Pune, India, July 24, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Magnetic Drive Pumps Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and by Flow Rate, Material, Application, Pump Type, and Geography”, the magnetic drive pumps market is expected to grow from USD 0.93 billion in 2021 to US$ 1.58 billion by 2028; it is estimated to grow at a CAGR of 7.9% during 2021–2028. The increase in the use of water treatment for water treatment projects, and eliminates the need for shaft sealing. However, the high cost of production is expected hinder the growth of the market.
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Advancements in Pump Technology Provides Lucrative Opportunities for Magnetic Drive Pumps Market:
Advancements in pump technology offer significant opportunities for the magnetic drive pump market. These advancements drive innovation, improve pump performance, and open up new possibilities for the industry. Technological advancements enable manufacturers to enhance magnetic drive pumps' efficiency and energy-saving capabilities. By incorporating advanced motor designs, improved impeller geometries, and optimized hydraulic systems, pumps can achieve higher levels of efficiency, resulting in reduced energy consumption and cost savings for end-users. The growing emphasis on energy efficiency and sustainability creates a strong market opportunity as industries seek to reduce their environmental footprint and operating expenses. Advancements in materials and engineering techniques offer opportunities for improved pump reliability and longevity. High-performance materials, such as advanced polymers and ceramics, enhance pump resistance to corrosion, abrasion, and chemical attack, extending their operational lifespan. Additionally, innovations in pump design, including computational fluid dynamics (CFD) analysis and modeling, facilitate better fluid handling characteristics, reduced vibration, and improved overall performance.
These advancements attract customers seeking pumps with enhanced durability, reliability, and reduced maintenance requirements. Integrating smart technologies and monitoring systems in magnetic drive pumps presents opportunities for increased efficiency, predictive maintenance, and remote monitoring capabilities. Sensors, internet connectivity, and data analytics allow real-time monitoring of pump performance, early detection of issues, and proactive maintenance scheduling. This improves pump reliability, minimizes downtime, and optimizes overall system performance. The market can capitalize on these opportunities by developing smart magnetic drive pumps with enhanced control, diagnostics, and connectivity features. Moreover, advancements in pump technology enable the customization and adaptation of magnetic drive pumps for specific applications and industries. Manufacturers can leverage these advancements to offer specialized pumps for demanding environments, such as high-temperature or high-pressure applications. Customization options, such as adjustable impellers or modular designs, allow pumps to be tailored to meet specific process requirements, expanding their potential applications and attracting customers seeking optimized solutions. Furthermore, advancements in pump technology facilitate miniaturization and compact designs, making magnetic drive pumps suitable for space-constrained installations or portable applications. This opens up opportunities in industries where space optimization and mobility are critical, such as medical devices, laboratory equipment, and portable water treatment systems.
China has played a pivotal role in leading the magnetic drive pump market, primarily due to its vast industrial sector, strong manufacturing capabilities, and significant market demand. Several factors contribute to China's prominent position in the market. China has undergone rapid industrialization and urbanization over the past few decades, establishing numerous manufacturing facilities across various industries. Industries such as chemicals, petrochemicals, pharmaceuticals, and water treatment have grown significantly, creating a substantial demand for magnetic drive pumps. China's large population and expanding urban areas have driven the need for improved infrastructure, including water supply and wastewater treatment systems. Magnetic drive pumps are crucial in these systems, ensuring efficient pumping and handling of fluids in water treatment processes. The Chinese government's focus on environmental protection and stringent regulations further bolster the demand for reliable and leak-free pumping solutions. China has made substantial investments in research and development, fostering technological advancements in the pump industry. Local manufacturers have focused on developing innovative magnetic drive pump technologies, catering to specific industrial requirements. This emphasis on technological advancements has fueled the domestic market and positioned China as a key player in the global magnetic drive pump market.
China's manufacturing capabilities and cost advantages have enabled it to become a major exporter of magnetic drive pumps. Chinese manufacturers offer competitive pricing and a wide range of product options, attracting customers from both domestic and international markets. The country's strong export market presence has further solidified its leadership position in the magnetic drive pump market.
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Global Magnetic Drive Pumps Market Analysis: Competitive Landscape and Key Developments
IWAKI CO., LTD.; Sundyne; Klaus Union GmbH & Co. KG; Flowserve Corporation; Dickow Pump Company; KSB SE & Co. KGaA; ITT Goulds Pumps; Sulzer Ltd; Finish Thompson, Inc.; OPTIMEX; HERMETIC-Pumpen GmbH; CP Pumpen AG; and CDR Pumpsare a few of the key companies operating in the magnetic drive pumps market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In November 2021, Sundyne is a leading producer of highly dependable, secure, and effective precision-engineered centrifugal pumps and compressors. Sundyne just built a new office in India. The Arvada, Colorado, corporate headquarters, together with the company's operations in Dijon, France, HMD-UK, and Marelli, Spain, are supported by the office, which was established to fulfill local needs.
In May 2019, ITT Inc. announced the acquisition of Rheinhütte Pumpen Group, a market-leading designer and manufacturer of centrifugal and axial flow pumps. This move will complement the product offering by ITT Inc. and will let it have a new portion of the market.
Global Magnetic Drive Pumps Market: Segmental Overview
Based on flow rate, the magnetic drive pumps market is segmented into upto 80 m3/hr, 81–200 m3/hr, 201–500 m3/hr, and above 500 m3/hr. The upto 80m3/hr segment held the largest share of the market in 2020, whereas the 81–200 m3/hr segment is anticipated to register the highest CAGR in the market during the forecast period. On the basis of material, the market is categorized into polypropylene, polyvinylidene fluoride, stainless steel, nickel alloys, PFA, and ETFE. The stainless steel segment held the largest share of the magnetic drive pumps market in 2020, whereas the nickel alloys segment is anticipated to register the highest CAGR in the market during the forecast period. Based on application, the market is split into chemical processing, water treatment, surface treatment, food processing, oil & gas, and renewable energies. The chemical processing segment held the largest share of the market in 2020, whereas the water treatment segment is estimated to register the highest CAGR in the market during the forecast period. Based on pump type, the market is divided into side channel pumps, centrifugal pumps, and others. The centrifugal pump segment held the largest share of the market in 2020, whereas the others segment is estimated to register the highest CAGR in the market during the forecast period
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