According to the latest research report titled "Magnetic Drive Pumps Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to grow from US$ 933.25 million in 2021 and is projected to reach US$ 1,584.37 million by 2028; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028.
The low maintenance requirement of magnetic drive pumps is anticipated to drive the market's growth during the forecast period. These pumps are commonly used in liquid processing and are more expensive than mechanical seal pumps. However, their maintenance costs are significantly lower over the lifetime of the pump due to their simple design. In normal operations, magnetic drive pumps can operate for 10 years or more without requiring repairs, and when repairs are necessary, they are relatively inexpensive. These pumps are driven by magnets, eliminating the need for a shaft protruding from the pump casing and any associated shaft sealing devices such as mechanical seals and gland packing.
Due to the seamless design of magnetic drive pumps, there is a reduced risk of wear and tear, resulting in lower maintenance costs and time for users. Additionally, the absence of seals eliminates any associated friction loss, and the pumped liquid aids in the lubrication and cooling of the magnetic coupling. This eliminates the need for additional monitoring of the coupling. As a result, the low maintenance requirement is a crucial factor driving the growth of magnetic drive pumps in a variety of applications, including water treatment, chemical processing, food processing, and oil & gas exploration.
The use of sealless magnetic drive pumps is prevalent in various industries such as transfer plating chemicals, corrosive chemicals, dyes, acids, toxic & fuming liquids, solvents, kerosene, petrol, and others. The demand for these pumps is also rising in the pharmaceuticals and food processing sectors, particularly due to the increasing consumption of beverages. Although the magnetic drive pumps market is mature in developed nations, it is experiencing significant growth in many developing countries.
Russia, France, Italy, Germany, Spain, and the UK are some of the worst-hit countries in Europe, considering the count of COVID-19 cases. The region witnessed a significant decline in revenue from several industries, including oil & gas, manufacturing, and chemical, as the government authorities imposed stringent containment measures.
The COVID-19 pandemic had a negative impact on various industries, including oil & gas, manufacturing, and chemical industries, leading to severe financial crises. The magnetic drive pumps market was also affected by the pandemic. A report by Eurostat showed that the oil industry was hit the hardest in 2020, with significant drops in fuel deliveries for transport. For instance, the deliveries of kerosene-type jet fuel saw a decline of more than 80% in April 2020 reached to the same period in 2019, while motor gasoline dropped by nearly 50%. Similarly, gas oil and diesel oil also witnessed a decline of 20% during the same period.
The food supply chain is a crucial sector of the European economy, but it was severely affected by the COVID-19 pandemic, causing disruptions from farm to table. The Oxford University Press reported in December 2020 that there were challenges in food production, processing, distribution, and demand due to movement restrictions of workers, changes in consumer demand, closure of food production facilities, restricted food trade policies, and financial pressures in the food supply chain. As a result, the demand for magnetic drive pumps in Europe decreased in various end-user industries.
Key Findings of Study:
The magnetic drive pumps market in the APAC region is experiencing growth due to several factors such as the thriving water treatment industry, high per capita income, dense population, and widespread industrialization. The increasing urban population has resulted in a surge in demand for advanced wastewater treatment facilities, leading to a rising need for magnetic drive pumps in the region. Additionally, the growing concern for efficient water utilization and the need for improved water and wastewater treatment methods are contributing to the growth of the magnetic drive pumps market in APAC countries.
The magnetic drive pumps market in APAC is set to benefit from the recent discovery of new fossil fuel reserves, particularly in China and Thailand, due to the latest advancements in exploration technologies. These discoveries are expected to increase manufacturing and exploration operations, driving the demand for magnetic drive pumps. The oil & gas industry is a significant user of magnetic drive pumps, and as the industry continues to rise, so will the need for these pumps. Additionally, the chemical industry, including domestic and international players, is a crucial end-user industry in China.
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