Global liquid ring vacuum pump market to reach nearly $3,000bn by 2024
The global liquid ring vacuum pump (LRVP) market is expected to reach a worth of $2,871.3 billion (€2,723.3bn) through 2024, a fresh market study says.
According to Persistence Market Research, the market will exhibit promising growth in the first half of the forecast period at 5.5% compound annual growth rate (CAGR), which will incur a slight dip post-2020 to 4.9% CAGR.
However, the overall CAGR of the market for 2016-2024 is estimated at 5.2%, with strong demand prevailing in the oil and gas sector.
Regional analysis indicates that the $535 million North American market will rule the roost with an estimated 6% CAGR over 2016-2024, and towards the close of 2024, the region is expected to attain revenues worth $851.1 million.
Latin America, Europe, and Asia Pacific are identified to be the next key markets for LRVP.
North America, Europe, and APAC will collectively hold a whopping 75% share of the total market size in 2024.
In developing economies within Asia Pacific, leading LRVP manufacturers are tackling the competitive pricing issue in order to deliver customer-centric products.
Moreover, China and India host a swelling number of small manufacturers specifically serving the pharmaceutical and chemical process industries.
These factors will play a vital role in pushing the sales of liquid ring vacuum pumps in near future within Asian markets.
Reaching a value beyond $504 million, the APAC market is likely to expand at a moderate CAGR of 5.3% over 2016-2024.
Persistence expects that the LRVP market will expanding against a backdrop of a slew of factors, including increasing demand from the oil and gas and power industries, growing preference for high capacity-high cost LRVPs, and extending applications in chemical and general process industries.
Other drivers for the market are projected to include constant innovation by manufacturers and an increasing number of mergers between key players, strict regulations set by the US Environmental Protection Agency, and the promising emergence of low water consuming pumps.
In terms of capacity, the 500-1,500 cubic feet per minute (cfm) segment will continue to lead with the maximum revenue sales, followed by the <500cfm segment.
However, the <500cfm segment will possibly thrive fastest at a CAGR of 5.2%, followed by the >1,500cfm segment with an estimated 4.4% CAGR over 2016-2024.
Considering material type, the cast iron segment will keep up its dominance with over 60% value share, reaching a value of $1.718 billion in 2024, and the segment will also demonstrate the fastest CAGR of 5.3% over the forecast period.
The stainless steel segment will also grow moderately at 5%, attaining a value worth $876 million in 2024.
Based on the end-use industry, oil and gas sector will retain dominance over others, with over $931 million by the end of 2024 in terms of revenues, while the chemical processing and general process industries will continue to maintain the second and third largest segments respectively.
Among these, general process industries will display a higher CAGR of 5.8% over 2016-2024, bagging revenues of over $511 million.
The paper and pulp and power segments are expected to grow steadily throughout the assessment period.
Some of the key players that constitute the competitive landscape of the global LRVP marketplace are Dekker Vacuum Technologies, Busch Vacuum Technics, Flowserve Corp., Tsurumi Manufacturing Co., Atlas Copco Airpower, Gardner Denver Nash, Tuthill Vacuum & Blower Systems, and Graham Corp.