LONDON--(BUSINESS WIRE)--The new industrial vacuum valves market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the industrial vacuum valves market.
"One of the primary growth drivers for this market is the augmented production of smartphones”, says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the industrial vacuum valves market size to grow by USD 515.22 million during the period 2020-2024.
Industrial Vacuum Valves MarketSegment Highlights for 2020
- The industrial vacuum valves market is expected to post a year-over-year growth rate of 0.77%.
- Based on the end-user, the semiconductor segment led the market in 2019. This can be attributed to the increased use of vacuum systems for applications such as etching, sputtering, as well as in the ion implantation process on wafers inside the vacuum chambers in the semiconductor industry.
- During the forecast period, the market growth will be significant in the semiconductor segment.
- 54% of the growth will originate from the APAC region.
- The growth of the market in APAC is driven by the increasing demand for semiconductors.
- China, South Korea (Republic of Korea), and Japan are the key markets for industrial vacuum valves in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
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- The industrial vacuum valves market size is expected to accelerate at a CAGR of almost 7% during the forecast period.
- The industrial vacuum valves market is segmented by End-user (Semiconductor, Pharmaceutical, Food processing, and Packaging) and Geography (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Agilent Technologies Inc., CKD Corp., Emerson Electric Co., Kurt J. Lesker Co., MKS Instruments Inc., Parker Hannifin Corp., Pfeiffer Vacuum Technology AG, Shanghai Vacuum Valve Manufacturing Co. Ltd., SMC Corp., and VAT Group AG
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