Magnetic Sweepers Market Forecast and CAGR
The major application of the magnetic sweepers is for the cleaning of hazardous metal scraps which includes iron chips, nuts, nails, bot, staples pins etc. from clean, rough and sandy surfaces. It is used to sweep at the places such as sand where it is very difficult to find the metal or iron pieces. As per the research report published by Fact.MR, magnetic sweepers market is poised to grow at a CAGR of 4.2% deucing the forecast period 2021-31.
This comprehensive report is intended to provide readers with a complete understanding of dynamics in market in the forecast period. The report also provides several decision support framework that can help stakeholders of industry to take data driven decision on growth, expansion, acquisition and capacity addition.
What is Driving the Demand of Magnetic Sweepers?
Magnetic sweepers are made up of powerful ceramic magnets that sweep ferrous scrap magnetically, which are difficult to sweep together or that is not visible on the floor. There is a wide range of use case scenarios in a plethora of industries. The rise in the demand for the industrial and manufacturing sector is considered to be one of the major factor driving the market. In workshops, production plants, exhibition hall, etc., it collects metal waste and is very useful for quick cleaning through the use of extractor plates.
They are also considered self-cleaning which are composed of rare earth magnets. They use magnetic circuits that do not require external energy, hence results in saving money on electrical connections and generators. These are incredibly powerful lodestones which collects ferrous impurities in various industrial products, while keeping the product’s integrity intact. There is minimal to no downtime for the maintenance because they are self-cleaning.
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Key factors which will drive sales of the product
There is excessive use of magnetic sweepers in the food processing and milling industries as these industries use them to easily separate ferrous impurities from the products without causing damage to the product. These basic devices may be integrated into the current production lines, making it an excellent investment.
They are available in lightweight, and heavy-duty versions, depending on the industry in which they will be used. The top-level of ferrous contamination is seen in raw agricultural products manufacturing. The machinery which is used to gather the crops in the agricultural industry introduces various metal contaminants during the processing.
Acute metal poisoning can occur if ferrous impurities are not removed from the food products, causing serve to fatal problems for consumers. Thus, it plays a major role to sweep up the metal contaminants during the process which increases the sale of the product. Owing to the aforementioned factors, the sales of this equipment would remain consistent throughout the forecast period.
China and India’s Market Outlook
Due to the increase in the population and rapid urbanization the market has a good growth potential in these countries. The rise in the industrial sector is predicted to boost the growth of the product. The agriculture industry has a dominant share in these countries which leads to the increase in consumption of magnetic sweeper. It has wide spread application in these countries, where agricultural production and processing play a vital role in the country’s GDP output every year.
However India projecting high COVID-19 infection rates, is poised to experience slower consumption over the short term period as the country is still on its journey to recover from the pandemic.
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North America Regional Outlook
The United States is a matured economy and controls the majority of the North American market share. The demand for product in the region has been driven by wide spread application in the food and beverages industry. The food and beverage industry is key factor for driving the demand of the product in the North America region as the when it comes to food processing, there is a need of removing of the impurities during the food processing.
Besides, countries such as US and Canada have adopted modern techniques for increasing the per capita output of the land. Moreover, these countries uses such magnetic sweepers so as to remove ferrous impurities before the farm produces could be processed. Also, it can be installed in the production lines to separate the contaminants without any harm to goods.
Who are the key suppliers/manufacturers?
Some of the leading manufacturers and suppliers are
- Magnetic Systems International
- Hangseng Magnetech Co.Ltd.
- Ohio Magnetics Inc.
- Jay Krishna Magnetic Solutions
- Ningbo Souwest Magnetech Development Co. Ltd
- Monroe, Eriez Manufacturing Co.
- Uptech engineering
- Industrial Magnetics Inc.
- MASTER MAGNETICS Inc
- Goudsmit Magnetics
With a large number of major and minor players, the market is fragmented. Players use a variety of tactics to stay competitive in the industry which includes the new product release and bringing innovation to the table. To meet customer demand, they are expanding their business across different regions. Such initiatives adopted by the players keep the market competitive in nature and poised for future growth.
An Adaptive Approach to Modern-day Research Needs
Magnetic Sweepers Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Based on product type, the market is segmented into:
Based on application, the market is segmented into:
- Parking lots
- Loading docks
- City streets
Based on region, the market is segmented as
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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