The magnetic drive pump market study by Future Market Insights (FMI) offers exclusive insights into factors influencing growth across key segments including pump type and flow rate. It underscores product launches and acquisitions as key strategies adopted by the market players as they aim for expanding their footprint globally
DUBAI, UAE, Oct. 5, 2021 /PRNewswire/ -- As per Future Market Insights (FMI), the global magnetic drive pump market is projected to rise at a CAGR of 5.3%, totaling US$ 807.9 Mn in 2021. Despite stagnant sales amid the COVID-19 pandemic, the magnetic drive pumps market registered 4.4% year-on-year in 2021.
Rising awareness about the need to reduce process-fluid leakage in the chemical and municipal wastewater industries is boosting magnetic drive pumps sales. Among various casing materials, stainless steel is extensively used owing to its wide range of benefits such as the reduced initial expenditure required for installation of the pump and low operational cost with better quality. As per FMI, the stainless-steel segment will account for over 41.3% of the market share.
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The market will continue gaining from the increasing application of magnetic drive pumps in wastewater treatment. FMI also has estimated that among various applications, the water treatment segment accounts for 14.6% of the global market share.
Among various pump types, centrifugal pumps are gaining traction on the back of increasing demand from the Asia Pacific, which in turn pushing magnetic drive pumps sales. According to the study, centrifugal pumps are likely to retain their dominance, accounting for over 52.1% of global sales.
Growth prospects are likely to remain positive in China market on account of improving scope for application in the mining and construction industries. As per FMI, the China market is estimated to reach a valuation of US$ 125.5 Mn by the end of 2031. The U.K. also is emerging as a highly lucrative market driven by increasing demand for heavy machinery and equipment from the mining and construction industry.
"Increasing mining and construction projects across the globe is driving magnetic drive pumps' demand. Leading market players are focusing on offering a slew of innovations to cater the specific needs of various industries," said an FMI analyst
Key Takeaways from Magnetic Drive Pump Market Survey
- China is estimated to emerge as one of the most lucrative pockets, accounting for over 39.2% of the East Asia market in 2021.
- India is estimated to account for over 31.1% of sales in South Asia Pacific through the assessment period.
- South Korea and Japan collectively are expected account for over 8% of the global market share between 2021 and 2031.
- The Europe market is projected to grow by 5% in 2021.
- The global magnetic drive pump market in Asia Pacific is projected to exhibit growth at 6.9% CAGR over the forecast period 2021-2031.
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- The increasing importance of water recycling is creating lucrative opportunities for magnetic drives sales across the globe.
- The demand for remote operated pumps is expected to soar across industries, creating sales opportunities for magnetic drive pump market.
- Lack of skilled professionals in the field is hampering magnetic drive pumps sales.
- Stringent regulatory policies imposed on mining and construction industries to curb the pollution and encourage investment in novel technologies might hamper growth in the long run.
Magnetic drive pumps manufacturers are focusing on strategic partnerships and acquisitions to strengthen their market footprint globally. Also, they are investing in novel product launches to expand their product portfolio.
For instance, in 2020, Blackmer® a Dover company and a global leader in specialty pumps and reciprocating compressor technologies announced the launch of new MAGNES Series Sliding Vane Magnetic Drive Pumps.
In 2021, The Verder Group announced that it has acquired the Jabsco rotary lobe pump product line from Xylem Inc. This acquisition will further consolidate Verder's position in hygienic pumps for food and beverage and pharmaceutical applications.
Some of the leading players operating in the magnetic drive pump market profiled by FMI are:
- Ebara Corporation
- Flowserve Corporation
- Kirloskar Brothers Limited
- ITT Goulds Pumps Inc.
- Iwaki Co Ltd.
- Klaus Union
- March Manufacturing
- Ruhrpumpen Inc.
- Sundyne LLC
- Xylem Inc.
- PRECISION ENGINEERING CO.
- Grosvenor Worldwide Private Limited
- GCA Energy
- Magnatex Pumps, Inc.
- TEIKOKU ELECTRIC MFG. CO., LTD.
- ELEPON E.C.A.P. Corporation
- NIKKISO EIKO Co., Ltd.
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More Valuable Insights on Magnetic Drive Pump Market
FMI, in its new report, offers an unbiased analysis of the global magnetic drive pump market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in magnetic drive pump market with detailed segmentation:
By Pump Type:
- Centrifugal Pumps
- Positive Displacement Pumps
By Flow Rate:
- Up to 80 m3/hr
- 81 - 200 m3/hr
- 201 - 500 m3/hr
- Above 501 m3/hr
By Casting Material:
- Stainless Steel
- Engineering Plastic
- Chemical Manufacturing and Processing
- Bio-Fuels and Refineries
- Metal Plating and Finishing
- Fume Scrubbing
- Food Processing
- Water Treatment
- Surface Treatment
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa
Key Questions Covered in the Magnetic Drive Pump Market Report
- The market survey also highlights projected sales growth for magnetic drive pump market between 2021 and 2031
- The report offers insight into magnetic drive pump demand outlook for forecast period 2021-2031.
- Magnetic drive pump market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Magnetic drive pump market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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