According to the latest report by IMARC Group, titled “Vacuum Ovens Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global vacuum ovens market size reached US$ 178.7 Million in 2018. Vacuum ovens are versatile pieces of equipment that are utilized to remove gas, moisture, residual traces of lubricants and surface contaminants, such as oxide films while preventing surface reactions, such as oxidation or decarburization. These ovens are used for heat-treating process which takes place inside an airtight vessel. This, consequently, allows a vacuum to be drawn inside the vessel, which reduces the pressure and boiling point of most substances. These ovens are used across various industries, and engineering and laboratory research centers for the production of packaged food products, essential oils, semiconductors and implantable medical devices.
Global Vacuum Ovens Market Trends:
Vacuum ovens are extensively utilized by legalized cannabis growers to process cannabis extracts like Butane Hash oil (BHOs). These ovens evaporate the residual solvents in the vacuum chamber, which are then pulled out with the use of the vacuum. This process is essential for extracting purified oil while reducing the risk of fire when using highly flammable solvents like Butane. Apart from this, these ovens are also utilized in the electronics industry, which is another major growth-inducing factor. Vacuum ovens are employed to dry the electronic devices and cure the coatings of printed circuit boards without the risks of warping the parts. Furthermore, these ovens are used by the medical industry to remove toxic chemicals from various implantable medical devices, such as pacemakers and catheters. On account of the aforementioned factors, the market is expected to reach a value of US$ 271.1 Million by 2024, growing at a CAGR of 7.2% during 2019-2024.
- On the basis of the product type, the market has been divided into <200, 200-300 and >300. Amongst these, <200 represents the most preferred product type.
- Based on the application, the market has been bifurcated into home and commercial appliances, wherein the commercial appliances segment exhibits a clear dominance in the market.
- On the geographical front, North America holds the leading position in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been studied in the report. Some of the key players operating in the market include Cole-Parmer, Memmert GmbH+Co.KG, MTI Corporation, Sheldon Manufacturing Inc, Thermo Fisher Scientific, Accumax India, BINDER GmbH, Cascade TEK, ESPEC, Grieve, JEIO, SalvisLab Renggli, Shanghai Hasuc Instrument, Ted Pella and Yamato Scientific.
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