Currently, APAC is dominating the global industrial vacuum pump market by accounting for 44% of the market share.
A trend that is expected to fuel the growth of the industrial vacuum pump market is the rising demand from the biotech and pharmaceutical industries. In both, the pharmaceutical and the biotech sectors, considerable effort goes into effectively controlling contamination from various sources that include raw materials, people, process plant and equipment, finished products, and accommodating-services. This is vital as an infinitesimal amount of contamination will affect the efficacy of the end-product. Additionally, there is a growth in demand for power worldwide that is leading to widespread expansion of activities in all regions. Such expansion activities in the power industry are expected to drive the market for industrial vacuum pumps globally.
Although the industrial vacuum pumps market is significantly proliferating, a few factors are expected to curb the growth prospects of the industry. A few factors include:
- Level of automation: Improved processes and process reliability has raised the level of automation. Every process and associated equipment like pumps, blowers, etc., go through many process variation, and to work effectively over the entire process variation range, they need to have sensors to sense and modify to suit the process. Therefore, it is essential for firms in this industry to maintain a level of automation and technology to stay on par with the competitors.
- R&D and innovation: Having an in-house R&D facility for firms in the industrial vacuum pumps manufacturing space will help them meet the ever-growing customer’s expectation offering reliable, tested and tried solutions.
Therefore, it is necessary for firms in the industrial vacuum pumps manufacturing space to leverage market study solutions. Market study solutions provide firms with a detailed overview of the market in terms of the customers and competition. These solutions also help firms devote more resources and better determine market opportunity.
The Business Challenge
- The client: An industrial vacuum pumps manufacturer
The client, an industrial vacuum pumps manufacturer with manufacturing units spread across ten countries across the globe, was facing predicaments analyzing the current market landscape and understanding the future growth prospects. As a result, they wanted to augment their current market performance and penetrate through niche target segments. Additionally, the client wanted to leverage Infiniti’s market study solution to identify the potential competitors and devise effective strategies to improve their product offerings.
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Infiniti’s market study experts carried out extensive research methodology comprising interviews and discussions with key leading stakeholders in the industrial vacuum pumps manufacturing space to help the client profile the potential customers and reach out to the target segments. The experts also collated information from a wide array of proprietary sources such as paid industry databases, company presentations, and industry forums.
The Solution and the Business Impact
With the help of Infiniti’s market study engagement, the industrial vacuum pumps manufacturing client gauged information of the market in terms of the size and volume. They also identified the potential competitors in the market and devised an effective go-to-market strategy. Additionally, the client analyzed customers preferences and implemented cross-marketing techniques for existing customers. This further helped them determine the market opportunity and enhance their product offerings across potential target segments.
To ensure that the products manufactured meet universal quality standards and to stay on par with the competition, industrial vacuum pumps manufacturers must look to build a state of the art plant infrastructure and machinery. Additionally, the focus of these firms should not only focus on final products but also should set high standards for in-process operations at all levels of working.