As per newly released report by Future Market Insights (FMI), the demand of magnetic drive pump market is up by grew year-on-year (YoY) rate of 4.4% in 2021, with its shipment forecast to top 822,539 units. As per FMI, the centrifugal pump segment grew 4.2% to total 430,000 units, while the sales of positive displacement pump segment was up by 4.5% to reach 390,000 units. Expanding at a CAGR of 5.3%, sales of magnetic drive pumps are expected to reach a valuation of US$ 807.9 Mn through 2021.
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Demand for global magnetic drive pump waned in 2020 due to the outbreak of COVID-19. With the construction industry in recovery mode, the long-term outlook of the market is expected to remain positive.
Expansion of the construction and mining industries is expected to increase the demand for heavy machinery and equipment, increasing sales in the magnetic drive pump market. As per FMI, increasing application in construction and mining industries is projected to register steady growth across China, India, and Indonesia.
As per FMI’s analysis, rapid adoption of technologically advanced equipment and machinery, coupled with increasing application for water treatment activities will spur the sales. Backed by these aforementioned factors, the market is expected to surpass US$ 1.35 Bn by 2031.
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Key Takeaways:
- In terms of pump type, the centrifugal pumps segment is projected to hold 52.6% of the total magnetic drive pump market share.
- Applications of magnetic drive pumps are anticipated to continue rising in the water treatment and mining sector, accounting for 15.6% and 13.3%, respectively.
- Stainless steel is expected to remain the most-preferred casing material for magnetic drive pump services
- China is anticipated to emerge as an attractive market, capturing 40.2% of the East Asia magnetic drive pump market share.
- Germany is projected to lead the Europe’s magnetic drive pump market, growing at a 5.1% CAGR.
- India will continue experiencing high demand for magnetic drive pumps, capturing 31.8% of the South Asia Pacific market share.
- Japan and South Korea will collectively account for 8% of the global market share.
“Integration of advanced technology due to focus on automation in construction and mining industries is pushing the sales of advanced magnetic drive pumps. CAPEX investments and increase in water treatment projects also are expected to provide lucrative opportunities for the magnetic drive pump market. Steered by this, some of the leading OEMs are investing in strategic alliances, partnerships and product innovations to gain competitive advantage in the global market. These partnerships will allow companies to improve their production capacity and strengthen their technical expertise,” says FMI analyst.
Competitive Landscape
The market is expected to be primarily consolidated, with key players accounting for more than half of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
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Some of the key players in the market are 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 Pumps Corporation, TEIKOKU ELECTRIC MFG. CO., LTD., ELEPON E.C.A.P. Corporation, NIKKISO EIKO Co., Ltd., etc.