The Global Magnetic Drive Pumps Market was worth US$ 1090 million in 2022 and is anticipated to reach a valuation of US$ 1700 million by 2028 and is predicted to register a CAGR of 7.91% during 2023-2028.
Magnetic Drive pumps are sealless pumps that transport the fluid through the pump using the technology of a drive magnet and an inner magnet coupled to an impeller. A back casing or housing separates the drive magnet and the inner magnet, creating a sealless containment. Sealless pumps produce no fugitive emissions, allowing them to meet regulatory requirements. With environmental concerns and EPA standards stricter than ever, sealless pumps allow for zero fugitive emissions, allowing them to meet the necessary compliances. Mag drive pumps save time repairing seals and dealing with hazardous leaks because of their simplicity. There are only two moving parts, thus failure is unlikely.
When it comes to dependability and low emissions, mag drive pumps are the way to go. Engineers have been able to minimize the size of magnetic drive pumps while boosting their power and efficiency thanks to advancements in pump technology. Compact design is possible because of rare earth alloy magnets with strong field strength. Pump lifetime has been increased, power losses due to eddy currents have been decreased, and maintenance downtime has been minimized thanks to new pump bearing designs and a wide choice of wetted material possibilities.
Market Growth:
Magnetic drive pumps are designed and manufactured exclusively for use in biodiesel production. In the next years, this is projected to strengthen the magnetic drive pump industry.
Market Drivers:
The influence of fluid handling systems on the environment and safety is one of the most important considerations when purchasing, operating and maintaining new pumps. For corrosive chemical applications, magnetic drive pumps are often used. These pumps have improved corrosion resistance as well as the ability to run dry in the most extreme environments. Magnetic drive pumps are in high demand in the biodiesel fuels industry, where combinations of solvents and caustics make sealing difficult. They aid in the prevention of fugitive emissions of VHAPs and volatile organic compounds (VOCs). As a result, adopting a magnetic drive pump allows businesses to comply with safety and health rules while avoiding costly fines. This is a key factor in the growing popularity of magnetic drive pumps around the world.
In recent years, the use of magnetic drive pumps has increased in the renewable energy sector. Biodiesel is a liquid fuel manufactured from waste and new vegetable oils and animal fats. Biodiesel is a cleaner-burning fuel that can be used in place of a variety of petroleum-based fuels. This has resulted in an increase in the demand for petroleum in many parts of the world. Magnetic drive pumps are designed and manufactured exclusively for use in biodiesel production. These pumps are highly recommended for chemical transfer and recirculation. This is expected to strengthen the magnetic drive pump sector in the next years.
Market Restraints:
Construction and mining sectors in several key locations are needed to follow tight legislation in order to meet particular end-use industry criteria. Environmental agencies such as the Pollution Control Agency and the Environmental Protection Agency require industries to spend extensively on new technologies in order to reduce pollution emissions. However, as a result of these regulations, industrial pump makers have seen a drop in volume sales. The sales of Sealless Pumps are hampered by a lack of compliance and experienced professionals in certain industries. In addition, failures and accidents occur in the mining and construction industries due to a lack of new technology, which impedes sales.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
7.91% |
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Segments Covered |
By Material Type, Application, Pump Type, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
IWAKI CO., LTD., Flowserve Corporation, Dickow Pump Company, ITT Goulds Pumps, Sulzer Ltd, Finish Thompson, Inc., OPTIMEX, HERMETIC-Pumpen GmbH, CP Pumpen AG, CDR Pumps, and Others. |
Market Segmentation:
Due to a multitude of advantages, including reduced initial pump costs and lower running expenses with superior quality, the stainless steel category held the largest market share. Stainless steel is the casing material of choice for magnetic drive pumps. The nickel alloys market, on the other hand, had the largest CAGR due to the increased use of magnetic drive pumps in the chemical industry, petrochemical sector, refrigeration & heat transfer, oil & gas, power, and on/offshore plants.
Chemical pumps are used to move hazardous/dangerous fluids, ultra-pure liquids, and hard-to-seal liquids in a variety of industries, with the chemical processing segment accounting for the biggest proportion. However, due to rising water treatment projects such as wastewater treatment in emerging economies in North America, Europe, and the Asia Pacific, the water treatment category had the highest CAGR.
Centrifugal pumps are predicted to maintain their dominance in terms of pump type, with over 52.1 percent of the global market share. The demand for different types of magnetic drive pumps varies by area. Centrifugal pumps are projected to be in high demand in East Asia and the South Asia Pacific region. Magnetic drive pump sales are likely to expand during the forecast period, owing to increased demand for centrifugal pumps in the Asia Pacific.
Market Regional Analysis:
The Global Magnetic Drive Pumps Market Report includes the segmentation of regions:
The rapid expansion of end-user industries such as electronics, automobiles, and healthcare in developing economies such as China, India, South Korea, Taiwan, and others. Due to the availability of inexpensive labor and the dramatically expanding economic growth rate and manufacturing industries, many key players from many sectors are focusing on transferring their production units to the Asia Pacific. With a market share of around 39.2 percent in 2021, China is likely to remain one of the most profitable markets in East Asia. Magnetic drive pumps are becoming more popular in the mining and construction industries, which will improve sales in China. The need for heavy mining and construction equipment has expanded due to the rapid expansion of construction and mining projects in China, which has one of the world's largest construction sectors. Due to the increasing expansion of the mining industry in India, the magnetic drive pump market is predicted to grow. Due to expanding water treatment and mining applications, the use of magnetic drive pumps has redefined market growth in India. Additionally, the market is being driven by favorable government investments in India's infrastructure development activities. In South Asia Pacific, India's magnetic drive pump market will account for roughly 31.1 percent of the total market share.
Market Key Players:
Market Recent Developments:
Frequently Asked Questions
The Global Magnetic Drive Pumps Market is anticipated to reach a valuation of US$ 1700 million by 2028.
Magnetic drive pumps do not have a shaft protruding from the pump casing, hence shaft sealing devices like mechanical seals and gland packing aren't necessary.
On the basis of material type, the stainless-steel segment has the largest market share.
On the basis of application, the chemical processing segment is expected to dominate the market.
The forecast period for the study on Global Magnetic Drive pumps Market is between 2023 to 2028.
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