Vacuum Pump and Air or Gas Compressor Market

The global market for vacuum pumps and air or gas compressors is projected to see continued growth in both volume and value terms from 2022 to 2030. The market is expected to expand with a CAGR of +1.8% for volume and +4.5% for value during this period. The article provides insights into market performance, consumption trends, production statistics, import and export patterns, as well as average prices of these products. Leading countries in terms of consumption, production, imports, and exports are highlighted, showcasing growth rates and market share percentages. The analysis covers various types of vacuum pumps and compressors, with detailed information on trends in volume, value, and average prices for each product category.

Market Forecast

Driven by increasing demand for vacuum pumps and air or gas compressors worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market volume to 923M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.5% for the period from 2022 to 2030, which is projected to bring the market value to $126.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Vacuum Pumps and Air or Gas Compressors

For the fourth consecutive year, the global market recorded growth in consumption of vacuum pumps and air or gas compressors, which increased by 7.5% to 801M units in 2022. The total consumption volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Global consumption peaked in 2022 and is expected to retain growth in the near future.

The size of the market for vacuum pumps and air or gas compressors worldwide expanded to $89.2B in 2022, growing by 3.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a relatively flat trend pattern. Global consumption peaked in 2022 and is expected to retain growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (152M units), the United States (81M units) and India (63M units), with a combined 37% share of global consumption. Indonesia, Mexico, Japan, Germany, Brazil, Thailand, Russia, Italy, the Philippines and Turkey lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of compressors, amongst the leading consuming countries, was attained by Thailand (with a CAGR of +8.9%), while compressors for the other global leaders experienced more modest paces of growth.

In value terms, Indonesia ($23.4B) led the market, alone. The second position in the ranking was held by the United States ($7B). It was followed by China.

In Indonesia, the market of vacuum pumps and air or gas compressors expanded at an average annual rate of +2.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+4.3% per year) and China (-1.6% per year).

The countries with the highest levels of vacuum pump and air or gas compressor per capita consumption in 2022 were Italy (327 units per 1000 persons), Thailand (321 units per 1000 persons) and Germany (293 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +8.5%), while compressors for the other global leaders experienced more modest paces of growth.

Production

World Production of Vacuum Pumps and Air or Gas Compressors

Global production of vacuum pumps and air or gas compressors expanded modestly to 825M units in 2022, surging by 2.1% against the previous year's figure. In general, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 11%. Global production peaked at 834M units in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, production of vacuum pumps and air or gas compressors expanded to $77.3B in 2022 estimated in export price. Over the period under review, production, however, showed a pronounced setback. The most prominent rate of growth was recorded in 2017 with an increase of 40%. Global production peaked at $98.1B in 2014; however, from 2015 to 2022, production remained at a lower figure.

Production By Country

China (553M units) remains the largest vacuum pump and air or gas compressor producing country worldwide, accounting for 67% of total volume. Moreover, production of vacuum pumps and air or gas compressors in China exceeded the figures recorded by the second-largest producer, Indonesia (37M units), more than tenfold. The third position in this ranking was held by Japan (30M units), with a 3.6% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +1.4%. The remaining producing countries recorded the following average annual rates of production growth: Indonesia (+4.2% per year) and Japan (+1.6% per year).

Imports

World Imports of Vacuum Pumps and Air or Gas Compressors

In 2022, after five years of growth, there was decline in overseas purchases of vacuum pumps and air or gas compressors, when their volume decreased by -2.9% to 638M units. Overall, total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +45.8% against 2016 indices. The pace of growth was the most pronounced in 2021 when imports increased by 27% against the previous year. As a result, imports attained the peak of 657M units, and then fell slightly in the following year.

In value terms, imports of vacuum pumps and air or gas compressors expanded modestly to $46.7B in 2022. The total import value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 21% against the previous year. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

The United States (78M units), Mexico (57M units), Germany (46M units), India (45M units) and Thailand (33M units) represented roughly 41% of total imports in 2022. Hong Kong SAR (22M units), China (21M units), Turkey (19M units), the UK (19M units), Poland (18M units), France (16M units), Italy (15M units) and Spain (15M units) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by India (with a CAGR of +8.6%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($6.9B), China ($3.6B) and Germany ($3.3B) were the countries with the highest levels of imports in 2022, with a combined 30% share of global imports. Mexico, Thailand, the UK, France, India, Italy, Turkey, Poland, Spain and Hong Kong SAR lagged somewhat behind, together accounting for a further 26%.

India, with a CAGR of +4.9%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Turbo, rotary and reciporating displacement compressors (225M units) and compressors for refrigeration equipment (224M units) were the key types of vacuum pumps and air or gas compressors in 2022, reaching approx. 35% and 35% of total imports, respectively. It was distantly followed by hand or foot-operated air pumps (140M units) and vacuum pumps (53M units), together committing a 30% share of total imports.

From 2012 to 2022, the biggest increases were recorded for turbo, rotary and reciporating displacement compressors (with a CAGR of +7.7%), while purchases for the other products experienced more modest paces of growth.

In value terms, turbo, rotary and reciporating displacement compressors ($23.1B), compressors for refrigeration equipment ($16.3B) and vacuum pumps ($5.7B) were the products with the highest levels of imports in 2022, together comprising 97% of global imports.

Among the main imported products, vacuum pumps, with a CAGR of +4.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average import price for vacuum pumps and air or gas compressors stood at $73 per unit in 2022, growing by 6.2% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable descent. Over the period under review, average import prices reached the peak figure at $96 per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was air compressors mounted on a wheeled chassis for towing ($275 per unit), while the price for hand or foot-operated air pumps ($3.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by hand-operated air pump (+0.3%), while the other products experienced a decline in the import price figures.

Import Prices By Country

In 2022, the average import price for vacuum pumps and air or gas compressors amounted to $73 per unit, with an increase of 6.2% against the previous year. Over the period under review, the import price, however, showed a perceptible reduction. Over the period under review, average import prices reached the maximum at $96 per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was China ($171 per unit), while Hong Kong SAR ($4.5 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.4%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Vacuum Pumps and Air or Gas Compressors

In 2022, after two years of growth, there was significant decline in shipments abroad of vacuum pumps and air or gas compressors, when their volume decreased by -8.1% to 662M units. Overall, total exports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +48.0% against 2015 indices. The growth pace was the most rapid in 2018 when exports increased by 32% against the previous year. The global exports peaked at 720M units in 2021, and then declined in the following year.

In value terms, exports of vacuum pumps and air or gas compressors stood at $46.6B in 2022. The total export value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 20%. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

China dominates compressors structure, recording 423M units, which was near 64% of total exports in 2022. The following exporters - Germany (26M units), Mexico (24M units), Taiwan (Chinese) (21M units), Hong Kong SAR (15M units), Poland (12M units), the United States (12M units) and Thailand (12M units) - together made up 18% of total exports.

Exports from China increased at an average annual rate of +3.5% from 2012 to 2022. At the same time, Mexico (+9.7%), Poland (+9.6%), Germany (+1.8%) and the United States (+1.7%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in the world, with a CAGR of +9.7% from 2012-2022. Hong Kong SAR experienced a relatively flat trend pattern. By contrast, Thailand (-3.3%) and Taiwan (Chinese) (-8.8%) illustrated a downward trend over the same period. China (+9.7 p.p.) and Mexico (+1.9 p.p.) significantly strengthened its position in terms of the global exports, while Taiwan (Chinese) saw its share reduced by -6.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vacuum pump and air or gas compressor supplying countries worldwide were China ($10.6B), Germany ($5.8B) and the United States ($3.9B), with a combined 43% share of global exports.

China, with a CAGR of +7.9%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

The exports of the three major types of vacuum pumps and air or gas compressors, namely compressors for refrigeration equipment, turbo, rotary and reciporating displacement compressors and hand or foot-operated air pumps, represented more than two-thirds of total export. It was distantly followed by vacuum pumps (43M units), mixing up a 6.4% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exported products, was attained by turbo, rotary and reciporating displacement compressors (with a CAGR of +5.5%), while the other products experienced more modest paces of growth.

In value terms, the largest types of exported vacuum pumps and air or gas compressors were turbo, rotary and reciporating displacement compressors ($22.8B), compressors for refrigeration equipment ($16.6B) and vacuum pumps ($5.6B), together accounting for 97% of global exports.

Among the main exported products, vacuum pumps, with a CAGR of +5.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average export price for vacuum pumps and air or gas compressors amounted to $70 per unit, increasing by 11% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The global export price peaked at $85 per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was air compressors mounted on a wheeled chassis for towing ($681 per unit), while the average price for exports of hand or foot-operated air pumps ($3.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by hand-operated air pump (+5.8%), while the other products experienced mixed trends in the export price figures.

Export Prices By Country

The average export price for vacuum pumps and air or gas compressors stood at $70 per unit in 2022, rising by 11% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The global export price peaked at $85 per unit in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($323 per unit), while Hong Kong SAR ($6.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+15.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform