New York, USA, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The Global Market for Axial Flow Pump estimated at US$ 27.4 Bn in the year 2021, is projected to reach a revised size of US$ 42.1 Billion by 2030, growing at a CAGR of 4.4%. as per the latest research report by Spherical Insights & Consulting.
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Increasing investment by corporations in the Middle East and Africa to expand their petroleum & energy business and geographical presence is likely to drive market growth. The global expansion of the water-treatment industries in recent years is expected to stimulate the need for axial flow pumps. This is owing to rising freshwater demand caused by population growth, rapid industrial development, and technological improvements. Furthermore, increased government expenses for energy production and petroleum sector expansion are likely to fuel the market throughout the forecast period.
Axial flow pumps are progressively being used in the construction of water purification and municipal sewage facilities in nations such as the United States, China, the United Arab Emirates, India, and Australia, which is projected to boost the market throughout the forecast period. Furthermore, the use of axial flow pumps in the biochemical industry is expected to increase since they provide a high flow velocity with regulated vertical heads, preventing spillage.
Browse key industry insights spread across 200 pages with 119 market data tables and figures & charts from the report “Global Axial Flow Pump Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Product Type (Horizontal and Vertical), Application (Water Treatment, Irrigation, Evaporators, and Others) and End-Use (Chemical, Municipal, Pulp & Paper, Food & Beverage, Agriculture, and Others): By Region (U.S., Canada, Mexico, Rest of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, the Netherlands, Luxembourg), Rest of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa, Brazil, Argentina, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021-2030 in detail along with the table of contents
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Wastewater management businesses such as Veolia and Xylem Inc. are collaborating with axial flow pump producers on the R&D of innovative and efficient machines to maximize output, resulting in market growth. Furthermore, axial flow pump manufacturers are implementing value chain integration strategies to track the kind of raw resources used in pump manufacturing as well as the efficiency of specific cases.
Customer income declines and international travel restrictions have reduced demand for axial flow pumps in the refining sector. According to a report published by the US Bureau of Labor Statistics, worldwide oil demand fell by 3 million barrels per day in March 2020 because of lockdowns and transportation limitations. Furthermore, around 180 nations have temporarily halted the trade of superfluous products, which has impeded the demand-supply cycle of axial flow pumps during the COVID-19 scenario. However, demand for axial flow pumps in sectors such as agriculture, food processing, and others has kept the axial flow pump market in the lead during the COVID-19 crisis.
Key Companies & Recent Developments
Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities. Companies Covered: 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, Xylem Inc, YURONG Spring.
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