Magnetic Drive Pumps Market to Reach $ 1,064.9 Million Growth, Size, and Trends Analysis Until 2024

Expanding chemical industry coupled with increasing application in food processing industry to drive global magnetic drive pumps market through 2024

According to a report released at TechSci Research, “Global Magnetic Drive Pumps Market, By Flow Rate, By Material, By Application, By Region, Competition, Forecast & Opportunities, 2024” global magnetic drive pumps market is projected reach $ 1,064.9 million by 2024. Anticipated growth in the market can be attributed to factors such as low maintenance cost and lower risk of emission of fluid. Moreover, growing chemical and food processing industries is further likely to steer growth in the market. Magnetic drive pumps are sealless centrifugal pumps in which induced magnetic-field created due to the attraction between drive magnet and the impeller magnet allows the torque of motor to transfer to the pump. These pumps are energy efficient and are widely used in circulating and storing variety of fluids, especially hazardous and corrosive fluids.

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Global magnetic drive pumps market is broadly segmented into flow rate, material, application and region. Based on application, the market is categorized into chemical processing, water treatment, surface treatment, and food processing. Among these applications, magnetic drive pumps are majorly used in chemical processing to avoid leakage and emission of toxic liquids and hazardous gases. Chemical processing is expected to maintain its dominance during forecast period as well. Some of the major players in global magnetic drive pumps market are Iwaki Co Ltd, Sundyne LLC., Klaus Union, ITT Goulds Pumps Inc, Flowserve Corporation, Xylem Inc, March Manufacturing, Ruhrpumpen Inc., Kirloskar Brothers Limited, among others.

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“Regionally, global magnetic drive pumps market is segmented as Asia-Pacific, North America, Europe, Middle East & Africa and South America. Among these, Asia-Pacific region is leading the market on account of high growth in chemical and food processing industries in the region. Moreover, increasing usage of magnetic drive pumps in emerging applications such as pharmaceutical and refrigeration is further anticipated to drive demand for Magnetic drive pumps in the region.” stated Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Magnetic Drive Pumps Market, By Flow Rate, By Material, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global magnetic drive pumps market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the global magnetic drive pumps market.

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