According to Vantage Market Research, the global magnetic pump market is projected to reach USD 1,170.89 Million by 2028. The increase in the expansion of the mining industry will drive the market. Moreover, the rise in the use of recycling water is creating new opportunities for the magnetic pump market.
Increasing mining and construction projects to spur the market growth
The demand for magnetic pumps has increased due to the increasing demand for centrifugal pumps. Furthermore, due to expansion of water treatment and mining applications all across the globe, has led to higher adoption of these magnetic pumps. In addition, growing government investments in infrastructure development are contributing to market growth.
Whereas, the major factor that is obstructing the market growth due to lack of skilled professionals. Moreover, lack of compliance and equipment is expected to hamper the market growth for the magnetic pumps.
COVID-19 pandemic impacted many countries and caused disruptions in many industries. People are now more concerned about their safety and are avoiding physical contact and are preferring to stay home and opt to work from home this has drastically impacted public mobility. Also, due to strict government restrictions, mobility has been reduced as the use of public transport in cities was shut down. The manufacturing and supply chain activities were disrupted in the magnetic pump market. Hence, the demand for various end-use industries decreased however, manufacturing and mining industries are recovering and due to this, the magnetic pump market is expected to grow.
The magnetic pump market is segmented on the basis of product type the market is bifurcated into the rotating shaft and stationary shaft. Also, the market segmentation for the magnetic pump market can be done on basis of end-user or applications. Hence, by end-user is bifurcated into chemical, food & pharmaceutical, oil & gas, general industry, and others.
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable to the growing demand for heavy equipment and machinery within the mining and construction industries in this region. Moreover, due to the presence of major players in this region the market is expected to grow at a high rate.
Some of the major players operating in the global magnetic pump market include Hermetic, Desmi, Iwaki, ASSOMA, Sanwa Hydrotech, Richter Chemie-Technik, Dandong Colossus, March Manufacturing, Verder Liquids, Sundyne, Magnatex Pumps, Taicang Magnetic Pump, GemmeCotti, Flowserve, Dickow Pumpen, Klaus Union, Lanzhou Highland, and ITT Goulds Pumps, among others.