According to research and consultancy company Future Market Insights (FMI), which is ESOMAR-certified, sales of magnetic drive pumps will reach US$ 672.5 million globally in 2023. With a stable outlook for growth, the market is anticipated to experience a CAGR of roughly 6.4% from 2023 to 2033.
2020 saw a decline in the demand for magnetic drive pumps due to the COVID-19 epidemic. The prognosis for the market over the long term is anticipated to remain favourable with the construction industry in recovery mode.
The demand for heavy machinery and equipment is anticipated to rise as the construction and mining sectors expand, driving up sales of magnetic drive pumps. According to FMI, China, India, and Indonesia are expected to see steadily rising application in the mining and construction industries.
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$ 1251 Million by 2033.
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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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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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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