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Axial Flow Pumps Market To Grow Substantially at 8.4% CAGR During The Forecast Period 2019-2024: Grand View Research, Inc.

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Axial Flow Pumps Market To Grow Substantially at 8.4% CAGR During The Forecast Period 2019-2024: Grand View Research, Inc.

September 19
03:14 2019
Axial Flow Pumps Market To Grow Substantially at 8.4% CAGR During The Forecast Period 2019-2024: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, Rising investments in water and wastewater plants on account of rapid urbanization and industrialization coupled with ever-increasing population and increasing demand for energy fuel are some of the factors favoring the growth of the axial flow pumps market.

According to a report, “Axial Flow Pump Market Size, Share & Trends Analysis Report By Type (Miniwatt, High Power), By Application (Domestic Water & Wastewater, Petroleum, Chemical, Food & Beverage), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc.,

The global axial flow pump market size is anticipated to reach USD 70.8 billion, exhibiting a CAGR of 8.4% from 2019 to 2025, according to a new report by Grand View Research, Inc. Rising investments in water and wastewater plants on account of rapid urbanization and industrialization coupled with ever-increasing population and increasing demand for energy fuel are some of the factors favoring the growth of the market.

Based on type, the global market has been segmented into miniwatt and high power. High power pumps segment is projected to account for the largest market share owing to their increasing demand in water treatment, irrigation system, and flood dewatering applications. Miniwatt axial flow pump segment is anticipated to grow at a CAGR of 8.1% over the forecast period.

The market has been segmented into domestic water & wastewater, chemical, petroleum, food & beverage, and others based on application. Domestic water & wastewater application segment is expected to grab a larger market share as compared to other applications over the years to come. Growing population coupled with rapid urbanization is expected to attract huge investments in water & wastewater industry, which, in turn, is likely to augment the demand for these pumps in the future.

Petroleum application segment is anticipated to register the highest CAGR over the forecast period on account of increasing global demand for crude oil coupled with growing use of these pumps in petroleum sector to meet increasing demand for energy fuel, especially in developing countries such as China, India, and South Korea. Brazil and Argentina are some of the major economies in CSA. The robust presence of oil & gas reserves in Brazil, Argentina, Venezuela, and Columbia is expected to have a positive impact on market growth over the forecast period.

Asia Pacific accounted for over 40.5% of the overall market revenue share in 2018 on account of strong consumer base in the region that has led to a significant surge in the demand for the pumps recently. Furthermore, rising population, improving economic conditions, and the presence of one of the biggest manufacturing sectors are some of the factors projected to positively impact the regional growth.

Ask Our Industry Expert for More Details on Report – https://www.grandviewresearch.com/inquiry/6225/ibb

Key players aim to achieve optimum growth and strengthen their market position through various market expansion strategies that include mergers & acquisitions, expansion of sales & service networks, and R&D initiatives to develop more efficient and cost-effective products. For instance, in April 2018, the KSB Group bought Dubric Industries Inc., a U.S.-based pump sales and service company, thereby improving its sales and service network in the Midwestern U.S. In May 2019, ITT Inc., acquired Rheinhütte Pumpen Group, a Germany-based manufacturer of axial flow and centrifugal pumps.

Weir Group announced its plan to invest USD 15 million in its Newton manufacturing facility, in Mississippi, U.S., as a part of its USD 50 million plan in March 2019. This investment is projected to increase the employment rate at the plant. In February 2019, Pentair plc completed the acquisition of Pelican Water Systems, a provider of residential water treatment systems, at an investment worth USD 120 million.

U.S. axial flow pumps market

Further key findings from the report suggest:

  • The global axial flow pumps market was worth USD 40.2 billion in 2018 and is anticipated to ascend at a remarkable rate over the forecast period

  • High power axial pumps segment dominated the global market with a revenue share of 53.6% in 2018 on account of their increasing demand in water treatment and flood dewatering applications

  • Domestic water & wastewater application segment accounted for 15.8% of the market revenue share in 2018

  • Central & South America is likely to emerge as the fastest-growing regional market over the forecast period

  • Key players in the market include Xylem, Inc.; ITT Inc.; Pentair plc; Grundfos Holding A/S; KSB SE & Co. KGaA; Ebara Corporation; Sulzer AG; Leo Group Co., Ltd.; Wilo SE; and Weir Group PLC.

Application Insights

Axial flow pumps are widely used in domestic water and wastewater industries owing to their range of capacity, ease of maintenance & operation, and smooth flow rate. The domestic water & wastewater segment is projected to ascend at a CAGR of 6.4% from 2019 to 2025. Rapid development of housing complexes and commercial buildings in cities will require proper systems for disposal of sewage. Apart from sewage disposal, the distance between freshwater sources and residential areas in prime locations are kept at either end. As a result, municipal authorities are expected to invest heavily in pumping solutions to provide consistent water supply across residential locations. The growth of expanding cities in future is expected to play an essential role in promoting the product requirement over the forecast period.

Global axial flow pumps market

The petroleum application segment was valued at USD 3.8 billion in 2018 and is expected to exhibit a strong growth rate over the forecast period. Increasing demand for crude oil in order to facilitate domestic transports, production centers, and overseas logistics is expected to amplify onshore and offshore exploration activities in the future. These trends are, in turn, expected to promote the demand for industrial pumps that are capable of providing utility functions and handling subsea pressures. The chemical application segment is anticipated to grow at an estimated CAGR of 10.2% over the forecast period. Axial pumps have a wide variety of applications and can handle the most flammable, viscous, aggressive, and abrasive fluids with ease.

Regional Insights

The market in North America is anticipated to grow at a steady rate over the forecast period, driven by increasing investments in water treatment facilities. The U.S. constituted the largest market share of the total flow pumps market in North America in 2018. Significant exploration activities in both onshore and offshore unconventional oil & gas sector are expected to drive the demand for these pumps over the forecast period.

The European market stood at USD 12.5 billion in 2018 and is expected to grow over the forecast period. An increase in spending on the water & wastewater sector and stringent regulations are expected to drive the growth of the market over the forecast period. Germany market is anticipated to grow at a CAGR of 6.4% from 2019 to 2025. Technological breakthrough and high investments in industrial research in the country have resulted in the development of high-performance chemicals, active pharmaceutical ingredients, and polymers. Considerable rise in chemical processing activities in the country is expected to drive the demand for flow pumps for handling slurries, pastes, and other viscous fluid media.

Asia Pacific emerged as the largest market for flow pumps in 2018 with a market revenue share of 40.5%. The region is expected to present vast growth potential to the manufacturers of the pumps in the region. Additionally, the region is characterized by its large low-cost skilled labor along with huge support from the local governments. The shift of the production industry toward developing economies, particularly China and India, is expected to have a positive impact on the market growth over the forecast period.

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Grand View Research has segmented the global axial flow pumps market on the basis of type, application, and region:

Type Outlook (Revenue, USD Billion, 2014 – 2025)

  • Miniwatt

  • High Power

Application Outlook (Revenue, USD Billion, 2014 – 2025)

  • Domestic water & wastewater

  • Petroleum

  • Chemical

  • Food & Beverage

  • Others

Regional Outlook (Revenue, USD Billion, 2014 – 2025)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • Japan

    • South Korea

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • UAE

Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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