Semiconductor Industry Growth To Facilitate Vacuum Pump Sale in China
According to the Government of China, any person with an income of $7,250 to $62,500 is defined as middle class. As per the World Bank, the gross national income per capita of the country has surged from $9,620 in 2018 to $10,410 in 2019. A surge in middle-class income has, therefore, increased the penetration of consumer electronics, such as laptops, smartphones, gaming consoles, and solar panels in the country. As semiconductors have become an essential component of such products, a boom in the semiconductor industry will drive the demand for vacuum pumps in China. Moreover, the flourishing chemical and pharmaceutical sector, owing to the mounting income of the middle class and booming geriatric population, will drive the Chinese vacuum pump market at an 8.7% CAGR between 2019 and 2024. According to P&S Intelligence, the market will generate $1.9 billion revenue by 2024. The number of people over 65 years of age in China will grow from 172,262,000 in 2020 to 246,986,000 by 2030,...