USD 807.9 million
Report ID: SQSG20I2023 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 94 | Figures: 76
Global Magnetic Drive Pump Market size was valued at USD 807.9 million in 2021 and is poised to grow from USD 850.72 million in 2022 to USD 1354.07 million by 2030, growing at a CAGR of 5.3% in the forecast period (2023-2030).
Rising awareness about the need to reduce process-fluid leakage in the chemical industry is driving the growth of magnetic drive pump market. Magnetic Drive pumps are seal-less pumps that use the technology of a drive magnet and inner magnet connected to an impeller to move fluid through the pump. The drive magnet and inner magnet are separated by a rear casing or housing, creating a seal-less containment. A magnetic drive Pump will prevent the leakage of fluid and even more importantly save you from the loss of potentially dangerous and costly liquids.
With environmental concerns and EPA requirements more stringent, seal-less pumps allow for zero fugitive emissions, allowing them to meet the necessary compliances. Due to their simplicity, magnetic drive pumps save maintenance time replacing seals and dealing with hazardous leaks. With only two moving parts, there is little chance for failure. The magnetic drive pumps are the answer for reliability and zero emissions. Advances in pump technology have enabled engineers to reduce the size of magnetic drive pumps whilst increasing their power and efficiency. Rare earth alloy magnets with high field strength allow compact design. New pump bearing designs and a wide range of wetted material options have enhanced pump lifetime, lowered power losses due to eddy currents and reduced maintenance downtime. These factors are aid in magnetic drive pump market growth.
US Magnetic Drive Pump Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 807.9 million
Up To 100 m3/hr
From 101 To 250 m3/hr
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The global magnetic drive pump market is segmented based on the flow rate, material, application, and region. Based on the flow rate, Magnetic Drive Pump Market is segmented into up to 100 m3/hr, from 101 to 250 m3/hr, 251 to 500 m3/hr, and greater than 500 m3/hr. Based on the material, Magnetic Drive Pump Market is segmented into polypropylene, stainless steel, and engineering plastics. Based on application, it is segmented into chemical, oil & gas, water treatment, food processing, pharmaceuticals, and others. Based on region Magnetic Drive Pump Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Magnetic Drive Pump Market Analysis by Flow Rate
The global magnetic drive pump market is segmented based on flow rate into up to 100 m3/hr, from 101 to 250 m3/hr, 251 to 500 m3/hr, and greater than 500 m3/hr. Among these segments, the up to 100 m3/hr segment dominated the market and is expected to register fastest growth over the forecast period. A pump of this type requires very little maintenance. The primary reason is that the design is actually quite simple. In fact, when used for normal operations it is common to see magnetic drive pumps go 10 years or longer before needing any kind of repair. Even then, repairs are often inexpensive. Moreover, Environmental concerns have driven pump manufacturers to adopt cleaner technologies. The absence of a seal, and the and the containment of pumped fluid completely within the confines of the pump housing will lead to an increase in demand for magnetic drive pumps.
Magnetic Drive Pump Market Analysis by Application
The global magnetic drive pump market is segmented based on application into chemical, oil & gas, water treatment, food processing, pharmaceuticals, and others. Chemical segment is anticipated to hold the largest share in the global magnetic drive pump market. The chemical industry has been one of the most important sectors in the recent years contributing significantly to the industrial development. It has its presence in an array of end uses such as in consumer goods, construction, mining, and other industrial end uses. In addition to this, there is an increase in demand for equipment and chemicals which are eco-friendly while also being efficient for the industrial application. The rise in the demand for magnetic drive pumps due to rising environmental awareness and maintenance and safety issues is increasing the demand for magnetic drive pumps in chemical, oil and gas and wastewater treatment market.
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The global magnetic drive pump market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is expected to account for the largest market. The regions domination can be attributed to rising awareness about the need to reduce process-fluid leakage in the chemical industry, oil and gas industry is increasing the sale of magnetic drive pumps. India & China are the fastest growing markets over the forecast period, this growth can be attributed due to increasing investments across various applications. The expanding manufacturing sector across the Globe coupled with rising inclination towards more reliable pumps across various industries such as chemical, oil & gas, water treatment, and pharmaceuticals are propelling the demand for magnetic drive pumps across Asia-Pacific, provides a lucrative opportunity for the magnetic drive pump manufacturers.
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Magnetic Drive Pump Market Driver
Increased awareness of low risk of fluid and vapor emissions from being leaked
Eliminates the need for shaft sealing
Magnetic Drive Pump Market Restraint
Rising Raw Material Price
Low margin owing to high cost of production
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The magnetic drive pump market is fragmented due to many companies operating in the industry. Key players in this market. Given the fact that customers are moving towards leak free and better control pumps many companies are planning to enter this market. However, the capex cost involved to enter the market are high, but this is set off with a healthy growth rate. The key players in this market include Iwaki, Sundyne, Klaus Union, ITT Gould Pumps, Flow Serve, Xylem Inc, March Manufacturing and Kirloskar Brothers.
Magnetic Drive Pump Market Top Company Profiles
Magnetic Drive Pump Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global magnetic drive pump market analysis, the market is fragmented in nature with large, small and medium sized players across the globe. North America and Asia Pacific are leading the magnetic drive pump market. Huge downstream demand from China is driving the trade in magnetic drive pumps also, China is the country with the largest trading volume and the most potential development direction is the chemical and manufacturing industry. China is also a leader in pump purchases but represents a smaller market for replacements and repairs. Currently, China is developing its own magnetic drive pump manufacturing capabilities. On the other hand, North American players are leading the market owing to manufacturing and good R&D capabilities.
|Market size value in 2021||USD 807.9 million|
|Market size value in 2030||USD 850.72 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Magnetic Drive Pump Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Magnetic Drive Pump Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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