Liquid Ring Vacuum Pumps Market to Grow at 4.6% CAGR through 2024

Ranging from multistage to single-stage, the liquid ring vacuum pumps are likely to witness surge in consumption globally in the coming years. With growing need for soil remediation, vacuum distillation, petrol refining, liquid ring vacuum pumps are likely to witness surge in demand in the coming years.

Factors Propelling Demand for Liquid Ring Vacuum Pumps

With an upsurge in demand for the liquid ring vacuum pumps in various industries such as power, oil and gas, the global liquid ring vacuum pumps market is likely to witness significant growth in the coming years. In addition, increasing preference for liquid ring vacuum pumps attributed to high cost and high capacity adds to the list of factors significantly fuelling growth of the global liquid ring vacuum pumps market in the coming years. Additionally, growing applications in general purpose and chemical industries will further fuel demand for liquid ring vacuum pumps globally. Stringent regulations imposed by the Environment Protection Agency (EPA) is further likely to propel demand for liquid ring vacuum pumps globally in the coming years.

Manufacturers operating in the liquid ring vacuum pumps market are incorporating innovative ideas and technologies in range of products related to the liquid ring vacuum pumps. This adds to the list of significant factors propelling growth of the liquid ring vacuum pumps market in the span of next seven years. Additionally, low water consuming pumps are increasingly preferred and are likely to witness promising emergence in the global liquid ring vacuum pumps market in the coming years.

Key Strategies of Leading Players in the Global Market

In parallel with growing trends and factors boosting growth of the global market, various market players operating in the liquid ring vacuum pumps market are increasingly witnessed to acquire and merge other key players or collaborate with manufacturers and suppliers. Such factors are significantly impacting the market dynamics and contributing towards growth of the global liquid ring vacuum pumps market globally in the coming years.

Leading Segments Impacting Market Dynamics

The global liquid ring vacuum pumps market is expected to witness a growth of 4.6% throughout 2024. The 500-1500 cfm in terms of capacities among others is likely to lead the liquid ring vacuum pumps market, accounting for major revenues generated from sales in the coming years. Whereas, <500 cfm among other segments is likely to witness a growth of 5.2% CAGR in the span of next seven years. Iron among various types of materials will retain dominance in the coming years. Furthermore, iron segment will account for a revenue share of over 60% over the coming years. Whereas, stainless steel among various segments will witness a moderate growth of 5%, accounting for revenues worth US$ 876 Mn by the end of 2024.

Oil and gas sector among various end use industries will retain dominance, and will account for US$ 931 Mn in terms of revenues in the upcoming years. General process industries will account for revenues over US$ 511 Mn, and will witness a growth of 5.8% CAGR between 2016 and 2024. Additionally, general process and chemical processing industries will collectively represent the third and second major segment respectively in the global liquid ring vacuum pumps market. India and China among various countries in APAC will represent major growth opportunities due to surge in number of small manufacturers serving the chemical process and pharmaceutical industries. Due to such factors, the liquid ring vacuum pumps market is likely to witness significant growth in the span of next seven years.

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