Magnetic Drive Pump Market By Pump Type(Centrifugal Pumps, Positive Displacement Pumps), Flow Rate(Up to 80 m3/hr, Above 501 m3/hr), Casting Material(Stainless Steel, Alloy), Application(Mining, Chemical Manufacturing and Processing), & Region - Forecast 2021 - 2031
Magnetic Drive Pump Market - Analysis, Outlook, Growth, Trends, Forecasts
- September 2021
- 279 pages
- Industrial Automation
Magnetic Drive Pump Market
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.
Key Points Covered
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Magnetic Drive Pump market and How to Navigate
- Recommendation on Key Winning Strategies
2016-2020 Magnetic Drive Pump Market Sales Performance in Comparison to Demand Outlook for 2021-2031
Demand for magnetic drive pumps grew at a sluggish 1.1% CAGR between 2016 and 2020. Unprecedented outbreak of COVID-19 stunted the market growth due to suspended manufacturing activities and disruptions in supply-chains.
Magnetic drive pumps are extensively used for moving fluids from bulk tanks to day tanks for mining, food processing, water treatment, and other applications across diverse end-use sectors. As COVID-19 gradually engulfed the world, production and supply chain activities witnessed a major slump, yet the consumption will improve with the economic recovery on cards following the commencement of vaccination drives across the globe.
The COVID-19 outbreak has adversely impacted various end-use industries, resulting in decelerating demand worldwide. However, with the recovery of mining and manufacturing operations, FMI expects global magnetic drive pump market to achieve its pre-pandemic status, exhibiting growth at 5.3% CAGR through 2031.
Market Research Methodology - Perfected through Years of Diligence
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Stringent Pollution Regulatory Policies to Impede the Market Growth
In some of the major regions, construction and mining industries are required to adhere to strict legislations to attain certain standards of end-use industry. Government authorities formed to protect the environment such as Pollution Control Agency and Environmental Protection Agency require manufacturers to invest heavily in new technologies to reduce the emission of pollution.
However, due to these regulations, manufacturers of industrial pump registered slump in the sales in terms of volume. Moreover, companies operating in the developing economies refrain from investing heavily in advanced technologies due to high initial cost.
Lack of compliance and skilled professional/equipment in these industries might hamper the sales of Sealless Pumps. Also, due to dearth of advanced technology in mining and construction industry might result in failures and accidents, hampering sales.
How will the Magnetic Drive Pump Market Expand in China?
As per FMI’s analysis, China is anticipated to remain one of the most lucrative markets in East Asia, accounting for over 39.2% of market share in 2021. Increasing application of magnetic drive pumps in mining and construction industry will drive the sales in China.
China being one of the world’s largest construction industry, rapid expansion of construction and mining projects has surged the demand for heavy mining and construction equipment. This has in turn created lucrative growth opportunities for Sealless Pumps Market in the country.
Driven by these aforementioned factors, China is projected to be the most lucrative market across East Asia, reaching valuation of US$ 125.5 Mn through 2031.
Will the U.K. Remain the Most Lucrative Magnetic Drive Pump Market in Europe?
The U.K. is anticipated to spearhead growth of the Europe magnetic drive pump market. Growth can be attributed to the increasing demand for heavy machinery and equipment within construction and mining industry.
Sales of magnetic drive pumps are expected to surge at a robust pace, enabling growth at over 5.3% CAGR during the forecast period. Presence of leading players and numerous rental service providers in the country will boost the market growth.
What is Supporting Magnetic Drive Pump Sales in India?
Backed by the rapid expansion of mining industry, India’s magnetic drive pump market is expected to be the second largest market across South Asia Pacific.
With increasing mining and construction projects, demand for centrifugal pumps have surged in the country, resulting in increased sales of magnetic drive pumps.
Additionally, growing water treatment and mining applications across India has led to increased adoption of magnetic drive pumps, reshaping the market growth. Further, favorable government investments for infrastructure development activities in India are aiding the market growth.
As per Future Market Insights, India’s magnetic drive pump market will capture over 31.1% of total market share in South Asia Pacific.
Centrifugal Magnetic Drive Pumps to Remain Most Preferred
In terms of pump type, centrifugal pumps are expected to remain dominant, holding over 52.1% of global market share. Demand for various magnetic drive pump types vary from region to region. In East Asia and South Asia Pacific, centrifugal pumps are expected to remain highly sought-after.
With increased demand for centrifugal pumps in Asia Pacific, sales of magnetic drive pumps are expected to surge during the forecast period.
Application of Magnetic Drive Pumps in Water Treatment to Drive Sales
As per Future Market Insights (FMI), the water treatment application segment accounts for 14.6% of global market share. Growth in the segment is mainly driven by increased water treatment application for water treatment projects such as waste water treatment in emerging economies.
Additionally, increasing prominence of recycling water across the globe is creating incremental growth opportunities for magnetic drive pumps.
Why is Stainless Steel More Preferred as Casting Material for Magnetic Drive Pumps?
The stainless steel segment holds over 41.3% of market share. As stainless steel offers a wide array of benefits such as reduced initial cost of the pump, coupled with low operational cost with better quality, key players prefer stainless steel as casing material for magnetic drive pumps.
With presence of numerous competition, competition in the market is expected to remain moderate through the assessment period. Key players are focusing to carve a niche by forming partnerships and focusing on innovation.
Manufacturers are also aiming at strategic collaborations with end users and regional distributors to cater to the rising demand from various industries. Brand consciousness and aggressive marketing make it challenging for new entrants in this market. The leading companies operating in the market are:
Scope of Report
Historical Data Available for
USD Million for Value and Volume by Units
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa
Key Countries Covered
US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, BENELUX, Russia, Hungary, Poland, NORDICS, China, Japan, South Korea, India, ASEAN, ANZ, GCC Countries, Turkey, and South Africa
Key Segments Covered
Pump Type, Flow Rate, Casting Material, Application, and Region.
Key Companies Profiled
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
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
- Engineering Plastic
- Chemical Manufacturing and Processing
- Bio-Fuels and Refineries
- Metal Plating and Finishing
- Fume Scrubbing
- Food Processing
- Water Treatment
- Surface Treatment
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa