Global Magnetic Drive Pump Market Size To Grow USD 2198.4 Million by 2032 | CAGR of 7.2%
Category: Machinery & EquipmentGlobal Magnetic Drive Pump Market Size To Grow USD 2198.4 Million By 2032
According to a research report published by Spherical Insights & Consulting, 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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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: https://www.sphericalinsights.com/reports/magnetic-drive-pump-market
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.
Covid 19 Impact
The COVID-19 pandemic caused the worldwide lockdown, which caused the manufacture of several items in the magnetic drive pump industry to halt. This has limited the market's growth for magnetic drive pumps throughout the years, and the first half of 2022 is anticipated to follow a similar pattern. In order to adapt to urgent emergencies and establish new methods of working after COVID-19, magnetic drive pump manufacturers are anticipated to concentrate on protecting their staff, operations, and supply networks. Offering hand sanitizers, upholding social distance, and ensuring that every person in the firm has had their immunizations, for example, may help to promote the health and safety of the workforce.
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.
Asia Pacific dominates the market with the largest market share during the forecast period
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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.
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.
key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
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
About the Spherical Insights & Consulting
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