotive companies are increasingly focused on manufacturing fuel-efficient vehicles. Vacuum pumps are used in hybrid vehicles, which saves a significant amount of energy thereby making them fuel-efficient. Automotive electric vacuum pumps can monitor vacuum changes within the booster. Therefore, these factors are expected to drive growth of the MEA vacuum pumps market during the forecast period.
MEA Vacuum Pumps Market - Impact of Coronavirus (Covid-19) Pandemic
Many countries such as UAE, Jordan and Iran have imposed lockdown owing to the COVID-19 pandemic. Due to the Lockdown, there is a shortage of the workers at the vacuum pump manufacturing facilities. Due to the less manpower, the manufacturing facilities are struggling to move the products. In addition to this, due to the shortage of transportation facilities such as Trains and Heavy-duty Vehicles, manufactures are unable to ship their cargoes. Owing to the above mentioned factors, the COVID-19 pandemic is expected to restrain the vacuum pump market growth in upcoming years.
Increasing installation of electric power steering in passenger cars can present lucrative growth opportunities in the MEA vacuum pumps market
Electric power system eliminates the need for steering pumps, pulley, and hydraulic fluid. As a result of this, electric power steering poses a major challenge for steering pumps. Regulatory bodies are encouraging the use of electric steering wheels. Key companies in the market can capitalize on these opportunities by providing novel products and gain a competitive edge in the market.
High growth of electric vehicles is expected to hinder the MEA vacuum pumps market growth over the forecast period
Electric vehicles have emerged as a suitable alternative for traditional fuel cars, especially in cities urban areas. These vehicles eco-friendly and do not emit harmful gases. As a result of this, the demand for vacuum pumps is expected to hinder in the near future. Regulatory bodies in many countries are taking novel steps to increase the adoption of electric vehicles such as battery electric vehicles. Therefore, these factors are expected to hinder the MEA vacuum pumps market growth in the near future.
Europe union is expected to import 20% of its electricity demand from MEA region by the method of transcontinental energy and power linking grids across the EU-MEA by end of 2020. Significant portion of the energy is expected to be generated from solar farms. According to the European commission's Institute for Energy, it would require the capture of just 0.3% of the light falling on the Sahara and Middle Eastern deserts to meet all of Europe's energy needs. Germany based Desertec Industrial Initiative has pledged to provide 15% of Europe’s electricity latest by 2050 by means of power transmission lines stretching across the desert and the Mediterranean. The estimated investment of the initiative is US$ 400 Bn and is supported by major German companies namely; Siemens AG, E.ON SE, and Deutsche Bank AG. In the last two decades, investment worth US$ 2 Bn was made in various Arab Interconnection Projects.
With 58% dependency on food imports, the MEA region is one of the most vulnerable regions in the world with regard to food security. Algeria, Libya, Egypt, Morocco, and Tunisia are already facing food security challenges. Countries in the MEA region make expenditure as high as 0.15% to 0.62% of their GDP on food subsidies. To avert situations like future food crises, MEA is investing in food production in countries where food is imported in order to secure its food supplies. Currently, Saudi Arabia encourages Saudi investors to invest abroad in agriculture by providing funds, credit, and logistics solutions. This strategy is expected to be a key trend adopted by all oil-exporting countries in the MEA region.
Major companies operating in the MEA vacuum pumps market are Gardner Denver, Inc., Sterling SIHI GmbH, Pfeiffer Vacuum GmbH, Ebara Corporation, ULVAC, Inc., Dekker Vacuum Technologies, Inc., Oerlikon Leybold Vacuum GmbH, Graham Corporation, Atlas Copco AB, and Tuthill Corporation.