According to a Future Market Insights (FMI) report, the magnetic drive pump market 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$ 1251 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 to invest 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.
Key Takeaways from the Market Study:
- Sales of magnetic drive pump market expanded at a CAGR of 67% from 2018 to 2022.
- The European magnetic drive pump industry is likely to have a market share of 2%.
- Asia Pacific is said to have a growth in the market with a CAGR of 2% during the forecast period.
- China is anticipated to remain one of the most lucrative markets in East Asia, accounting for 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 23%.
- India’s magnetic drive pump market will capture over 1% of the total market share in the South Asia Pacific.
- Chemical manufacturing application segment accounts for 4% of the global market share.
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).
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
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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.
Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:
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The sealless magnetic drive pump market is likely to expand from US$ 674.6 Million in 2023 to US$ 1252.3 Million by 2033.
The centrifugal pumps market is estimated to be valued at US$ 33 Billion in 2023 and is expected to reach US$ 60 Billion by 2033.
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