Magnetic drive pumps are widely used for moving fluids from bulk tanks to day tanks in mining, food processing, water treatment, and other end-use industries.
The global magnetic drive pump sales are projected to top US$ 807.9 Mn in 2021, as per ESOMAR-certified research and consulting firm Future Market Insights (FMI). With steady growth outlook, the market is poised to register CAGR at nearly 5.3% during 2021-2031.
The outbreak of COVID-19 reduced demand for global magnetic drive pumps in 2020. With the construction industry on the mend, the market's long-term outlook is expected to remain positive.
The expansion of the construction and mining industries is expected to increase demand for heavy machinery and equipment, resulting in higher sales in the magnetic drive pump market. According to FMI, increasing application in the construction and mining industries is expected to grow steadily across China, India, and Indonesia.
According to FMI's analysis, the rapid adoption of technologically advanced equipment and machinery, combined with increased application for water treatment activities, will drive sales. The market is expected to exceed US$ 1.35 billion by 2031, owing to the aforementioned factors.
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Key Takeaways:
“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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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.
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.
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Jun 28, 2022