New York, United States , June 28, 2023 (GLOBE NEWSWIRE) -- The Global Magnetic Drive Pump Market Size is to grow from USD 1090.2 million in 2022 to USD 2198.4 million by 2032, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period.
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Pumps with magnetic drives, often known as magnetically connected pumps, differ from standard pumps. The fluid-pumping impeller of these pumps is powered by magnets rather than being directly physically pushed by a shaft. They run on a driving magnet, therefore shaft sealing is not necessary. Among the numerous kinds of magnetic drive pumps are positive displacement pumps, vane pumps, internal gear pumps, and external gear pumps. These magnetic fields take the role of the direct drive mechanism and shaft in the pumps, eliminating the need for them. These components serve to lower the overall weight of the pump by eliminating the need for mechanical seals, gland packing, or other shaft sealing devices. Producers must focus on the dynamic changes in these pumps' parameters, such as their broad application range, absence of external leakage, and constructive simplicity, to improve market penetration. Because magnetic drive pumps don't have a drive shaft and have the flexibility to adjust to changing market conditions, the market for them is expected to grow. The usage of green technology is getting greater attention as efforts are made to minimize emissions.
The expansion of water treatment projects in emerging economies, such as wastewater treatment, is what's fueling the market's overall development. Additionally, as the importance of recycling water is understood on a worldwide scale, the need for magnetic drive pumps will increase. The building and mining sectors are subject to stringent legal restrictions in several significant locations to meet specific end-use industry requirements. Environmental authorities like the Pollution Control Agency and the Environmental Protection Agency believe that businesses must substantially invest in cutting-edge technologies to reduce pollution emissions. Furthermore, the fluctuating cost of the raw materials used in the manufacture of magnetic drive pumps limits the market's ability to grow. However, this market may be constrained by the unique laws, regulations, norms, and rules of many different countries, which might pose trade barriers.
Browse key industry insights spread across 210 pages with 125 Market data tables and figures & charts from the report on, "Global Magnetic Drive Pump Market Size, Share, and COVID-19 Impact Analysis By Material Type (Polypropylene, Polyvinylidene Fluoride, Stainless Steel, Nickel Alloys, PFA and ETFE), By Pump Type (Centrifugal Pumps and Positive Displacement Pumps), By Flow Rate (Upto 80 m3/hr, 81-200 m3/hr, 201-500 m3/hr, and Above 500 m3/hr), By Application (Oil and Gas, Chemical Industry, & Pharmaceuticals), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032", Get Detailed Report Description Here:
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The stainless-steel segment is influencing the market with the largest market share during the forecast period.
The worldwide magnetic drive pump market is divided into segments based on material type, including polypropylene, polyvinylidene fluoride, stainless steel, nickel alloys, PFA, and ETFE. Due to several benefits, including a lower initial pump cost and higher quality at a lower running cost, the stainless-steel segment is expected to dominate the market with the highest revenue share over the projection period. Important firms select stainless steel as the casing material for magnetic drive pumps.
The centrifugal pumps segment is dominating the largest market growth over the forecast period.
Centrifugal pumps and positive displacement pumps are the two main segments of the global magnetic drive pump market. Centrifugal pumps are expected to be in high demand in East Asia and South Asia Pacific and grow in demand in Asia Pacific, which is why this category dominates the market.
The oil and gas segment is leading the largest market share during the forecast period.
The oil and gas, chemical industries, and pharmaceuticals segments make up the worldwide magnetic drive pump market, respectively, based on application. The oil and gas category, out of these, is expected to have the highest share of the market during the projected period. Magnetic drive pumps are often used to transport fluids from bulk tanks to day tanks in a variety of industries, including mining, food processing, water treatment, and others.
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Asia Pacific dominates the market with the largest market share during the forecast period
During the anticipated time, Asia Pacific will dominate market growth. end-user industries, such as the automotive, healthcare, and electronics sectors, are expanding quickly in rising economies like China, India, South Korea, Taiwan, and others. Numerous significant businesses from a variety of sectors are focusing on moving their production units there because of the region's access to cheap labor and fast-growing manufacturing industries. It is estimated that China would continue to have one of the highest profit margins in East Asian markets, with a market share of roughly 39.2 percent in 2021.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Magnetic Drive Pump Market include Iwaki Co., Ltd, Sundyne LLC, Klaus Union, ITT Goulds Pumps Inc, Flowserve Corporation, Ebara Corporation, Ruhrpumpen Group, Xylem Inc, March Manufacturing Inc, Kirloskar Brothers Limited, and others.
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Recent Development
In November 2021, Sundyne is a top manufacturer of precision-engineered centrifugal pumps and compressors that are extremely dependable, safe, and efficient. In India, Sundyne just erected a new office. The office, which was built to meet local demands, supports the company's activities in Dijon, France; HMD-UK; and Marelli, Spain, as well as the corporate headquarters in Arvada, Colorado.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Magnetic Drive Pump Market based on the below mentioned segments:
Global Magnetic Drive Pump Market, By Material Type
- Polypropylene
- Polyvinylidene Fluoride
- Stainless Steel
- Nickel Alloys
- PFA and ETFE
Global Magnetic Drive Pump Market, By Pump Type
- Centrifugal Pumps
- Positive Displacement Pumps
Global Magnetic Drive Pump Market, By Flow Rate
- Upto 80 m3/hr
- 81-200 m3/hr
- 201-500 m3/hr
- Above 500 m3/hr
Global Magnetic Drive Pump Market, By Flow Rate
- Oil and Gas
- Chemical Industry
- Pharmaceuticals
Magnetic Drive Pump Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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