The Magnetic Drive Pumps Market is expected to reach US$ 1,584.37 million by 2028 from US$ 933.25 million in 2021; it is estimated to grow at a CAGR o
The Magnetic Drive Pumps Market is expected to reach US$ 1,584.37 million by 2028 from US$ 933.25 million in 2021; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028. The overall market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South and Central America. In APAC, the magnetic drive pumps market is growing due to the increasing large-scale industrialization. Countries such as China, South Korea, and Thailand have discovered new oil and gas reserves. Further, China and India have a more significant number of chemical industries. Hence, the consumption of magnetic drive pumps is increasing with the growth of industries in the region. Another reason behind the strong growth of the magnetic drive pumps market over the years is the presence of many market players in the region. Some of the key players in the APAC magnetic drive pumps market include Kirloskar Brothers Limited (India); TEIKOKU ELECTRIC MFG. CO., LTD. (Japan); NIKKISO EIKO Co., Ltd. (Japan); Zhejiang Yonjou Technology Co., Ltd (China).
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In order to reduce emissions, there is a growing focus on the adoption of green technology. Magnetic drive pumps are 100% emission-free, and their demand is increasing due to strict emission norms for industrial operations. The growing financial sector, easy availability of business loans, and reducing rate of interest are giving a boost to the new water processing, chemical processing, and food processing plants. This is accelerating the requirement for respective magnetic drive pumps. Owing to distinct rules, regulations, norms, and policies of different countries, trade barriers in this market may act as a restraining factor to a certain extent.
Increasing Adoption of Green Technologies for Industrial Applications
The environmental and safety impact of fluid handling solutions is among the crucial requirements while buying, using, and maintaining new pumps. Magnetic drive pumps are still firmly adopted for corrosive chemical applications. These pumps are characterized by enhanced corrosion resistance and dry running capabilities in the most severe conditions. Green technology is creating considerable demand for magnetic drive pumps in biodiesel fuels production, where mixtures of solvents and caustics create difficulties in sealing. Magnetic drive pumps help prevent fugitive emissions of volatile hazardous air pollutants (VHAPs) and volatile organic compounds (VOCs). Thus, using a magnetic drive pump helps the companies stay compliant with the new state, local, and federal safety and health standards and regulations and avoid expensive fines. The rules and norms regarding emissions have continued to be a trending factor for the increasing popularity of magnetic drive pumps worldwide. For instance, Klaus Union’s 100% emission-free magnetic drive pumps do not require emission inspection and reporting. They are excluded from the fugitive monitoring requirement of the Clean Air Act of the US.
The growth of the North America magnetic drive pumps market can be attributed to many magnetic drive pumps market players, including Sundyne LLC, Dickow Pump Company, Flowserve Corporation, and Gould Pumps. Moreover, the number of chemical and petrochemicals industries, pharmaceuticals plants, oil refineries, and water treatment plants in the region is rising, thereby increasing the use of magnetic drive pumps.
The overall magnetic drive pump market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the magnetic drive pump market. The process also serves the purpose of obtaining an overview and forecast for the magnetic drive pump market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
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