Growing demand for liquid ring vacuum pumps from chemical and general process industries is expected to drive the growth of the liquid ring vacuum pump market – a study has shown.
The study recently conducted by PMR discloses that the global value of the liquid ring vacuum pump market reached ~US$ 2 Bn in 2018, and is estimated to grow at ~5% CAGR during the forecast period.
According to the analysis and detailed study, investments in oil and gas, particularly in the downstream sector, and rising demand from the chemical industry have positively impacted the growth of the liquid ring vacuum pump market.
Furthermore, high demand for liquid ring vacuum pumps for chemical processing and oil & gas industry applications is directly contributing to the expansion of the liquid ring vacuum pump market over the forecast period.
Substantial demand for cast iron vacuum pumps is fueling the growth of the liquid ring vacuum pump market during the forecast period. The market value of the global liquid ring vacuum pump market is anticipated to be growing at a promising 5% CAGR through the end of 2029.
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Mergers & Acquisitions – The Key Strategies of Leading Market Players
Prominent global players in the liquid ring vacuum pump manufacturing landscape are focusing on acquisitions, with the objective of adding new technologies to their product portfolio, improving economies of scale, and reducing operational costs.
An emerging trend in the liquid ring vacuum pump market is the increasing expansion of small- and medium-sized LRVP manufacturers, particularly in Asia Pacific, owing to the increasing demand for liquid ring vacuum pumps and compressors expected from this region.
For instance, in June 2018, Busch Vacuum Pumps and Systems acquired NSB Gas Processing, a Swiss-based engineering company.
Growing Applicability of Liquid Ring Vacuum Pumps in the Chemical Industry
According to report detailed analysis, prominent market players in the liquid ring vacuum pump market are providing liquid ring vacuum pumps with distinctive properties, on the basis of capacity such as less than 500 cfm, 500 cfm tp 1500 cfm, and greater than 1500 cfm.
Concentrated demand for liquid ring vacuum pumps is from the chemical industry, followed by general process industries, and indicates significant growth in the liquid ring vacuum pump market growth throughout the forecast period.
Higher Power Production to Translate into Accelerated Demand
Liquid ring vacuum pumps are used extensively in the electric power generation industry across various applications such as condenser exhausting, hogging, desulfurization, fly ash conveying, vacuum de-aeration, and primping.
Moreover, these pumps should align with the capacities of power plants and need to have significantly higher capacities. Power production from coal-fired plants is projected to increase significantly in Southeast Asia, India, and China, thus, creating more demand for liquid ring vacuum pumps.
Asia Pacific to Hold Prominent Market Shares
Asia Pacific is expected to hold prominent market share in terms of value. However, the market in Middle East & Africa is expected to project lucrative growth in the global liquid ring vacuum pump market over the forecast period of 2019-2029.
Presence of key market players in the region and merger, acquisition, and collaboration activities are major factors boosting the growth of the liquid ring vacuum pump market in Asia Pacific.
Liquid Ring Vacuum Pump Market: Vendor Insights
The report sheds light on the viable setup of the liquid ring vacuum pump market and characteristic approaches of key market participants.
Some prominent market players are Busch Vacuum Technics Inc., Dekker Vacuum Technologies Inc., Tsurumi Manufacturing Co., Ltd., Flowserve Corporation, Graham Corp, Tuthill Vacuum & Blower Systems, Atlas Copco Airpower N.V., and Gardner Denver Nash LLC.
Significant players are focusing on product innovations to expand their customer base. In May 2018, Busch Vacuum Technics Inc. launched a new series of Dolphin liquid ring vacuum pumps, LM/LT vacuum pumps.
The study highlights key opportunities in the liquid ring vacuum pump market and finds that the market would exhibit growth at a CAGR of ~5% during the forecast period.
These insights are based on a report on Liquid Ring Vacuum Pump Market by Persistence Market Research.