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.
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, sales will be boosted by the rapid adoption of technologically advanced equipment and machinery, as well as increased application for water treatment activities. The market is expected to exceed US$ 1.35 billion by 2031, owing to the aforementioned factors.
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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.
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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.
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.
Aug 10, 2022
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