The compressors and vacuum pumps market is benefiting from the global manufacturing output growth due to the economic recovery in 2014 in the US as well as Japan and Germany.
With the recovery comes increased investments in plant capacity expansions and upgrades which is causing a rise in new and replacement demand for compressors and vacuum pumps, according to a new report by Global Industry Analysts, Inc.
Strong growth in the semiconductor industry, one of the largest end-use sectors, is forecast to drive demand for compressors and vacuum pumps, especially cryogenic vacuum pumps and compressors. Compressors and vacuum pumps are used in several critical semiconductor process applications such as plasma etching, and ashing, ion implantation, low pressure CVD and metallization, among others.
Other types of compressors and vacuum pumps poised to witness increased demand from this end-use sector include oil free screw compressors/dry screw compressors, diaphragm compressors, regenerative vacuum pumps, oil seal rotary pumps, turbomolecular pumps, Ion pump, evaporation pumps, roots pumps, and crysorption pumps.
Robust investments in oil and natural gas pipeline projects worldwide and the ensuing construction of compressor stations along the pipeline route are expected to benefit demand for compressors. Especially poised to gain are gas-fired reciprocating compressors and centrifugal compressors, which are largely deployed in compressor stations.
With regard to geographic growth, Asia Pacific represents the largest and the fastest growing market worldwide with a compounded annual growth rate of 7.6% over the analysis period, according to the report. Growth in the region is led by its emergence as a low-cost global manufacturing hub as a result of the recession induced acceleration of production migration to developing Asian countries. In addition to linear flow of capital witnessed from developed nations to emerging markets, other factors encouraging growth in the region include higher levels of industrialization and resultant spike in manufacturing activities i.e. petroleum, mining, food, electronics; and increase in energy demand and a proportional rise in exploration activity.
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