Los Angeles, CA -- (SBWIRE) -- 10/05/2021 -- QY Research has announced the release of a new research report titled, "Global Magnetic Pump Market Insights, Forecast to 2025." As per the report, the global magnetic pump market is predicted to expand at a CAGR of 3.6% between 2019 and 2025. By the end of 2025, the global market value may reach upward of US$700 Mn. In 2019, the global market revenue touched above US$500 Mn.
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Innovations in Subsurface Artificial Lift Technology to Positively Impact Market
The global magnetic pump market is expected to benefit from the development of new and innovative subsurface compressor systems and subsurface artificial lift technologies for the oil and gas industry. The increase in the manufacture and testing of new magnetic pumps by shale gas tech companies could also support the growth of the global market. The need to prevent leakage or accidental emission of hazardous gases or liquids during chemical fluids processing is anticipated to improve the adoption of chemical magnetic pump. Furthermore, the gradually increasing preference for magnetic pump over conventional centrifugal pump could add to the growth of the global market.
High Popularity of Seal-free Chemical Magnetic Pump Likely to Boost Demand
The global magnetic pump market is segmented into rotating shaft and stationary shaft on the basis of type. The research analysts authoring the report have also segmented the global magnetic pump market based on application. The important application segments included in the report are food and pharmaceutical, oil and gas, general industry, chemical, and others. Among these segments, chemical is anticipated to show impressive growth in the global magnetic pump market. Chemical magnetic pump can be used to safely handle, transport, and distribute industrial chemicals. Chemical magnetic pump with sealless design can help to avoid seal-caused leakage, contamination, wear, and friction loss.
Chemical magnetic pump can be used to circulate mildly corrosive chemicals and solutions, including:
? Sterile solutions
? Plating solutions
? Brines
? Solvents
? Alkalis
? Acids
Increase in Water Treatment Activities Expected to Support Growth in Asia Pacific
Asia Pacific is expected to account for a significant share of the global magnetic pump market in the coming years. The emerging region has already seen vast growth in the manufacturing sector. Moreover, it has strong requirement for energy-efficient pumps in high-growth industries such as food processing and chemical. Another factor that could increase the demand for magnetic pump in the region is the high number new water treatment plants in countries such as China and India.
Strategic Collaborations could be Key for Long-term Growth
Key competitors operating in the global magnetic pump market are Flowserve, Desmi, Sundyne, GemmeCotti, Iwaki, March Manufacturing, Hermetic, Taicang Magnetic Pump, Dickow Pumpen, ASSOMA, Sanwa Hydrotech, Lanzhou Highland, Klaus Union, Magnatex Pumps, Dandong Colossus, Verder Liquids, ITT Goulds Pumps, and Richter Chemie-Technik. Magnetic pump manufacturers are expected to sign strategic collaborations and partnerships to improve their brand exposure and overall sales growth. In October 2019, Flowserve entered into agreements to provide main pumps for a couple of sea water reverse osmosis desalination projects in Saudi Arabia and the UAE.
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