Axial Flow Pumps, also known as propeller pumps, are used to control the flow of liquid in large quantities at industrial, water and wastewater plants, oil and gas industry, sewage flow, food, and beverage industries among others. The pump also facilitates the reverse flow in case of floods and overflows. The pumps are having the operational characteristics of low discharge pressure and high flow rates.
According to MarkNtel Advisors’ research report titled “Global Axial Flow Pump Market Analysis, 2020”, the global Axial Flow Pump market is anticipated to grow at a CAGR of around 9% during 2020-25. Growing infrastructure development in the emerging economies, stringent government regulations for environmental conservation, and waste water conservation across the globe are key factors propelling the growth of the market. Moreover, expansion of industrial and commercial sectors and increasing demand for resources along with growing population are some of the major driving factors for the global axial flow pump market.
Market Dominance by Asia-Pacific Region
Based on the regional segmentation of the Axial Flow Pump market, the Asia-Pacific region held the lion’s position with more than 40% market share in 2019. The growth is attributed to booming population in the Asia-Pacific countries such as China and India. According to International Energy Agency (IEA), the demand for energy has been increasing in the geographies including Middle East and Africa, South America, India, China, South East.
During 2020-25, the developed countries of North America and Europe such as US, Russia, and Canada are also projected to grow at a robust rate. The regional and resource advantages of these countries in terms of oil and energy reserves and growing R&D investment by private and government authorities on crude oil exploration from offshore basins are expected to drive the demand for axial pumps from oil and gas industry in these regions. According to Canadian Association of Petroleum Producers, the crude oil production in the country has been anticipated to rise to 5.6 million barrels/ day by 2035 from 4.2 million B/D in 2017.
According to MarkNtel Advisors, some the of key competitors operating in the Global Axial Flow Pump market includes Ebara Corporation, LEO Group, Weir Group, Grundfos Holding, Pentair, Sulzer, Hydra Tech, Ampco Pumps, etc.
The focus of the companies operating in the market is largely on the R&D activities. The major companies have their point of locus on the product enhancement and portfolio expansion, as the products have major applications in the utility sectors.
“Global Axial Flow Pump Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decision, hotspots and growth opportunities available for Axial Flow Pump providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Key questions answered in the study: