Portland, OR, Sept. 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global axial flow pump market generated $27.4 billion in 2020, and is expected to reach $42.1 billion by 2030, witnessing a CAGR of 4.4% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Rise in investments in effective wastewater solution and inclination toward improving efficiency of agricultural activities drive the growth of the global axial flow pump market. However, lack of effectiveness in handling viscous liquids/fluids and high head operations restrain the market growth. On the other hand, benefits such as reduction in power consumption create new opportunities in the coming years.
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Covid-19 Scenario:
- Chemical manufacturing companies in which axial flow pumps are used extensively have either closed down their factories or reduced their operations due to the risk of infections among laborers. This led to reduced demand for the axial flow pump.
- The axial flow pump market witnessed a dip in its growth due to its high dependence on sectors such as chemical, petrochemical, fisheries, and others. Daily operations in these sectors were hampered due to lockdown restrictions and supply chain disruptions.
- However, the demand for axial flow pumps from sectors such as food processing, agriculture, and others has been maintained during the Covid-19 pandemic.
The report offers detailed segmentation of the global axial flow pump market based on product type, application, end use, and region.
Based on product type, the horizontal segment contributed to the highest share in 2020, holding nearly two-thirds of the total share, and is projected to continue its leadership status throughout the forecast period. However, the vertical segment is estimated to register the highest CAGR of 4.7% from 2021 to 2030.
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Based on end use, the agriculture segment held the highest share in 2020, accounting for nearly one-third of the global axial flow pump market, and is expected to maintain its dominance in terms of revenue during the forecast period. However, the food & beverages segment is projected to witness the largest CAGR of 5.2% from 2021 to 2030.
Based on region, Asia-Pacific accounted for the highest share in 2020, contributing to more than two-fifths of the total market share, and is estimated to continue its lead position by 2030. Moreover, this segment is projected to portray the fastest CAGR of 5.3% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
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Leading players of the global axial flow pump market analyzed in the research include Ebara Corporation, Grundfos Holdings A/S, Flowserve Corporation, Hitachi Industrial Products Ltd., Handol Pumps Limited, Pentair PLC, ITT Goulds Pump, The Weir Group PLC, Sulzer Ltd., and Xylem Inc.
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