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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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.
Opportunity: Increased focus on research & development enables advanced vacuum valve products
With the increasing competition, businesses are making significant investments in R&D to boost their business growth by developing new products and services. R&D activities involve product R&D to create new products and improve the existing ones.
The leading companies in the vacuum valve market, such as VAT Group, Pfeiffer Vacuum, Agilent Technologies, and MKS Instruments, are focusing considerably on R&D activities and can be seen increasing their R&D investments year-on-year to gain or maintain their leading position. These investments are expected to help manufacturers with innovations in vacuum valves, thus enabling them to enhance business with existing customers and expand in adjacent markets. In 2020, VAT Group invested around USD 44 million or 6% of its net sales into R&D, the majority of which was focused on developing products with the precision and purity required for the coming era of nodes of 5 nm and smaller in semiconductor manufacturing. The company also aims to broaden its product range to serve adjacent markets, such as flat-panel display manufacturing and solar panel manufacturing. Such research initiatives and the development of new enhanced products and technologies by the industrial players are expected to boost the vacuum valve market during the forecast period.
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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