European Vacuum Pumps Market, Forecast to 2024

Tuesday, May 28, 2019 General News
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NEW YORK, May 27, 2019 /PRNewswire/ -- Increasing Focus on Energy Efficiency and Demand From Various New Applications Drives the Demand for Vacuum Pumps Read the full report: https://www.reportlinker.com/p05778484/?utm_source=PRN Vacuum pumps are used in majority of industrial applications where there is a requirement for hygiene and pressure below the atmospheric

pressure.For example, manufacturing of wafers in the semiconductor industry requires approximately 1,000 turbo pumps and more than 4,000 backing pumps. In R&D applications, a single pump will suffice the vacuum requirement of the research laboratory. The number and type of vacuum pumps used for various applications differs based on quality requirements. For years, major end-use industries for vacuum pumps included semiconductor, process, coating, analytical, and R&D.However, these days, vacuum pumps are used in various innovative applications, such as nanotechnology, pharmaceutical research, lithium-ion batteries, and food processing and packaging. Increasing demand for energy and rising environmental awareness are driving the demand for innovative technologies in energy storage, particularly in the field of renewable energy. This drives more investments into innovative technologies and advanced production process in the field of energy, across applications. Implementation of energy storage solutions across various applications is very challenging in terms of duration of energy storage, number of charges and discharges, and so on. Vacuum technology is a common technology implemented across various energy storage applications. Germany continues to dominate the vacuum pump market and remains Europe's economic and industrial powerhouse.Growth is primarily expected to be sustained by the large export market, which accounts for approximately 80% of the total German-manufactured vacuum pumps and its spare parts. Initiatives, such as Industrial Internet of Things (IIoT) and Industry 4.0, drive the semiconductor market, supported by the demand from the electronics industry. The German market is expected to grow at 15.2% CAGR from 2017 to 2024. Political turmoil caused due to Brexit is believed to have a medium effect in the UK. While Brexit might not affect the projects that have already been allocated funding (some terms and conditions might be renegotiated), future funding for UK interconnection projects could slide down the priority list or even be called off completely, and this will have a negative effect on the growth of the vacuum pump market. Replacement of vacuum pumps, due to strict environmental regulations in Europe, is likely to drive the demand for vacuum pumps significantly. IIoT and Industry 4.0 also drive the upgrade of production atmosphere and processes in industries for increasing the operational efficiency of the plant. End users are focusing on adopting new technologies to enhance the performance of vacuum pumps and make efficient utilization of their assets. 'Digital twin' is a digital copy of an asset. Simulations repair and design variations are implemented to optimize the output and testing of various operating parameters before implementing the actual assets. This helps in conducting maintenance-based analysis and reduces unplanned downtime and maintenance costs. Also, manufacturers tend to expand their service capabilities to offer support throughout the product lifecycle. Asset performance management systems are increasing due to the shift from predictive to preventive maintenance and manufacturers offer them as an add-on in the subscription-based model to enhance the performance of vacuum pump systems.Read the full report: https://www.reportlinker.com/p05778484/?utm_source=PRN About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________ Contact Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001

Cision View original content:http://www.prnewswire.com/news-releases/european-vacuum-pumps-market-forecast-to-2024-300857054.html

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