MEA Vacuum Pumps Market Boosted by Resurging Economy
The Middle East and Africa vacuum pumps market is progressing at a CAGR of 11.10% between 2015 and 2025.
The market was valued at US$199.5 mn at the end of 2014, according to data derived from a research report released by Transparency Market Research. The report is titled “Vacuum Pumps Market – MEA Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2025” and is available for sale on the official website.
As mentioned in the report, the MEA vacuum pumps market is driven by the growth in energy demand to fulfil a resurgent economy that is focusing on large-scale projects. The projects are coming in after periods of economic slowdown and therefore have significantly boosted the demand for vacuum pumps. By range of application, the MEA vacuum pumps market is dominated by low pressure vacuum pumps. Low pressure vacuum pumps held nearly 47% of the MEA vacuum pumps market in 2014, primarily driven by rising demand from the packaging industry as well as the conveyance industry.
On the other hand, the segment of medium pressure vacuum pumps is expected to witness a significant rate of growth, owing to high demand from process industries. This list of process industries that require medium pressure vacuum pumps includes food and beverages, plastics, pharmaceuticals, chemicals, power, textile, and petrochemicals. The same process industries are also expected to up their demand for low pressure vacuum pumps in the coming years as well.
It is stated in the report that according to type, the MEA vacuum pumps market is led by gas transfer pumps. Gas entrapment pumps held around 61% of the market in 2014 and are expected to be the leader in terms of demand. Among the multiple end-use industries of vacuum pumps, the MEA vacuum pumps market was dominated by the oil and gas sector, which held more than 36% of the market in 2014. The MEA vacuum pumps market is expected to continue growing in a consistent manner, with demand from small-scale industries on the rise. These small-scale industries may be from the power, process, and manufacturing sectors.
The GCC countries dominated the MEA vacuum pumps market in 2014, with a share of nearly 30% in 2014. The GCC countries are expected to significantly increase their demand for vacuum pumps due to an upswing in manufacturing and industrial activities. This includes the export of non-oil products, which has been consistently on the rise over the past two decades. Iran, however, is expected to overtake the GCC countries in terms of demand over the report’s forecast period, giving rise to new opportunities. The key players in the MEA vacuum pumps market are Sterling SIHI GmbH, Ebara Corporation, Dekker Vacuum Technologies, Inc., Graham Corporation, Tuthill Corporation, Atlas Copco AB, Oerlikon Leybold Vacuum GmbH, ULVAC, Inc., Pfeiffer Vacuum GmbH, and Gardner Denver, Inc.
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