Press release
Magnetic Drive Pump Market is expected to surpass US$ 1.35 Bn by 2031.
Demand for global magnetic drive pump waned in 2020 due to the outbreak of COVID-19. With the construction industry in recovery mode, the long-term outlook of the market is expected to remain positive.
Expansion of the construction and mining industries is expected to increase the demand for heavy machinery and equipment, increasing sales in the magnetic drive pump market. As per FMI, increasing application in construction and mining industries is projected to register steady growth across China, India, and Indonesia.
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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$ 1.35 Bn by 2031.
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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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.
About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry
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About Us:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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