Growth in the market is driven by the rise in demand for energy-efficient technologies and rapid industrialization. Growth in the usage of centrifugal magnetic drive pumps across sectors such as chemical and pharmaceutical will tend to uplift the market.
According to a Future Market Insights (FMI) report, the magnetic drive pump market to reach a valuation of USD 672.5 Million in 2023. Future Market Insights reports say that the market is expected to grow at a 6.4% CAGR from 2023 to 2033, anticipated to be valued at USD 1251 Million by the end of 2033.
An increase in the number of water treatment projects, especially in developing and approaching economies will fuel the sales of centrifugal magnetic drive pumps. Magnetic drive pump industry will also involve wider expansion as the Implication of recycling water rises worldwide.
Industries are interested to invest largely in new technologies by environmental agencies for example the Pollution Control Agency and the Environmental Protection Agency i.e., used in the limitation of the emissions of pollution which will largely continue to raise demand for magnetic drive pumps.
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Key Takeaways from the Market Study:
- Sales of magnetic drive pump market expanded at a CAGR of 67% from 2018 to 2022.
- The European magnetic drive pump industry is likely to have a market share of 2%.
- Asia Pacific is said to have a growth in the market with a CAGR of 2% during the forecast period.
- China is anticipated to remain one of the most lucrative markets in East Asia, accounting for 2% of the market share in the forecast.
- Growth in the magnetic pump market in the United Kingdom is anticipated to rise at a CAGR of 23%.
- India’s magnetic drive pump market will capture over 1% of the total market share in the South Asia Pacific.
- Chemical manufacturing application segment accounts for 4% of the global market share.
Competitive Landscape:
Some of the prominent players in the global market are as follows –
- 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
- TEIKOKU ELECTRIC MFG. CO., LTD.
- ELEPON E.C.A.P. Corporation
- NIKKISO EIKO Co., Ltd.
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Some of the Important Developments of the Key Players in the Market are:
- In January 2023, Kirloskar Brothers Limited (KBL) launched its latest product, the Vertical Inline Long Coupled “KW-LC” Pumps, expanding its ever-growing portfolio in the Heating, Ventilation, and Air-Conditioning (HVAC) segment. The KW-LC pump is a space-saving, vertical, long-coupled design that simplifies piping and has a compact structure.
- In May 2023, Kirloskar Brothers Limited launched yet another advanced pump series- ‘AQUA TORRENT-10 FCL’. The pump offers a high suction lift and best-in-class performance and comes with an energy-saving design. AQUA TORRENT-10 FCL is available in a single-phase, 1.0 HP monobloc pump offering an array of advanced features Its Cathodic Electro Deposition (CED) coating ensures corrosion resistance, and the dynamically balanced rotating parts provide minimum vibrations, reducing the chances of operational damage. AQUA TORRENT-10 FCL is the perfect choice for domestic applications like overhead tank filling, water supply to gardens and fountains, feed water & RO plants, construction sites, hotels, construction sites, and lawn sprinklers and car washing.
Magnetic Drive Pump Industry Segmentation Analysis:
By Pump Type:
- Centrifugal Pumps
- Positive Displacement Pumps
By Flow Rate:
- Up to 80 m3/hr
- Above 501 m3/hr
By Casting Material:
- Stainless Steel
- Alloy
By Application:
- Mining
- Chemical Manufacturing
- Processing
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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