According to the Government of China, any person with an income of $7,250 to $62,500 is defined as middle class. As per the World Bank, the gross national income per capita of the country has surged from $9,620 in 2018 to $10,410 in 2019. A surge in middle-class income has, therefore, increased the penetration of consumer electronics, such as laptops, smartphones, gaming consoles, and solar panels in the country. As semiconductors have become an essential component of such products, a boom in the semiconductor industry will drive the demand for vacuum pumps in China.
Moreover, the flourishing chemical and pharmaceutical sector, owing to the mounting income of the middle class and booming geriatric population, will drive the Chinese vacuum pump market at an 8.7% CAGR between 2019 and 2024. According to P&S Intelligence, the market will generate $1.9 billion revenue by 2024. The number of people over 65 years of age in China will grow from 172,262,000 in 2020 to 246,986,000 by 2030, as per the UNDESA. Chemical and pharmaceutical companies use vacuum pumps for material transfer, distillation, and drying.
Browse detailed report - China Vacuum Pump Market Analysis and Demand Forecast Report
In recent years, the burgeoning demand for digital vacuum pumps, on account of the high range of results and reliable operation exhibited by them, has become a prominent trend in the Chinese vacuum pump market. As compared to analog vacuum pumps, digital variants offer higher accuracy in pressure measurement. Additionally, digital vacuum pumps help find the last evidence of moisture being removed by finding information about the dried-out position of the system.
Positive displacement vacuum pumps, such as dry screw, piston, liquid ring, diaphragm, and rotary vane pumps, regenerative vacuum pumps, and momentum transfer vacuum pumps, used in China are manufactured by Gebr. Becker GmbH, KNF Neuberger GmbH, Gardner Denver Holdings Inc., Zibo Water Ring Vacuum Pump Factory Co., Guangdong Kenflo pump Limited, Flowserve SIHI Germany GmbH, and EBARA Corporation. These companies are currently focusing on manufacturing energy-efficient pumps to meet the regulatory mandates of the government.
