The global magnetic drive pumps market is experiencing significant growth and is expected to grow considerably in the next few years. A pump is categorized into two broad categories, such as sealed pumps and seal-less pumps. A sealed pump is a traditional type of pump that requires mechanical seal to prevent it from leaking out. On the contrary, a seal-less pump does not require a seal. Magnetic drive pumps are one of the seal less pumps that do not leak out.
These pumps are best suited for liquids that are difficult to seal, and their leakage is not tolerable. A magnetic drive pump uses a magnetic field to rotate the fluid impeller that is housed in a separate casing. This feature prevents liquid from getting leaked out as there is no access to impeller casing.
Moreover, the major industries using this type pump are food processing, chemical processing, and water treatment industries. In addition, they offer a very clean operation due to non-leaking feature, and this is one of the major factors driving its demand. Magnetic drive pumps are advanced machinery and major players in the magnetic drive pumps industry adopt advanced technologies to increase the efficiency and pumping capacity of their products to sustain the competition in the magnetic drive pumps market.
Market Scope and Structure Analysis
Magnetic drive pumps, also known as magnetically coupled pumps, are different from traditional pumps. In these pumps, the fluid-pumping impeller is powered by magnets rather than by a direct mechanical shaft. They work via a drive magnet, which eliminates the need for shaft sealing. Magnetic drive pumps come in many types, such as positive displacement pumps, vane pumps, internal gear pump, s and external gear pumps. Further, they are also classified on the basis of the basis of their flow which are 81–200 m³/hr., up to 80 m³/hr., 201–500 m³/hr., and >500 m³/hr.
COVID-19 Impact Analysis
- The COVID-19 pandemic ceased the production of various products in the magnetic drive pumps industry, which is attributed to the global lockdown. This has hampered the growth of magnetic drive pumps market in the years and a similar trend is expected to be seen in the first half of 2022.
- The major demand for magnetic drive pumps was previously noticed from giant developed and developing countries, including the U.S., Germany, Italy, UK, India and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for magnetic drive pumps.
- Further, long-term impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Magnetic drive pumps manufacturers can afford a lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
- Magnetic drive pumps manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
The manufacturing sector accounts for about 16% of the total global GDP, and this is expected to rise due to increase in global population and rise in disposable income of the public in general. This trend is anticipated to increase the demand for magnetic drive pumps. Further, due to the non-leak ability, the life of the magnetic drive pump increases by many folds, and it further makes it reliable in critical processes. This prevents unscheduled repairs and shutdowns and thus, results in surge in demand of magnetic drive pumps. The lack of leakage makes this pump an ideal candidate for industries that heavily rely on hygiene, such as food processing and pharmaceuticals. Moreover, these pumps produce less noise and vibration, which makes them highly energy efficient, thereby, boosting the demand in magnetic drive pump market. However, the fluctuating cost of raw materials used to manufacture magnetic drive pumps is a restraining factor hindering the growth of magnetic drive pumps market. Contrarily, technological developments in magnetic drive pumps products such as adoption of the latest industry 4.0 technologies boost the efficiency of the equipment as well as result in lowering the operation cost of magnetic drive pumps. This is expected to create lucrative opportunities for magnetic drive pumps market growth during the forecast period.
- New products that contain improved capabilities are launched by leading market players. They take necessary steps to improve overall functionality. For instance, in January 2021, Flowserve Corporation, a global leading provider of flow control products and services, launched an IoT service suite to enable remote monitoring of production facilities including pumps of all kind, predict equipment failures and avoid business disruptions. The product launch will help the company to sustain the competition in the pumps market.
- Similarly, equity firms are entering pumps market after witnessing its growth so far, especially the growth of magnetic drive pump market. They are adopting acquisition as their key developmental strategy. For instance, in March 2020, Warburg Pincus an equity firm completed the acquisition of Sundyne, a global manufacture of API compliant pumps and compressors.
- Further, competitors in the magnetic drive pumps market are employing acquisition as their key strategy to grow their foothold in the market and enhance their offerings. For instance, in May 2019, ITT Inc. announced the acquisition of Rheinhütte Pumpen Group, a market-leading designer and manufacturer of centrifugal and axial flow pumps. This move will complement the product offering by ITT Inc. and will let it have a new portion of the market.
Key Benefits of the Report
- This study presents the analytical depiction of the magnetic drive pumps industry along with the current trends and future estimations to determine the future investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the magnetic drive pumps market share.
- The current market is quantitatively analyzed to highlight the magnetic drive pumps market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed magnetic drive pumps market analysis based on competitive intensity and how the competition will take shape in coming years.
Magnetic Drive Pumps Market Report Highlights
By Pump Type
By Flow Rate Type
By End-user Industry