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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).

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. 'ARO Fluid Management', 'CP Pumpen AG', 'Flowserve Corporation', 'Fristam Pumps USA', 'Goulds Pumps', 'IDEX Corporation', 'Ingersoll Rand Inc.', 'ITT Inc.', 'KSB SE & Co. KGaA', 'March Manufacturing Inc.', 'Nikkiso Co. Ltd.', 'PSG Dover', 'Richter Chemie-Technik GmbH', 'Roper Technologies Inc.', 'Serfilco Ltd.', 'Sundyne LLC', 'T-Mag Mag Drive Pumps', 'Tapflo Group', 'Teikoku Electric Mfg. Co. Ltd.', 'Verder Liquids BV'

The magnetic drive pumps have extremely low risk of leakage people working on or near the pump are not exposed to dangers from hazardous, corrosive, flammable and/or explosive fluids, and other toxic chemicals. In addition, expensive liquids are not wasted. Which in turn is driving the growth of magnetic drive pump market.

The magnetic drive pumps are available in most metallurgies and materials, metallic and nonmetallic. With highly viscous liquids, friction losses can be high; in an abrasive or chemically aggressive medium, bearing wear can be a problem. However, with the right choice of wetted materials - including stainless steel, polypropylene, engineering plastic- magnet drive pumps are ideal for handling aggressive, corrosive and hazardous liquids.

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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Global Magnetic Drive Pump Market

Product ID: SQSG20I2023