The anticipated size of the magnetic drive pump market in 2022 was USD 660.2 million and is estimated to be USD 672.5 million in 2023. Future Market Insights has mentioned in its reports that the magnetic drive pump market will expand at a CAGR of 6.4% between 2023 and 2033, totaling around USD 1,251 million by 2033.
Market for magnetic drive pumps is calculated for expansion in the absence of a drive shaft and the adaptation capability to shifting market conditions. Initiatives have been taken for the reduction in emissions, where the usage of green technology is receiving more attention. Magnetic drive pumps consist of emission-free functioning, which is more welcomed especially due to the presence of industrial processes as they are subject to tougher emission laws.
FMI says the centrifugal pump segment grew 4.2% to a total of 430,000 units, while the sales of the positive displacement pump segment were 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 USD 807.9 million through 2033.
| Attributes | Details |
|---|---|
| Projected Forecast Value (2022) | USD 660.2 million |
| Projected Forecast Value (2023) | USD 672.5 million |
| Projected Forecast Value (2033) | USD 1,251 million |
| Growth rate | 6.4% CAGR |
| Forecast period | 2023 to 2033 |
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Global magnetic drive pump market grew at a CAGR of 4.67% between 2018 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 6.4% between 2023 and 2033. 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 consumption will improve with the economic recovery on the cards following the commencement of vaccination drives across the globe.
Every passing day is working on the recovery of mining and manufacturing operations, FMI expects the global magnetic drive pump market to achieve its pre-pandemic status during the forecasted time period.
Stringent Pollution Regulatory Policies to Impede the Market Growth
Major regions where 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, due to these regulations; manufacturers of industrial pumps registered a slump in sales in terms of volume.
Companies operating in developing economies refrain from investing heavily in advanced technologies due to high initial costs. Lack of compliance and skilled professionals/equipment in these industries might hamper the sales of Sealless Pumps. Dearth of advanced technology in the mining and construction industry might result in failures and accidents, hampering sales.
Rise and Growth of the Chemical Sector to Aids the Magnetic Drive Pump Market
The presence of chemical industries is to be considered one of the most important sectors in recent years that contribute substantially to the growth in industrial development due to the presence of a pattern of end uses like in consumer goods, construction, etc.
The rise in demand for eco-friendly equipment and chemicals for industrial applications is also found driving the demand for magnetic drive pumps which owes to their eco-friendly characteristics. The chemical industry is among the dominant contributors to the global economy and its sales were anticipated to have sales worth USD 3,382 billion previously.
Rise in Application of Magnetic Pumps in Mining and Construction Industry
Asia Pacific is said to have a growth in the market with a CAGR of 5.2% during the forecast period. China is anticipated to remain one of the most lucrative markets in East Asia, accounting for 42.2% of the market share in the forecast. Increasing the application of magnetic drive pumps in the mining and construction industry will drive sales in China.
China is one of the world’s largest construction industries, rapid expansion of construction and mining projects has surged the demand for heavy mining and construction equipment which 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 a valuation of USD 125.5 million through 2033.
Rise in Demand for Heavy Machinery and Equipment
Growth in the magnetic pump market in the United Kingdom is anticipated to rise at a CAGR of 4.23%.
Market share of Europe in magnetic drive pump market is said to have a market share of 24.2%. Growth can be attributed to the increasing demand for heavy machinery and equipment within the construction and mining industry.
Sales of magnetic drive pumps are expected to surge at a robust pace, enabling growth during the forecast period. Presence of leading players and numerous rental service providers in the country will boost the market growth.
Rise in Demand for Centrifugal Pumps in India
The rapid expansion of the mining industry is said to be backed as India’s magnetic drive pump market is expected to be the second most lucrative market across South Asia Pacific. An increase in mining and construction projects with demand for centrifugal pumps has surged in the country, resulting in increased sales of magnetic drive pumps.
Growing water treatment and mining applications across India have led to increased adoption of magnetic drive pumps, reshaping the market growth. Favorable government investments for infrastructure development activities in India are aiding market growth. Future Market Insights says that India’s magnetic drive pump market will capture over 31.1% of the total market share in the South Asia Pacific with a growth in this sector at a CAGR of 3.4%.
Centrifugal Magnetic Drive Pumps are Considered to be Mostly Preferred
Centrifugal pumps are expected to remain dominant, holding 46% of the global market share with a CAGR of 15.2%. Demand for various magnetic drive pump types varies from region to region, for example in East Asia and South Asia Pacific, centrifugal pumps are expected to remain highly sought-after.
Increased demand for centrifugal pumps in the Asia Pacific, results in greater sales of magnetic drive pumps that are expected to surge during the forecast period.
Chemical Manufacturing is Said to Drive the Sales in the Market
Future Market Insights (FMI) says the chemical manufacturing application segment accounts for 13.4% of the global market share. Growth in this segment is mainly driven by various types of liquids like hazardous fluids, ultra-pure liquids, etc that are used in a variety of industries as such items are used in large quantities.
The increase in the prominence of rising water across the globe is creating incremental growth opportunities for magnetic drive pumps.
Stainless Steel Material is Said to Hold a Dominant Position in the Magnetic Drive Pumps Market
Stainless steel segment holds 41.3% of the 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 a casing material for magnetic drive pumps.
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Some of the prominent players in the global market are-
Some of the important developments of the key players in the market are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.4% from 2023 to 2033 |
| Market value in 2023 | USD 672.5 million |
| Market value in 2033 | USD 1,251 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD million for value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Flow Rate, Casting Material, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | 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. |
| Customization & Pricing | Available on Request |
The projected revenue of the market by 2033 is USD 1,251 million.
The market CAGR for 2033 is projected to be 6.4%.
The market is valued at USD 672.5 million in 2023.
Asia Pacific holds the largest market share.
Due to Asia-Pacific's skilled labor and growing demand for magnetic drive pumps due to its efficiency, safety, and cost-effective fluid transmission.
| Estimated Market Share in 2023 | USD 14.12 billion |
|---|---|
| Forecasted Market Size by 2033 | USD 21.72 billion |
| Projected Market CAGR (2023 to 2033) | 4.4% |
| Estimated Market Size (2023) | USD 33 billion |
|---|---|
| Projected Market Size (2033) | USD 60 billion |
| CAGR (2023 to 2033) | 6.2% |
| Estimated Market Size (2023E) | USD 674.6 million |
|---|---|
| Projected Market Size (2033F) | USD 1252.3 million |
| Value-based CAGR (2023 to 2033) | 6.4% |
| Market Size (2022) | US$ 24.8 Billion |
|---|---|
| Market Size (2032) | US$ 39.3 Billion |
| Value CAGR (2022 to 2032) | 4.7% |
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Magnetic Drive Pump Market
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