According to a new analysis from Future Market Insights (FMI), the magnetic drive pump market is expected to grow at a 4.4 percent year-on-year (YoY) rate of 822,539 units in 2021.
According to FMI, sales of centrifugal pumps increased by 4.2 percent to 430,000 units, while positive displacement pump sales increased by 4.5 percent to 390,000 units. Magnetic drive pump sales are estimated to reach a value of US$ 807.9 million by 2021, growing at a CAGR of 5.3 percent. According to FMI’s analysis, sales will be boosted by the quick adoption of technologically upgraded equipment and apparatus, as well as an increased application for water treatment activities. The market is predicted to exceed US$ 1.35 billion by 2031, thanks to the aforementioned causes.
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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 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 an 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 a competitive advantage in the global market. These partnerships will allow companies to improve their production capacity and strengthen their technical expertise,” says an 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.
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.
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Global Magnetic Drive Pump Market by Category
By Pump Type:
- Centrifugal Pumps
- Positive Displacement Pumps
By Flow Rate:
- Up to 80 m3/hr
- 81 – 200 m3/hr
- 201 – 500 m3/hr
- Above 501 m3/hr
By Casting Material:
- Stainless Steel
- Alloy
- Engineering Plastic
- PP
- ETFE
- PFA
- CRETFE
By Application:
- Mining
- Chemical Manufacturing and Processing
- Bio-Fuels and Refineries
- Metal Plating and Finishing
- Fume Scrubbing
- Food Processing
- Water Treatment
- Surface Treatment
- Desalination
- Others
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