NEWARK, Del, Dec. 01, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the magnetic drive pump market size to reach a valuation of US$ 672.5 Million in 2023. Future Market Insights reports say that the market is expected to grow at a 6.4% CAGR from 2023 to 2033, anticipated to be valued at US$ 1,251 Million by the end of 2033.
Growth in the market is driven by the rise in demand for energy-efficient technologies and rapid industrialization. Growth in the usage of centrifugal magnetic drive pumps across sectors such as chemical and pharmaceutical will tend to uplift the market.
An increase in the number of water treatment projects, especially in developing and approaching economies will fuel the sales of centrifugal magnetic drive pumps. Magnetic drive pump industry will also involve wider expansion as the Implication of recycling water rises worldwide.
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Industries are interested in investing largely in new technologies by environmental agencies for example the Pollution Control Agency and the Environmental Protection Agency i.e., used in the limitation of the emissions of pollution which will largely continue to raise demand for magnetic drive pumps.
Magnetic drive pumps are broadly used in pharmaceutical and chemical industries because of their safety, reliability, and leak-proof features. Future Market Insights (FMI) says that the pharmaceuticals segment is anticipated to hold more than one-fifth of the market value share. Magnetic drive pumps are thus used in the pharmaceutical industry for applications where rigorous and contagious control is critical as they are also considered suitable for pharmaceutical applications that require high accuracy and consisting of dosing and metering.
Key Takeaways from the Market Study:
- Sales of magnetic drive pump market expanded at a CAGR of 4.67% from 2018 to 2022.
- The European magnetic drive pump industry is likely to have a market share of 24.2%.
- Asia Pacific is said to have a growth in the market with a CAGR of 5.2% during the forecast period.
- China is anticipated to remain one of the most lucrative markets in East Asia, accounting for 42.2% of the market share in the forecast.
- Growth in the magnetic pump market in the United Kingdom is anticipated to rise at a CAGR of 4.23%.
- India’s magnetic drive pump market will capture over 31.1% of the total market share in the South Asia Pacific.
- Chemical manufacturing application segment accounts for 13.4% of the global market share.
“As the magnetic drive pump market navigates through challenges posed by stringent pollution regulatory policies, a silver lining emerges with the steadfast rise and growth of the chemical sector. These contrasting dynamics shape the landscape for magnetic drive pump manufacturers, as they find themselves at the crossroads of compliance and opportunity.” - opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
Some of the prominent players in the global market are as follows -
- 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.
- Grundfos
- TEIKOKU ELECTRIC MFG. CO., LTD.
- ELEPON E.C.A.P. Corporation
- NIKKISO EIKO Co., Ltd.
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Some of the Important Developments of the Key Players in the Market are:
- In January 2023, Kirloskar Brothers Limited (KBL) launched its latest product, the Vertical Inline Long Coupled “KW-LC” Pumps, expanding its ever-growing portfolio in the Heating, Ventilation, and Air-Conditioning (HVAC) segment. The KW-LC pump is a space-saving, vertical, long-coupled design that simplifies piping and has a compact structure.
- In May 2023, Kirloskar Brothers Limited launched yet another advanced pump series- 'AQUA TORRENT-10 FCL’. The pump offers a high suction lift and best-in-class performance and comes with an energy-saving design. AQUA TORRENT-10 FCL is available in a single-phase, 1.0 HP monobloc pump offering an array of advanced features Its Cathodic Electro Deposition (CED) coating ensures corrosion resistance, and the dynamically balanced rotating parts provide minimum vibrations, reducing the chances of operational damage. AQUA TORRENT-10 FCL is the perfect choice for domestic applications like overhead tank filling, water supply to gardens and fountains, feed water & RO plants, construction sites, hotels, construction sites, and lawn sprinklers and car washing.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the magnetic drive pump industry providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the magnetic drive pump market is segmented by pump types (centrifugal pumps and positive displacement pumps), flow rate (up to 80 m3/hr and above 501 m3/hr), casting material (stainless steel and alloy), and application (mining, chemical manufacturing, and processing) across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia and Middle East & Africa).
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Magnetic Drive Pump Industry Segmentation Analysis:
By Pump Type:
- Centrifugal Pumps
- Positive Displacement Pumps
By Flow Rate:
- Up to 80 m3/hr
- Above 501 m3/hr
By Casting Material:
- Stainless Steel
- Alloy
By Application:
- Mining
- Chemical Manufacturing
- Processing
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa
About the Process Automation Division at Future Market Insights:
The Industrial Automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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