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 Infrastructure Investments Post COVID-19 Pandemic
Economic activities across the world were considerably stifled due to the COVID-19 pandemic. There were huge investments in infrastructure during 2020-21, which provided momentum to the infrastructure industry growth. Infrastructure investments in electricity generation, national highway construction, railways, and shipping cargo propel the demand for construction equipment. In emerging economies, a few core infrastructure industries including coal, crude oil, steel, and cement exhibited the growth index in 2021. These factors positively impacted the construction equipment market growth. Infrastructure investment has a long-term impact on product development, which can boost GDP in long run, albeit the scale of these effects is unknown. Most countries, specifically in Middle East, have established a quadrilateral economic forum to focus on infrastructure development projects in the region. To facilitate communication among employees and with consumers, businesses use digital solutions and channels. Governments and educational institutions have done so as well.
The use of magnetic drive pumps has increased in the renewable energy sector for the last few years. Biodiesel is a kind of liquid fuel produced from renewable sources like new and used vegetable oils and animal fats. Biodiesel is a much cleaner-burning replacement for various petroleum-based fuels. This is the reason for the growing demand for petroleum in various parts of the world. Magnetic drive pumps are designed and manufactured for optimum application in biodiesel production. These pumps are highly recommended for chemical transfer and chemical recirculation. This is expected to boost the magnetic drive pump market in the upcoming years.
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