According to a new report published by Allied Market Research, titled, “Axial Flow Pump Market by Product Type, Application, and End-Use: Global Opportunity Analysis and Forecast, 2021–2030,”the global axial flow pump market forecast was valued at $27.4 billion in 2020, and is projected to reach $42.1 billion by 2030, growing at a CAGR of 4.4% from 2021 to 2030.
Rapid technological advancements in water treatment sectors have surged the demand for highly efficient pumping equipment. Axial flow pumps being capable to deliver nearly four times higher discharge than normal centrifugal pumps of the same rating have made water treatment sectors more linear toward using axial flow pumps. In addition, governments of both developed and developing economies have imposed several regulations and environmental policies for the discharge of industrial and untreated wastewater into rivers, lakes, and other water bodies. For instance, according to an article published by India WaterPortal, the Environment Ministry has imposed a ban on project clearance of industries that discharge untreated water into open water bodies. This has made industries invest more in water treatment facilities. This factor is anticipated to create remunerative opportunities for the expansion of the axial flow pumps market in future.
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By product type, the market is segregated into horizontal and vertical. The horizontal product type dominated the global market in terms of revenue in 2020, with over two-third of the total share. This is attributed to the fact that use of horizontal shaft type axial flow pumps has advantages such as can be placed on simple foundation, easy accessibility for inspection, can be mounted and dismounted easily, and housing for the pump can be lowered.
By application, the global axial flow pump market is classified into water treatment, irrigation, evaporators, and others. The others application dominated the global market in terms of revenue in 2020, with over one-third of the total share. This is attributed to the fact that utilization of axial flow pumps in applications such as fisheries, heat recovery systems, sewage digesters, high volume mixing, and others is the major key axial flow pump market trend in the global market. The increasing global power consumption has surged the need for heat recovery systems where axial flow pumps are widely used for the circulation of process fluid in power plants.
By end use, the global market is divided into chemical, municipal, pulp & paper, agriculture, food & beverage, and others. The agriculture end use dominated the global market in terms of revenue in 2020, with over two-seventh of the total share. This is attributed to the fact that the increasing population has surged the demand for crop production where axial flow pumps are widely employed for irrigational purposes.
Region wise, the axial flow pump market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific axial flow pump market size is projected to grow at the highest CAGR during the forecast period and accounted for major axial flow pump market share in 2020, owing to growing demand for axial flow pumps among different end-use industries such as pulp & paper, food & beverage, and chemical.
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The global market analysis covers in-depth information of the major axial flow pump industry participants. Key players operating in the global axial flow pump market include Ebara Corporation, Flowserve Corporation, Grundfos Holdings A/S, Handol Pumps Limited, Hitachi Industrial Products Ltd., ITT Goulds Pump, Pentair PLC, Sulzer Ltd., The Weir Group PLC, and Xylem Inc.
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The axial flow pump market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on chemical, petrochemical, fisheries, and other sectors. According to a report published by the National Bureau of Statistics of China, the chemical industry witnessed a 20% decline in production in March 2020 as compared to March 2019, while profits declined by 66%. In addition, several chemical manufacturing companies have either shut down or shrank their operations due to the risk of infections among the workforce where axial flow pumps are used for transporting large liquid masses to various chemical industry equipment such as evaporators, crystallizers, and others. This has temporarily hampered the demand for the axial flow pump market amid the COVID-19 period. In addition, the falling income of customers and international travel restrictions has led to a contraction of the demand for axial flow pumps among refining sectors. For instance, according to a report published by the U.S. Bureau of Labor Statistics, the global oil demand decreased by 3 million barrels per day during March 2020, owing to the lockdowns and transport restrictions. In addition, around 180 countries have temporarily stopped the trade of unnecessary products, which in turn has hampered the demand-supply chain of axial flow pumps amid the COVID-19 situation.
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