Axial Flow Pump Market Size, Share & Trends Analysis Report By Type (High Power, Miniwatt), By Application (Food & Beverage, Chemical), By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global axial flow pump market size was valued at USD 32.23 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 3.6% from 2020 to 2027. Rising investments by companies in the Middle East and Africa for the expansion of the oil & gas business as well as their geographical reach are expected to drive the product demand. The global rise of the water and wastewater treatment industry over the past few years is likely to drive the demand for axial flow pumps. This is attributed to the rising demand for freshwater due to population growth, rapid urbanization and industrialization, and technological advancements. In addition, rising government expenditures for the development of the power generation and petroleum sectors are expected to drive the market over the forecast period.

The market for axial flow pumps is expected to grow significantly in the U.S. owing to increasing exploration activities in both the offshore and onshore unconventional oil & gas sector. In addition, renovation and technological developments of the existing industrial water and wastewater management infrastructure in the country are likely to drive the overall market.

The demand for energy fuel has risen drastically over the past few years owing to factors, such as increasing industrialization, technological developments, and rapid urbanization. This is expected to boost the penetration of the product in various end-use industries, such as oil & gas, power, and water and wastewater treatment.

Axial flow pumps are increasingly finding applications in the setting up of water treatment and wastewater management facilities in various countries, such as the U.S., China, the UAE, India, and Australia, which is expected to drive the market over the forecast period. In addition, the usage of axial flow pumps is likely to grow in the chemical industry as they offer a high discharge rate with controlled vertical heads, thus avoiding spillage.

Wastewater management companies such as Veolia and Xylem Inc. are partnering with axial flow pump manufacturers for R&D of new and efficient machines for maximization of their output, thus leading to the growth of the market. In addition, axial flow pump manufacturers are adopting value chain integration strategies to monitor the type of raw material used in making pumps and the efficiency of components installed.

Type Insights

The high power axial flow pump segment led the market and accounted for 52.7% share of the global revenue in 2019 due to increased demand for high power pumps in applications, such as flood dewatering and water and wastewater treatment. The rapid advancements in the power generation sector in the countries of Central and South America are expected to boost the demand for high power axial flow pumps.

The demand for high power axial pumps is expected to be driven by the well-developed oil & gas and petroleum sectors in the Middle East and Africa. In addition, companies such as Qatar Projects Oil & Gas Services and Saudi Aramco are investing significantly in their business expansion in other regions, thereby increasing the demand for these pumps.

The miniwatt axial flow pump segment is likely to expand at a CAGR of 3.1% from 2020 to 2027. The increasing adoption of new industrialization practices, coupled with technological development in the Asia Pacific and Central and South America, is likely to drive demand for miniwatt axial flow pumps over the forecast period.

A high discharge rate at a less vertical distance is a key advantage of using high-power axial pumps. For instance, these products have the ability to pump up more than three times of water and other liquids at less than 4 meters vertical distance than commonly used centrifugal pumps. This minimizes aerodynamic losses at high efficiency, thus leading to increased product demand.

Application Insights

The others application segment accounted for the largest share of 29.5% in 2019. The food and beverage application segment accounted for the second-largest share in 2019. This is attributed to investments by food and beverage manufacturers for buying new pumps and other machinery as per the recent regulations set by the Department of Energy (DOE) and the U.S. Food & Drug Administration (USFDA).

Axial flow pumps are used for handling flammable, vicious, aggressive, and abrasive fluids with ease. Chemicals are used in various end-use industries, including automotive, manufacturing, and construction. The growth of the aforementioned industries is likely to augment the demand for various chemicals, thereby impacting the penetration of axial flow pumps for chemical handling.

Rising demand for crude oil for the facilitation of overseas logistics, production centers, and domestic transports is expected to boost the onshore and offshore exploration activities. The petroleum segment is likely to expand at a CAGR of 4.2% over the forecast period owing to the increasing investment in the sector to meet the growing demand for energy fuel in developing countries, such as China, India, South Korea, and Brazil.

The rapid development of residential and commercial buildings has resulted in an increased need for proper sewage systems. The municipal authorities are expected to invest significantly in pumping solutions to provide consistent water supply across residential locations. The rapid expansion of cities is expected to have a positive impact on the demand for axial flow pumps in the domestic water and wastewater industry.

Regional Insights

Asia Pacific led the market and accounted for a 41.6% share of the global revenue in 2019. The growing demand for axial flow pumps in the region is attributed to the tremendous growth of the end-use industries, including domestic water and wastewater and petroleum. In addition, rapid investments in the manufacturing sector to cater to the demand of a rapidly growing population are expected to fuel the market growth over the forecast period.

The adoption of axial flow pumps in Europe is attributed to favorable government initiatives on setting up water and wastewater management facilities in countries, such as Italy, Germany, France, and the U.K. However, the demand is expected to decline in the near term owing to the recent outbreak of COVID-19, which resulted in the temporary closure of several manufacturing facilities.

North America is expected to expand at a CAGR of 2.2% over the forecast period. The presence of advanced processing capabilities in the U.S., coupled with continuous R&D activities for manufacturing pumps, is expected to drive the market in the region. Furthermore, rising water scarcity has resulted in innovations that are likely to promote product demand in the region.

The demand for axial power pumps in Central and South Africa is expected to be driven by the rapidly expanding power generation sector in Brazil and Argentina. Furthermore, the replacement of commonly used centrifugal pumps with axial flow pumps owing to their ability to increase workplace efficiency at power plants and water management plants is anticipated to augment the product demand in the region.

Key Companies & Market Share Insights

The global market is highly competitive due to the presence of various multinational and regional players. The development of new technologies and customization options are among the key strategies adopted by the market participants to expand their product offerings, thereby reinforcing their competitive positions in the market.

Market participants are also forming strategic partnerships with other industry players to integrate their value chain and long-term deals with the end-use industries, such as water management, oil & gas, and food and beverages, for designing pumps as per their specific usage and also expanding their product portfolio. Distribution network expansion is also one of the important strategies adopted by market players. Some of the prominent players in the global axial flow pump market include:

• Xylem

• Grundfos

• KSB SE & Co. KGaA

• Sulzer Ltd.

• Pentair

• Weir Group PLC

Axial Flow Pump Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global axial flow pump market report on the basis of type, application, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Miniwatt

  • High Power

• Application Outlook (Revenue, USD Million, 2016 - 2027)

  • Domestic Water & Wastewater

  • Petroleum

  • Chemical

  • Food & Beverage

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE