The global magnetic drive pump market size is expected to grow at a CAGR of 7.6% during the forecast period, 2023–2031.
A magnetic drive pump uses the characteristic of balanced magnetic field to create a rotation for the fluid impeller. It is touted to be an alternative for the centrifugal pump, which currently dominates the pump market. Various applications such as consumer goods, food and beverages, aerospace, medical applications, electrotechnics, energy, and automotive applications require special types of hydraulic pumps that have variable functional parameters adapted to suit several requirements. These special requirements are likely to be fulfilled by the magnetic drive pumps owing to their ability to be customized easily.
These pumps eliminate the need for a direct drive mechanism and shafts by replacing it with magnetic fields. Owing to these factors, the pumps do not have the need for mechanical seals, gland packing, or other shaft sealing devices, thereby reducing the overall weight of the pump to some extent. Furthermore, manufacturers will have to focus on the dynamic changes in the requirements for these pumps such as constructive simplicity, wide application range, no leakage outside of the pump, among other factors to gain a higher market penetration. The elimination of drive shaft and the ability to cater to the changing market dynamics is likely to drive the growth of magnetic drive pumps market.
|Fastest Growing Market||North America|
|Largest Market||Asia Pacific|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
The elimination of leaks is considered to considerably improve the reliability, and performance of the pumps thus preventing unscheduled repairs and shutdowns. This is one of the primary factors which will lead to an increase in the demand of magnetic drive pumps. Its ability to prevent leakages and thus avoid mixing of harmful liquids with the end product is expected to provide robust growth prospects to the magnetic drive pump market.
Liquid leakages, while increasing the overall costs of maintenance, also harms the environment. Oil and chemical leakage from various hydraulic pumps owing to seal breakage is expected to put magnetic drive pumps in favour of replacing other pumps. Environmental concerns have driven pump manufacturers to adopt cleaner technologies. The absence of a seal, and the and the containment of pumped fluid completely within the confines of the pump housing will lead to an increase in demand for magnetic drive pumps.
The chemical industry has been one of the most important sectors in the recent years contributing significantly to the industrial development. It has its presence in an array of end uses such as in consumer goods, construction, mining, and other industrial end uses. In addition to this, there is an increase in demand for equipment and chemicals which are eco-friendly while also being efficient for the industrial application.
This will drive the demand for magnetic drive pumps owing to their eco-friendly characteristics mentioned above. The chemical industry is among the highest contributors to the global economy. The global chemical industry was estimated to have done sales of worth USD 3,382 billion in the year 2018, The European Chemical Industry Council (CEFIC). Moreover, the chemical industry is a multinational sector with various companies having headquarters at one place but having manufacturing and production facilities in various other places. For instance, BASF SE, as shown in the table below, has headquarters in Germany, while it has manufacturing facilities in locations such as the U.K., the U.S., China, and on a host of other economies as well.
The spread of these companies shows the geographical diversity the chemical sector has giving an opportunity to the manufacturers of the magnetic drive pump to tap into the plethora of players the sector has to offer. Moreover, the integration of modern technologies such as internet of things (IoT), and artificial intelligence (AI) in increasing the manufacturing output while decreasing the operational cost is likely to lead considerable growth of the chemical industry. Furthermore, the pace at which the chemical sector is equipping itself with modern devices underlines its readiness to adopt new and emerging solutions such as the Magnetic Drive Pump.
Magnetic Drive Pumps are required in various automotive for transfer of fluids which fulfil the purpose of lubrication, coolant for refrigeration and air conditioning. Over the past several decades there has been considerable increase in the consumer spending. This is owed to better job opportunities, higher salary, and a better standard of living. In addition to this there are many companies which have shifted their base to emerging economies, thus creating more jobs and increasing the number of people having disposable incomes. This has led to people investing in buying automotive for various purposes such as for daily commute, carrying of goods, and other things.
There have been significant advances in the automotive sector too. Earlier, people had to wait for a significant amount of time for their car to be delivered. But after advancements in automotive manufacturing, the orders of automobiles have been fulfilled in a rapid order. This has led to a boom in the automotive sector leading to higher car sales than ever before. However, in recent years, there has been a fall in the overall buying of vehicles which has led to decrease in the number of automobiles sold. This will restrict the growth of the market to some extent in the years to come.
Industrial advancements were made in the west. The U.S., and various economies in the European region were pioneers in industrial revolution. Technological advancements combined with the rise in the number of skilled workers led to the rapid growth of various industries in the region. However, as time passed, the manufacturing cost grew, majorly due to the high income to be paid to the workers in the U.S., and European countries such as the U.K., Germany, Spain, among other economies.
These factors made the companies to shift their manufacturing and other related operations to emerging economies such as Malaysia, Thailand, China, India, and other similar nations. Inexpensive labour, cheap land rate, and the abundance of natural resources led to Asia Pacific being the most lucrative manufacturing hub in the world. These factors have led to Asia Pacific being the leader in several sectors such as food and beverage, chemicals, automotive, and other industries. In addition to this, there are several policies and initiatives which are being doled out by government of various economies such in this region to promote industrial development. These factors are likely to lead to higher industrial development and will eventually drive the growth of Magnetic Drive Pump market.