Demand for magnetic drive pumps grew at a sluggish 1.1% CAGR between 2016 and 2020. An unprecedented outbreak of COVID-19 stunted the market growth due to suspended manufacturing activities and disruptions in supply chains.
Magnetic force pumps are notably used for transferring fluids from bulk tanks to day tanks for mining, metals processing, water treatment, and different applications across various cease-use sectors. As COVID-19 progressively engulfed the arena, manufacturing and delivering chain sports witnessed a major slump, yet the intake will enhance with the monetary restoration on playing cards following the commencement of vaccination drives throughout the globe.
As per FMI’s analysis, China is anticipated to remain one of the most lucrative markets in East Asia, accounting for over 39.2% of the market share in 2021. Increasing the application of magnetic drive pumps in the mining and construction industries will drive sales in China.
China is one of the world’s largest construction industries, and the rapid expansion of construction and mining projects has surged the demand for heavy mining and construction equipment. This has in turn created lucrative growth opportunities for Sealless Pumps Market in the country.
Driven by these aforementioned factors, China is projected to be the most lucrative market across East Asia, reaching a valuation of US$ 125.5 Mn by 2031.
In a number of the principal areas, construction and mining industries are required to stick to strict legislation to acquire certain standards of giving up-use enterprise. Authorities’ government fashioned to shield the environment including pollutants management companies and Environmental protection agencies require producers to make investments closely in new technology to reduce the emission of pollution.
However, because of these guidelines, manufacturers of industrial pumps registered droop inside the sales in phrases of extent. Moreover, agencies operating within the growing economies refrain from investing heavily in advanced technology because of the high preliminary prices.
Lack of compliance and professional experts/gadget in these industries might bog down the income of Sealless Pumps. Additionally, due to dearth of an advanced era in mining and production enterprise may bring about disasters and injuries, hampering income.
Key Players:
- 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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