According to a research report "Vacuum Valve Market with COVID-19 Impact Analysis by Type (Pressure Control Valves, Isolation Valves, Transfer Valves), Pressure Range, Industry (Semiconductor, Flat-panel Display Manufacturing, Thin-film Coating), and Geography - Global Forecast to 2026" published by MarketsandMarkets, the global vacuum valve market is projected to reach USD 1.8 billion by 2026 from an estimated USD 1.2 billion in 2021, at a CAGR of 8.5% from 2021 to 2026.
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COVID-19 Impact on the Global Vacuum Valve Market
Despite the global COVID-19 pandemic, the market has witnessed significant growth. The growth is driven mainly by the semiconductor industry, which is the largest end market for vacuum valves. The shift toward work-from-home and a sharp increase in online commerce that resulted from pandemic-related lockdown restrictions accelerated some of the long-term megatrends that drive this business, such as the Internet of Things, cloud computing, and artificial intelligence. The demand was further supported by technological advances in logic and memory chips that require new production platforms. As node sizes shrink and chip architectures change, the need for purer vacuums and the number of process steps under vacuum also increase. Semiconductor manufacturers continued to develop technologically advanced chips to meet the demands of digitalization in 2020. As a result, demand for the high-vacuum equipment needed to manufacture semiconductors also grew strongly. An increasing number of semiconductors are being integrated into several products, which would help continue the growth in the demand for vacuum valves.
Market Dynamics:
Driver: Rapidly growing semiconductor industry increases demand for vacuum valves
The semiconductor industry is one of the significantly growing industries globally. Semiconductors, such as memory chips and transistors, are an integral part of existing and emerging technologies. Some of the key factors fueling the long-term demand for the chip industry include the Internet of Things (IoT), wireless communications, automotive electronics, artificial intelligence (AI), cloud computing, machine learning, consumer electronics, and data storage. The increasing demand for consumer electronics, such as smartphones, TVs, tablets, and laptops, coupled with the adoption of AI and deployment of 5G cellular networks, would require advanced semiconductor components and devices. Thus, processes in the semiconductors manufacturing industry must be upgraded to meet the needs for higher memory output and better performance, thus producing IC chips of the highest quality.
Semiconductor chips are used to power technologies that enable electronics products to work effectively and help run businesses with high productivity. These chips require higher vacuum purity and thus, need to be manufactured under vacuum. The demand for vacuum valves in the semiconductor industry is mainly driven by the reduction in semiconductor node sizes to get more processing power into a smaller space. As node sizes shrink and chip architectures change, the need for purer vacuums and the number of process steps under vacuum also increase, thus generating demand for vacuum valves.
Restraint: Lack of standardized norms and governing policies
The manufacturers of vacuum valves need to adhere to certain norms and regulations. Different regions have different certifications and policies with respect to valves. This factor creates diversity in demand due to the wide applicability of valves in various industries, such as semiconductors, analytical instruments, chemicals, flat-panel display manufacturing, food & beverages, paper & pulp, and pharmaceuticals. However, this diversity is hindering the growth of the valves market, as industry players have to amend the same product according to the regional policies, which makes it difficult for them to achieve an ideal cost of installation. To resolve this issue, they have to invest their resources in setting up manufacturing facilities worldwide, which requires additional capital.
Semiconductor held the major share of the vacuum valve market in 2020
Semiconductor held the major share of the vacuum valve market in 2020. Technological advancements in computers, smartphones, medical equipment, and data centers, which form an integral parts of several industries, are dependent on semiconductors. Semiconductor manufacturing is a system-critical industry, and the demand for high-precision semiconductors is increasing. Manufacturing of such semiconductors includes different fabrication processes under vacuum. This, in turn, drives the demand for vacuum valves.
APAC is projected to grow at the highest CAGR from 2021 to 2026
APAC is projected to grow at the highest CAGR from 2021 to 2026. APAC is the leading region for global semiconductor and flat-panel display production, with China, Taiwan, Japan, and South Korea at the forefront. The increase in high-volume manufacturing of semiconductors creates a demand for vacuum valves to achieve the purest vacuum required for different processes. The vacuum valve market in this region is also expected to grow at the highest CAGR during the forecast period driven by the anticipated growth in the production of semiconductors and displays for artificial intelligence, self-driving cars, smart homes, wearable devices, and smart devices.
VAT Group AG (Switzerland), MKS Instruments (US), CKD Corporation (Japan), V-TEX Corporation (Japan), ULVAC, Inc. (Japan), SMC Corporation (Japan), HVA LLC (US), Kitz SCT Corporation (Japan), Pfeiffer Vacuum (Germany), and Agilent Technologies (US); are some of the key players in the vacuum valve market.
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