Persistence Market Research, in its recently published market research study, reveals that the liquid ring vacuum pump market is expected to grow at a CAGR of ~4.8% over the forecast period (2019-2029). Further, the report offers a clear understanding of the various factors that are expected to influence the dynamics of the liquid ring vacuum pump market such as the current trends, market drivers, growth opportunities, and restraints.
The report reveals that the growing demand for liquid ring vacuum pumps from the general processing and chemical industry is one of the primary factors that is aiding the growth of the liquid ring vacuum pump market. Further, growing investments in the oil & gas space, especially the downstream sector is likely to positively impact the demand for liquid ring vacuum pumps over the forecast period. Moreover, as steam ejectors and liquid ring vacuum pumps facilitate vacuum distillation in various refinery applications, the demand for liquid ring vacuum pumps is on the rise.
Significant Applications in the Chemical Industry to Aid Market Growth
Liquid ring vacuum pumps are widely used in multiple chemical process industries especially those industries that require vacuum filtration, vapor recovery, and solvent recovery. Furthermore, as liquid ring vacuum pumps offer the aptest solutions for exclusive applications such as vinyl chloride monomer recovery, hydrogen, and chlorine compression, and more, the demand for liquid ring vacuum pumps has witnessed considerable growth over the past few years – a trend that is likely to continue over the foreseeable future. Further, the ascend of the chemical industry in the past couple of years owing to the staggering demand from various end-users particularly in nations in the Asia-Pacific region is expected to fuel the growth of the global market during the stipulated timeframe of the study.
Moreover, a notable growth of the biodiesel and bioethanol industry is likely to provide an impetus to the growth of the liquid ring vacuum pumps market during the forecast period. Furthermore, governments across various countries are focusing on improving their ethanol production capacity owing to the high octane content and functional properties that play a key role in minimizing greenhouse emissions.
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General Process Industries to Remain a Prominent End Users
The demand for liquid ring vacuum pumps have witnessed considerable growth from the general process industries including textiles, sugar, pharmaceuticals, and pulp & paper. Furthermore, the growing emphasis on utilizing energy-efficient manufacturing processes in the developed regions is expected to drive the sales of liquid ring vacuum pumps in the upcoming years. Moreover, the swelling demand for liquid ring vacuum pumps from small and medium enterprises in nations including India and China is expected to boost the sales of the advanced liquid ring vacuum pumps. Established manufacturers operating in the current market landscape are likely to focus on improving and upgrading their product portfolio by acquiring smaller players. For instance, Busch Vacuum Pumps and Systems entered into an acquisition agreement with NSB Gas Processing.