Magnetic Drive Pumps Market is Expected to Grow at an Impressive CAGR
Global magnetic drive pumps market is expected to
grow during the forecast period due to non-leakage properties extending the
pump's lifespan and due to the expanding chemical and water industry.
According to TechSci Research report, Magnetic
Drive Pumps Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2028F, the global magnetic drive pumps market is anticipated
to register robust growth during the forecast period.
Magnetic drive pumps are typically used where
leakage of the pumped liquid poses a significant risk of containing aggressive
or hazardous liquids, exotic substances, acids, alkalis, corrosives,
contaminants, and toxins. It is also used for high-purity liquid and liquids
that are difficult to seal. Hermetic pumps used for these types of applications
can leak over time or require complex and expensive double seals, leading to
safety hazards, downtime, and increased maintenance requirements. It can
prevent potentially hazardous/challenging liquids from leaking into the
atmosphere.
Another important application for magnetic drive
pumps is in difficult fluids. For example, some liquids can crystallize on the
seal face, which can lead to seal failure. To avoid this, a permanent flushing
system should be applied to the seal. However, this can increase maintenance
costs, seal flushing fluid, and energy consumption. A better solution to these
difficult tasks is to use a magnetic drive pump.
Engineers have been able to minimize the size of
magnetic drive pumps while boosting their power and efficiency due to
advancements in pump technology. High field strength rare earth alloy magnets
enable compact construction. The lifespan of the pump has been increased, eddy
current power losses have been decreased, and maintenance downtime has
decreased due to new pump bearing designs and a variety of wetted material
alternatives.
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The global magnetic drive pumps market is bifurcated on
the basis of type, flow rate, material, application, and region. Based on type,
the market is bifurcated into rotating shaft magnetic drive pumps and
stationary shaft magnetic drive pumps. The stationary shaft magnetic drive
pumps segment is expected to be the dominant segment during the forecast
period. The driving magnets move the entire assembly in stationary shaft
magnetic drive pumps, which are intended for light to medium-duty applications.
They typically consist of non-metallic materials, such as plastics and
ceramics, which offer good corrosion resistance but have a limited temperature
range of 200–250°F. The stationary shaft makes the pump less complex, which
results in less parts being needed. This makes maintenance easier and lowers
cost. Non-metallic materials such as ceramics and plastics are frequently used
in this kind of design. For mild to medium duty applications, it works best.
The stationary shaft design drastically minimizes the number of parts needed,
which makes maintenance easier and less costly. Fluoropolymer plastics and
silicon carbide ceramics are two corrosion-resistant materials that have a wide
range of applications.
On the basis of region, the market is bifurcated
into North America, Asia-Pacific, Europe, South America, and Middle East &
Africa. Asia-Pacific is expected to be the region with the largest market share
during the forecast period. Due to low-cost manufacturing operations in
emerging markets such as Malaysia, Thailand, China, and India, the Asia-Pacific
market will grow. Low-cost labor, low land prices, and abundant natural
resources make Asia-Pacific one of the most profitable manufacturing centers
across the world. These factors make Asia-Pacific a leader in multiple sectors
such as food and beverages, chemicals, automotive, and other industries.
Moreover, several policies and initiatives have been issued by the governments
of different economies to promote industrial development. These factors may
lead to higher industrial development, which, in turn, will drive the growth of
the global magnetic drive pumps market during the forecast period.
Key market players in the global magnetic drive
pumps market are:
- Iwaki Co., Ltd
- Sundyne LLC
- Richter Chemie-Technik Gmbh
- ITT Goulds Pumps Inc
- Flowserve Corporation
- Ebara Corporation
- Ruhrpumpen Group
- Xylem Inc
- March Manufacturing Inc
- Kirloskar Brothers Limited
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“Asia-Pacific is expected to dominate the global
magnetic drive pumps market during the forecast period due to low-cost
manufacturing operations in Asian countries. Moreover, low-cost labor, low land
prices, and abundant natural resources make the Asia-Pacific region one of the
most profitable manufacturing centers across the world,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Magnetic Drive Pumps Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018–2028F, Segmented By Type (Rotating Shaft Magnetic Drive
Pumps, Stationary Shaft Magnetic Drive Pumps), By Flow Rate (81–200 m³/hr, Up
to 80 m³/hr, 201–500 m³/hr, >500 m³/hr), By Material (Stainless Steel,
Polypropylene, Others), By Application (Chemical Processing, Water Treatment,
Others), By Region and Competition” has evaluated the future
growth potential of the global magnetic drive pumps market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global magnetic drive pumps market.
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