Global Magnetic Drive Pumps Market Analysis By Type (Centrifugal pumps, Positive displacement pumps), By Power Rating (Less than 1 horsepower, Over 100 hp), By End-Use Industry (Chemical processing, Pharmaceuticals, Water treatment, Oil and gas, Others) & Forecast
- PUBLISHED ON
- 5/10/2023
- NO OF PAGES
- 256
- CATEGORY
- Machinery & Heavy Industry
The global magnetic drive pumps market was valued at around USD 1.2 billion in 2022 and expected to grow at a CAGR of 7.1% during the forecast period.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 1,200 million |
Market Forecast in 2033 | USD 3,670 million |
CAGR % 2023-2033 | 7.1% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Production and consumption data by countries, company analysis by revenue, sales, gross margin, production capacity |
Key Companies | IDEX Corporation, ITT Goulds Pumps Inc., Flowserve Corporation, Sundyne Corporation, KSB AG, Nikkiso Co., Ltd., March Manufacturing Inc., CP Pumpen AG, Dickow Pumpen KG, Richter Chemie-Technik GmbH, |
Covid-19 Impact:
The COVID-19 pandemic has had a significant impact on the global magnetic drive pumps market. The market witnessed a decline in demand in 2020 due to the widespread lockdowns and restrictions on industrial activities imposed by governments across the world to contain the spread of the virus. Several industries, such as chemicals, oil and gas, and water treatment, which are the primary users of magnetic drive pumps, were severely affected by the pandemic, resulting in a decline in demand for magnetic drive pumps.
Moreover, disruptions in the global supply chain due to restrictions on transportation and logistics also had a negative impact on the market. The pandemic led to the closure of manufacturing facilities and disruptions in the supply of raw materials, affecting the production of magnetic drive pumps. However, the market is expected to recover gradually as the restrictions are lifted and industrial activities resume.
The market is expected to witness a gradual recovery in 2021 and beyond, driven by the growing demand for magnetic drive pumps in industries such as pharmaceuticals, food and beverage, and water treatment, which are expected to witness a surge in demand due to the pandemic.
Market Dynamics:
Drivers:
Increasing demand from end-use industries: Magnetic drive pumps are extensively used in industries such as chemical processing, pharmaceuticals, and water treatment, where the transfer of hazardous or corrosive fluids is required. The growing demand for these industries is expected to drive the demand for magnetic drive pumps.
Advantages over traditional pumps: Magnetic drive pumps offer several advantages over traditional pumps, including leak-free operation, reduced maintenance, and longer service life. These advantages are driving the adoption of magnetic drive pumps in various industries.
Growing focus on energy efficiency: Magnetic drive pumps are highly energy-efficient, as they eliminate the need for a mechanical seal and reduce frictional losses. The growing focus on energy efficiency is expected to drive the demand for magnetic drive pumps.
Stringent regulations on industrial emissions: Governments across the world are introducing stringent regulations on industrial emissions, which are expected to drive the demand for magnetic drive pumps. These pumps help industries to comply with environmental regulations by reducing the risk of leaks and emissions.
Technological advancements: Manufacturers are investing in R&D to develop advanced magnetic drive pumps that offer improved performance, efficiency, and reliability. The development of innovative magnetic drive pumps is expected to drive the growth of the market in the coming years.
Restraints:
High initial cost: Magnetic drive pumps are generally more expensive than traditional pumps due to the advanced technology used in their design. This high initial cost can be a significant barrier to entry for small and medium-sized enterprises, limiting the adoption of magnetic drive pumps.
Limitations in handling high-viscosity fluids: Magnetic drive pumps are less effective in handling high-viscosity fluids, which limits their use in certain industries such as oil and gas.
Limited range of flow rates and pressure heads: Magnetic drive pumps are designed to operate at specific flow rates and pressure heads. They may not be suitable for applications that require a wide range of flow rates and pressure heads.
Regional Analysis:
North America: North America is a significant market for magnetic drive pumps, driven by the presence of key industries such as chemicals, pharmaceuticals, and oil and gas. The United States is the largest market in the region, and the growth of shale gas exploration and production activities is expected to drive the demand for magnetic drive pumps in the region.
Europe: Europe is another significant market for magnetic drive pumps, driven by the stringent environmental regulations and the presence of a large number of chemical processing and pharmaceutical industries. Germany, the United Kingdom, and France are the major markets in the region.
Asia-Pacific: The Asia-Pacific region is expected to witness significant growth in the coming years, driven by the growth of end-use industries such as chemicals, pharmaceuticals, and water treatment. China, Japan, and India are the largest markets in the region.
Middle East and Africa: The Middle East and Africa region is expected to witness steady growth in the coming years, driven by the growth of oil and gas exploration and production activities, which require magnetic drive pumps for various applications.
Latin America: Latin America is a relatively small market for magnetic drive pumps, but it is expected to witness moderate growth in the coming years, driven by the growth of the chemical processing industry in the region.
Competitive Landscape:
The global magnetic drive pumps market is highly competitive, with several large and small players operating in the market.
IDEX Corporation
ITT Goulds Pumps Inc.
Flowserve Corporation
Sundyne Corporation
KSB AG
Nikkiso Co., Ltd.
March Manufacturing Inc.
CP Pumpen AG
Dickow Pumpen KG
Richter Chemie-Technik GmbH
These companies are constantly striving to enhance their product offerings, expand their market reach, and improve their manufacturing capabilities to stay competitive in the market. Some of the strategies adopted by these companies include mergers and acquisitions, partnerships, collaborations, and product launches.
In addition to the established players, there are several emerging players in the market, especially in the Asia-Pacific region, who are investing in R&D to develop innovative products and expand their market presence. The competitive landscape of the global magnetic drive pumps market is expected to remain intense in the coming years, driven by the increasing demand for energy-efficient and environmentally friendly products.
Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders.
• Business Model
• Production Capacity, Revenue, Sales, Gross Margin
• Key Business Strategy
• SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
• Company Share Analysis from 2018-2022
• Company Analysis by Revenue and Sales
• Company Production Capacity, Gross Margin
• Company Share Analysis by Application/End Use
• Company Share Analysis by Product/Specification
Market Segmentation:
By Type:
• Centrifugal pumps
• Positive displacement pumps.
By Power Rating:
• Less than 1 horsepower
• Over 100 hp.
By End-Use Industry:
• Chemical processing
• Pharmaceuticals
• Water treatment
• Oil and gas
• Others
Regional Scope
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
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• What is the market size and growth rate across key countries / regions?
• How big is the global & regional market in terms of revenue and volume?
• How far market will grow in forecast period in terms of revenue and volume?
• What factors will influence demand and supply trends across each markets during the forecast period?
• What are the technology trends shaping various markets?
• Which country / region has more opportunities?
• What is the COVID-19 impact on the market and how long will it take to recover?
• Who are the key competitors of market Players?
• What are the market share (%) of Key Players?
• What are the Merger & Acquisition, New Product Launch, Recent Development within each of the Markets?
• What are PEST analysis, Ecosystem Analysis, Porter's Five Forecast Analysis, Ansoff Matrix, and SWOT Analysis among other analyses for diverse markets?
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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