The global axial flow pump market size is anticipated to reach USD 70.8 billion, exhibiting a CAGR of 8.4% from 2019 to 2025, according to a new report by Grand View Research, Inc. Rising investments in water and wastewater plants on account of rapid urbanization and industrialization coupled with ever-increasing population and increasing demand for energy fuel are some of the factors favoring the growth of the market.
Based on type, the global market has been segmented into miniwatt and high power. High power pumps segment is projected to account for the largest market share owing to their increasing demand in water treatment, irrigation system, and flood dewatering applications. Miniwatt axial flow pump segment is anticipated to grow at a CAGR of 8.1% over the forecast period.
The market has been segmented into domestic water & wastewater, chemical, petroleum, food & beverage, and others based on application. Domestic water & wastewater application segment is expected to grab a larger market share as compared to other applications over the years to come. Growing population coupled with rapid urbanization is expected to attract huge investments in water & wastewater industry, which, in turn, is likely to augment the demand for these pumps in the future.
Petroleum application segment is anticipated to register the highest CAGR over the forecast period on account of increasing global demand for crude oil coupled with growing use of these pumps in petroleum sector to meet increasing demand for energy fuel, especially in developing countries such as China, India, and South Korea. Brazil and Argentina are some of the major economies in CSA. The robust presence of oil & gas reserves in Brazil, Argentina, Venezuela, and Columbia is expected to have a positive impact on market growth over the forecast period.
Asia Pacific accounted for over 40.5% of the overall market revenue share in 2018 on account of strong consumer base in the region that has led to a significant surge in the demand for the pumps recently. Furthermore, rising population, improving economic conditions, and the presence of one of the biggest manufacturing sectors are some of the factors projected to positively impact the regional growth.
Key players aim to achieve optimum growth and strengthen their market position through various market expansion strategies that include mergers & acquisitions, expansion of sales & service networks, and R&D initiatives to develop more efficient and cost-effective products. For instance, in April 2018, the KSB Group bought Dubric Industries Inc., a U.S.-based pump sales and service company, thereby improving its sales and service network in the Midwestern U.S. In May 2019, ITT Inc., acquired Rheinhütte Pumpen Group, a Germany-based manufacturer of axial flow and centrifugal pumps.
Weir Group announced its plan to invest USD 15 million in its Newton manufacturing facility, in Mississippi, U.S., as a part of its USD 50 million plan in March 2019. This investment is projected to increase the employment rate at the plant. In February 2019, Pentair plc completed the acquisition of Pelican Water Systems, a provider of residential water treatment systems, at an investment worth USD 120 million.
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Further key findings from the report suggest:
The global axial flow pumps market was worth USD 40.2 billion in 2018 and is anticipated to ascend at a remarkable rate over the forecast period
High power axial pumps segment dominated the global market with a revenue share of 53.6% in 2018 on account of their increasing demand in water treatment and flood dewatering applications
Domestic water & wastewater application segment accounted for 15.8% of the market revenue share in 2018
Central & South America is likely to emerge as the fastest-growing regional market over the forecast period
Key players in the market include Xylem, Inc.; ITT Inc.; Pentair plc; Grundfos Holding A/S; KSB SE & Co. KGaA; Ebara Corporation; Sulzer AG; Leo Group Co., Ltd.; Wilo SE; and Weir Group PLC.
Grand View Research has segmented the global axial flow pumps market on the basis of type, application, and region:
Type Outlook (Revenue, USD Billion, 2014 - 2025)
Application Outlook (Revenue, USD Billion, 2014 - 2025)
Domestic water & wastewater
Food & Beverage
Regional Outlook (Revenue, USD Billion, 2014 - 2025)
Central & South America
Middle East & Africa
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