MEA VACUUM PUMPS MARKET ANALYSIS

A vacuum pump is a device used to create a partial vacuum by removing gas molecules from a sealed volume. The vacuum pump includes different types of pumps operating at a typical pressure range. The different pressure range includes process vacuum, rough vacuum, industrial vacuum, thin film deposition, semiconductor process vacuum, and more. Vacuums have been used in day-to-day equipment such as mobile technologies, powerful computers, mobile telephones, x-ray machines, electron microscopes, etc. Vacuum technology/components are categorized into three main sub-segments namely; vacuum pumps, vacuum instrumentation, and vacuum hardware.

The MEA Vacuum Pumps Market was valued for US$ 404.9 Mn in 2021 and is expected to exhibit a CAGR of 11.4% during the forecast period.

 Market Restraint:

Instability and regional conflicts are expected to restrain the growth of the MEA vacuum pump market during the forecast period

MEA region has witnessed drastic political and geopolitical crises over the years. MEA witnessed major crises leading to changes in political establishments in some of the countries, owing to the rise of the Arab spring post-2010. Furthermore, Egypt and Libya suffered the most resulting in overthrowing dictatorship rule. The region further got into turmoil with the infighting of regional outfits with the country’s armed forces. The rise of ISIS in Iraq led to the destabilization of Iraq and the recent conflict between Saudi Arabia and Yemen in 2015 may impact the growth of the region. Therefore, these factors are expected to restrain the growth of the MEA vacuum pumps market during the forecast period.

 The high cost of electrification is expected to hinder the MEA vacuum pumps market growth over the forecast period

Vacuum pumps require electrification to properly function. As a result of this, it incurs additional fuel costs and hinders the overall adoption of the process. Therefore, these factors are expected to hinder the MEA vacuum pumps market growth over the forecast period.

MEA Vacuum Pumps Market - Impact of Coronavirus (Covid-19) Pandemic:

The COVID-19 pandemic has adversely affected the vacuum pump market. Vacuum pumps are widely used in the Oil & Gas industries. Moreover, several countries across the globe such as India and Spain have imposed nationwide lockdowns, owing to which public and private transport has been reduced to a large extent. For instance, According to a CMI study, global road transport facilities in May 2020 reduced by 50% compared to May 2019, owing to which the demand for petrol and diesel has reduced to a large extent.  This adversely impacted the oil & gas industry.

The MEA countries such as Saudi Arabia, Iran, and Iraq are one of the largest producers of natural oil in the world. But, Owing to the reduced sales, the oil & gas industries suffered a lot which led to a decrease in demand for the vacuum pump market during the COVID-19 pandemic.    

Competitive Scenario

Major players operating in the MEA Vacuum Pumps Market include Gardner Denver, Inc., Sterling SIHI GmbH, Pfeiffer Vacuum GmbH, Ebara Corporation, ULVAC, Inc., Dekker Vacuum Technologies, Inc., Oerlikon Leybold Vacuum GmbH, Graham Corporation, Atlas Copco AB, and Tuthill Corporation.

Recent Developments:

• In January 2022, Atlas Copco, a provider, and supplier of vacuum pumps, having existence in Iran and Iraq, completed the acquisition of HHV Pumps Pvt. Ltd. a manufacturer of vacuum pumps for industrial deployment, with this acquisition Atlas Copco company will be able to expand its product portfolio in all major industrial sectors.

 Forecasted GCC countries are expected to hold a dominant position in the MEA Vacuum Pumps market in 2030

Statistics:

GCC countries are expected to witness high demand in the MES region and are expected to hold a dominant position over the forecasted period followed by Iran, Iraq, and South Africa respectively.

Figure 1: MEA Vacuum Pumps Market Share (%), By Country, 2021

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GCC country’s is expected to be one of the prominent country in the MEA market and expected to hold high share during the forecast period. This is owing increasing demand for vacuum pumps in oil and gas industry.

Figure 2: MEA Vacuum Pumps Market (US$ Mn) Analysis and Forecast, 2017 – 2030

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The MEA Vacuum Pumps Market was valued at US$ 404.9 Mn in 2021 and is expected to reach US$ 1,050.71 Mn by 2030, growing at a CAGR of 11.4 % between 2022 and 2030.