Liquid Ring Vacuum Pumps Market Size to Rise 4.6% CAGR by 2024

(Newswire.net — June 23, 2017) New York City, New York — The global liquid ring vacuum pump market is likely to witness a growth of 5.2% CAGR in terms of sales revenue, and is likely to reach over US$ 2,500 over the forecast period, 2016 – 2024. According to recent report compiled by Persistence Market Research, the global liquid ring vacuum pump market is likely to witness a growth of 4.6% CAGR in terms of consumption by 2024-end.

Factors Impacting Growth of the Global Market

Increasing preference for high-capacity cost liquid ring vacuum pumps and surge in demand for power, and oil & gas industries will drive growth of the global liquid ring vacuum pumps market. In addition, constant innovation by manufacturers and increasing application in general process and chemical industries will fuel demand for liquid ring vacuum pumps globally. Moreover, imposition of strict regulations by the EPA will further contribute towards growth of the liquid ring vacuum pumps market. Additionally, growing mergers and acquisitions among market players will impact growth of the market positively.

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Cast Iron to Remain Dominant in Global Market

General process industries among other end users will gain 80 BPS in2024 as compared to 2016. This segment is likely to account for a market share of 17.8% by the end of 2024. In contrast to this, the chemical processing industries will lose 10 BPS in 2024 over 2016. Revenue share of chemical processing industries will witness a dip from 28.2% in 2016 to 28.1% in 2024. The oil and gas sector will account for 32.5% revenue share, and will lose 70 BPS in 2024 over 2016 attributed to declining investments in the upstream, and oil & gas sector. Increasing preference for renewable sources of energy will further impact growth of the global liquid ring vacuum pumps market in the upcoming years. However, paper and pulp will represent the least attractive segment in terms of value due to availability of cheap liquid ring vacuum pumps offered by small market players in developing countries including India and China.

Accounting for the major revenue share, 500-1500 cfm capacity segment will remain dominant through 2024. The < 500 cfm capacity segment will witness fastest CAGR growth of 5.2%, whereas >1500 cfm segment will reflect a CAGR growth of 4.4% between the year 2016 – 2024.

Cast iron among other material types will reach US$ 1,718.2 million by 2024, and is likely to remain a dominant segment throughout the forecast period. The segment will account for above 60% revenue share, and register 5.3% CAGR growth among material types. Stainless steel will witness a moderate growth of 5%, and reach US$ 876 million by 2024-end.

North America will Remain a Leading Market

North America will represent a dominant market among other regions through 2024. The liquid ring vacuum pumps market operating in the region will witness a growth of 6% CAGR over the forecast period. By the end of 2024, North America will account for US$ 851.1 million revenues. Europe, Asia Pacific, and Latin America will feature as key markets for liquid ring vacuum pumps globally. Europe, APAC and North America will collectively account for a market share of 75% in 2024.

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Market Players

Key players operating in the global liquid ring vacuum pumps market include Tsurumi Manufacturing Co. Ltd., Busch Vacuum Technics Inc., Flowserve Corporation, Dekker Vacuum Technologies Inc., Tuthill Vacuum & Blower Systems, Gardner Denver Nash LLC, Graham Corp and Atlas Copco Airpower N.V.