According to a newly released report by Future Market Insights (FMI), the magnetic drive pump market is expected to grow at a year-on-year (YoY) rate of 4.4% in 2021, with shipments expected to reach 822,539 units.
According to FMI, the centrifugal pump segment increased by 4.2% to 430,000 units, while positive displacement pump sales increased by 4.5% to 390,000 units. Magnetic drive pump sales are expected to reach US$ 807.9 Mn by 2021, expanding at a CAGR of 5.3%.
Between 2016 and 2020, demand for magnetic drive pumps increased at a sluggish 1.1% CAGR. The unprecedented outbreak of COVID-19 stifled market growth by halting manufacturing activities and disrupting supply chains.
According to FMI’s analysis, China is expected to remain one of the most profitable markets in East Asia, accounting for more than 39.2% of the market share in 2021. The growing use of magnetic drive pumps in the mining and construction industries will drive sales in China.
The rapid expansion of construction and mining projects in China, which has one of the world’s largest construction industries, has increased demand for heavy mining and construction equipment. This, in turn, has created lucrative growth opportunities for the country’s Sealless Pumps Market.
Because of the aforementioned factors, China is expected to be the most profitable market in East Asia, with a valuation of US$ 125.5 Mn by 2031.
The United Kingdom is expected to lead the growth of the European magnetic drive pump market. The increasing demand for heavy machinery and equipment in the construction and mining industries is driving growth.
Magnetic drive pump sales are expected to surge at a rapid pace, allowing for a 5.3% CAGR during the forecast period. The presence of major players and a large number of rental service providers in the country will drive market growth.
The stainless steel segment holds over 41.3% of the market share. As stainless steel offers a wide array of benefits such as reduced initial cost of the pump, coupled with low operational cost with better quality, key players prefer stainless steel as a casing material for magnetic drive pumps.
Global Magnetic Drive Pump Market by Category
By Pump Type:
- Centrifugal Pumps
- Positive Displacement Pumps
By Flow Rate:
- Up to 80 m3/hr
- 81 – 200 m3/hr
- 201 – 500 m3/hr
- Above 501 m3/hr
By Casting Material:
- Stainless Steel
- Engineering Plastic
- Chemical Manufacturing and Processing
- Bio-Fuels and Refineries
- Metal Plating and Finishing
- Fume Scrubbing
- Food Processing
- Water Treatment
- Surface Treatment
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa