magnetic drive pumps Market

The magnetic drive pumps market is expected to reach US$ 1,584.37 million by 2028 from US$ 933.25 million in 2021; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028.

The overall market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South and Central America. The APAC market for magnetic drive pumps is expanding rapidly, driven by the increasing scale of industrialization. Nations such as China, South Korea, and Thailand have recently uncovered new oil and gas reserves, and China and India boast a considerable number of chemical industries. This has led to a surge in demand for magnetic drive pumps, which are commonly used in these industries. The strong growth of the magnetic drive pumps market in the APAC region can also be attributed to the significant presence of market players in the area. Some of the key players in the APAC magnetic drive pumps market include Kirloskar Brothers Limited (India); TEIKOKU ELECTRIC MFG. CO., LTD. (Japan); NIKKISO EIKO Co., Ltd. (Japan); Zhejiang Yonjou Technology Co., Ltd (China).

The adoption of green technology is receiving greater attention as efforts are made to reduce emissions. In this regard, magnetic drive pumps are increasingly popular due to their emission-free operation, especially with stricter emission regulations for industrial processes. Moreover, the financial sector's growth, combined with easy access to business loans and lower interest rates, is driving the establishment of new water processing, chemical processing, and food processing plants, further boosting the demand for magnetic drive pumps in these industries. However, different countries' unique regulations, policies, norms, and rules may create trade barriers, potentially acting as a limiting factor in this market.

In recent years, the use of magnetic drive pumps has grown significantly in the renewable energy sector. Biodiesel, a clean-burning fuel made from renewable references such as new and used vegetable oils and animal fats, has emerged as a viable substitute for many petroleum-based fuels. This has led to an increase in global demand for biodiesel. Magnetic drive pumps are specifically designed and manufactured to meet the requirements of biodiesel production, making them a preferred choice for chemical transfer and recirculation. This trend is expected to drive the growth of the magnetic drive pump market in the coming years.

The growth of the North America magnetic drive pumps market can be attributed to many magnetic drive pumps market players, including Sundyne LLC, Dickow Pump Company, Flowserve Corporation, and Gould Pumps. Moreover, the number of chemical and petrochemicals industries, pharmaceuticals plants, oil refineries, and water treatment plants in the region is rising, thereby increasing the use of magnetic drive pumps.

The magnetic drive pump market size has been determined through a combination of primary and secondary research. The research process began with an extensive secondary research phase that involved gathering qualitative and quantitative data from internal and external sources. This provided an overview and forecast for the magnetic drive pump market and its various segments across different regions. To validate the data and gain additional analytical insights into the topic, several primary interviews were conducted with industry participants and commentators. These included interviews with VPs, business development managers, market intelligence managers, and national sales managers, as well as with external consultants, such as valuation experts, research analysts, and key opinion leaders, all of whom specialize in the magnetic drive pump market. IWAKI CO., LTD.; Sundyne, Klaus Union GmbH & Co. KG; Flowserve Corporation; Dickow Pump Company; KSB SE & Co. KGaA; ITT Goulds Pumps; Sulzer Ltd; Finish Thompson, Inc.; OPTIMEX; HERMETIC-Pumpen GmbH; CP Pumpen AG; and CDR Pumps are among the key players operating in the global magnetic drive pumps market.