The spurt in the market growth is projected to ascend from the growing demand for liquid ring vacuum pumps from chemical and general process industries. The market majors operating in the liquid ring vacuum pump market are observed dedicating their efforts towards enhancing their portfolios by developing products with unique properties and capacities.
Increasing investments in oil and gas industry, particularly in the downstream sector, ensure profitable growth opportunities for market players. However, a profound impact on the market growth is also highly likely to be exerted by the power industry.
As the power industry is instigated to move away from fossil fuel-based energy production processes, towards the natural- and bio-based energy production practices, the switch will create new avenues for the adoption of the liquid ring vacuum pump in this industry.
All-in-all, market players can anticipate sales of liquid ring vacuum pumps tantamount to ~US$ 3.5 Bn by 2029.
Efficiency and Low Water Usage - Key Competitive Parameters to Advance in the Market
With regulations regarding water wastage turning stringent, end-use industries such as power, general process, and oil & gas are hard pressed to make economical use of the resource. This serves as an opportunity for manufacturers operating in the liquid ring vacuum pump landscape to differentiate their product in a way that solves a critical issue for their end users.
Following the parameters of efficiency and water conservation, several market players are marching towards consolidation. For instance, the market goliath, Dekker Vacuum Technologies, announced the launch of TiTan single- and double-stage liquid ring vacuum pumps with a competency to dwindle the amount of sealing liquid by over 50%. Besides this, the company introduced Vmax and Vmax LT systems with air and oil separators to eliminate the use of water.
Partnerships with General Process Industries to Unlock Long-term Growth Opportunities
The general process industries accounted for an investment tantamount to ~US$ 784 Mn in 2018, which makes it the leading end-use industry in the landscape. A quest for high productivity and output in textiles, food and beverages, pharmaceutical, sugar processing, and pulp & paper industries has been leading to a high uptake of these pumps.
Also, as protocols regarding the energy-efficient manufacturing operations are likely to hard-hit these industries, players of liquid ring vacuum industries feel the pressure to prevent the energy dissipation by enhancing the functionality of their products. It is, therefore, deemed profitable for market players to partner with general process industries to continue gaining revenue influx.
Attractiveness of Asia Pacific Market to Grow at an Exponential Rate
Asia Pacific is expected to hold a significant market share in terms of value. The presence of key market players in the region and merger, acquisition, and collaboration activities are major factors governing the growth odyssey of the liquid ring vacuum pump market in Asia Pacific.
Since liquid ring vacuum pumps are extensively used in the electric power generation industry across various applications, such as condenser exhausting, hogging, desulfurisation, fly ash conveying, vacuum de-aeration, and primping, demand for pumps that align with the capacities of power plants has been increasing.
Also, given the wide populace in the region, the high impact of urban sprawl, and industrialisation, the requirement for power is only likely to advance in the coming years. As a result, the energy production from power plants is projected to increase significantly in Southeast Asia, India, and China, thereby creating sales opportunities for liquid ring vacuum pumps.
However, the market in Middle East & Africa is expected to witness exponential growth in the global liquid ring vacuum pump market during 2019-2029. The high adoption of these pumps in the well-established oil and gas industries that adhere to the water conservation regulations for oil excavation activities is likely to upkeep the steady stride of the market in MEA region.
Liquid Ring Vacuum Pump Market: Vendor Insights
Some of the prominent market players identified to have a significant hold on the market are Busch Vacuum Technics Inc., Dekker Vacuum Technologies Inc., Tsurumi Manufacturing Co., Ltd., Flowserve Corporation, Graham Corp, Tuthill Vacuum & Blower Systems, Atlas Copco Airpower N.V., and Gardner Denver Nash LLC.
Among these, Gardner Denver Nash LLC, Flowserve Corporation, and Atlas Copco Airpower N.V. hold a global position in the market with a collective share of ~24%. These players follow - Innovation is the only constant - mantra and expend heavily in research and development activities to enrich their product portfolios.
The rich experience of this batch of players stands out from their regional and local counterparts, which helps them sweep a large number of contracts from end-use industries.
Prominent global players in the liquid ring vacuum pump manufacturing landscape are focusing on acquisitions, with the objective of adding new technologies to their product portfolio, improving economies of scale, and reducing operational costs.
For instance, in June 2018, Busch Vacuum Pumps and Systems acquired NSB Gas Processing, a Swiss-based engineering company to improve its overseas exposure.
Key Areas for Market Players to Focus On
An emerging trend in the liquid ring vacuum pump market is the increasing expansion of small- and medium-sized LRVP manufacturers, particularly in Asia Pacific, and high gains are anticipated from this region during 2019-2029.
The liquid ring vacuum pump market of China is projected to be an opportunistic market in terms of sales, given the growing number of power plants that require eco-friendly pumps.
Also, a partnership with stakeholders of the oil & gas sector to offer products that can increase the productivity of industrial processes will lead to a consolidated position in the liquid ring vacuum pump market.
To add to that, collaborations coupled with technological innovations, and merger and acquisition activities will aid in expanding the right mass to grow in the landscape.