Global Magnetic Drive Pump Market Insights Forecasts to 2032

• The Global Magnetic Drive Pump Market Size was valued at USD 1090.2 million in 2022.
• The market is growing at a CAGR of 7.2% from 2022 to 2032.
• The Worldwide Magnetic Drive Pump Market size is expected to reach USD 2198.4 million by 2032.

 

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The Global Magnetic Drive Pump Market Size is expected to reach USD 2198.4 million by 2032, at a CAGR of 7.2% during the forecast period 2022 to 2032.

 

Market Overview

Magnetic drive pumps, commonly referred to as magnetically linked pumps, are distinct from conventional pumps. Instead of being directly mechanically driven by a shaft, the fluid-pumping impeller of these pumps is driven by magnets. They operate using a driving magnet, which does not require shaft sealing. Positive displacement pumps, vane pumps, internal gear pumps, and external gear pumps are a few examples of the various types of magnetic drive pumps. These pumps replace the direct drive mechanism and shaft with magnetic fields, doing away with the necessity for them. Due to these elements, mechanical seals, gland packing, or other shaft sealing mechanisms are not required for the pumps, which helps to reduce the total weight of the pump. To increase market penetration, producers will also need to concentrate on the dynamic changes in the specifications for these pumps, such as their constructive simplicity, broad application range, and lack of external leakage. The market for magnetic drive pumps is projected to expand because of the absence of a drive shaft and the capacity to adapt to shifting market conditions. As initiatives are made to reduce emissions, the use of green technology is receiving more attention. Due to their emission-free functioning, magnetic drive pumps are becoming more and more well-liked in this respect, especially since industrial processes are subject to tougher emission laws.

 

Report Coverage

This research report categorizes the global magnetic drive pump market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global magnetic drive pump market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global magnetic drive pump market. Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications in the downstream market.

 

Driving Factors

The overall market growth is being driven by an increase in the use of water treatment for water treatment projects like wastewater treatment in emerging economies. Additionally, the need for magnetic drive pumps will rise as the value of recycling water is recognized globally. To achieve specific end-use industry requirements, the construction and mining industries must adhere to strict laws in several important places. Industries must invest heavily in innovative technology to minimize pollution emissions, according to environmental regulators like the Pollution Control Agency and the Environmental Protection Agency. Also, Leaks are thought to significantly increase the performance and dependability of the pumps, avoiding unplanned repairs and shutdowns. This is one of the key elements that will enhance the need for magnetic drive pumps. The magnetic drive pump market is anticipated to have strong expansion due to its capacity to prevent leaks and hence avoid mixing dangerous substances with the finished product. Moreover, technological advancements in magnetic drive pump products, such as the incorporation of the newest industry 4.0 technologies, increase the equipment's efficiency and decrease the cost of operation. The market for magnetic drive pumps is anticipated to increase as a result of these potential prospects.

 

Restraining Factors

A restraint on the market expansion for magnetic drive pumps is the variable cost of the raw materials required in their production. However, the distinctive laws, policies, conventions, and rules of many nations can create trade obstacles, thus posing a constraint on this market.

 

Market Segmentation

 

• In 2022 the stainless steel segment is influencing the market with the largest market share during the forecast period.

Based on material type, the global magnetic drive pump market is segmented into polypropylene, polyvinylidene fluoride, stainless steel, nickel alloys, PFA, and ETFE. Among these segments, the stainless steel segment is dominating the market with the largest revenue share during the forecast period, owing to a wide range of advantages, including a lower initial pump cost and greater quality at a lower operational cost. For magnetic drive pumps, important companies prefer stainless steel as the casing material. Furthermore, the nickel alloys segment accounted for the highest CAGR during the forecast period due to the increased use of magnetic drive pumps in the chemical industry, petrochemical industry, refrigeration and heat transfer, oil and gas, electricity, and on/offshore plants.

 

• In 2022, the centrifugal pumps segment is dominating the largest market growth over the forecast period.

On the basis of pump type, the global magnetic drive pump market is classified into centrifugal pumps and positive displacement pumps. Throughout these segments, the centrifugal pumps segment is dominating the market, due to centrifugal pumps are anticipated to be in high demand in East Asia and South Asia Pacific and increase demand in Asia Pacific.  

 

• In 2022, the oil and gas segment is leading the largest market share during the forecast period.

Based on the application, the global magnetic drive pump market is divided into oil and gas, chemical industry, & pharmaceuticals. Among these segments, the oil and gas segment are dominating the market with the largest share during the forecast period. In a wide range of sectors, including mining, food processing, water treatment, and others, magnetic drive pumps are frequently used to transfer fluids from bulk tanks to day tanks.

 

Regional Segment Analysis of the magnetic drive pump market

• North America (U.S., Canada, Mexico)  
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific dominates the market with the largest market share during the forecast period

 

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Asia Pacific is dominating significant market growth during the forecast period. The rapid growth of end-user industries in emerging economies like China, India, South Korea, Taiwan, and others, including the automobile, healthcare, and electronics sectors. Due to the availability of inexpensive labor and the region's rapidly expanding manufacturing industries, several major companies from various industries are concentrating on moving their production units there. With a projected market share of about 39.2 percent in 2021, China is anticipated to continue being one of the East Asian markets with the highest profit margins. The need for heavy mining and construction equipment has expanded due to the quick growth of building and mining projects in China, which has one of the largest construction industries worldwide.

 

Competitive Analysis

The report offers the appropriate analysis of the key organizations/companies involved within the global magnetic drive pump 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.

 

List of Key Companies

• 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

 

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 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.

 

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