According to a new report published by Allied Market Research, titled, "Axial Flow Pump Market by Product Type, Application, and End-Use: Global Opportunity Analysis and Forecast, 2021–2030,"the global axial flow pump market forecast was valued at $27.4 billion in 2020, and is projected to reach $42.1 billion by 2030, growing at a CAGR of 4.4% from 2021 to 2030.
Axial flow pump (AFP), also known as propeller pump, is a type of centrifugal pump that is used for high and low head applications. These pumps consist of impeller that is located in pipe like structure and are designed to handle severe pumping conditions. Horizontal and vertical are two major types of axial flow pumps that are available in the market.
Vertical axial flow pumps possess various significant characteristics such as less space requirement, increase overall efficiency, no priming requirement, and others that make them suitable for a wide range of applications. The utilization of vertical axial flow pumps in sectors such as power plants, chemical industries, water drainage, and others drives the axial flow pump market growth. In addition, increase in global electricity demand has made power plants produce more electricity where vertical axial pumps are used to transfer the process fluid at different power plant locations. These factors are predicted to notably contribute toward the global market.
However, axial flow pumps cost more than other types of centrifugal pumps and are not suitable for applications that include use of high viscos fluid transportation. This factor is anticipated to hamper the market growth during the forecast period.
Rapid technological advancements in water treatment sectors have surged the demand for highly efficient pumping equipment. Axial flow pumps being capable to deliver nearly four times higher discharge than normal centrifugal pumps of the same rating have made water treatment sectors more linear toward using axial flow pumps. In addition, governments of both developed and developing economies have imposed several regulations and environmental policies for the discharge of industrial and untreated wastewater into rivers, lakes, and other water bodies. For instance, according to an article published by India WaterPortal, the Environment Ministry has imposed a ban on project clearance of industries that discharge untreated water into open water bodies. This has made industries invest more in water treatment facilities. This factor is anticipated to create remunerative opportunities for the expansion of the axial flow pumps market in future.
The axial flow pump market analysis is done on the basis of product type, application, end use, and region.
By product type, the market is segregated into horizontal and vertical. The horizontal product type dominated the global market in terms of revenue in 2020, with over two-third of the total share. This is attributed to the fact that use of horizontal shaft type axial flow pumps has advantages such as can be placed on simple foundation, easy accessibility for inspection, can be mounted and dismounted easily, and housing for the pump can be lowered.
By application, the global axial flow pump market is classified into water treatment, irrigation, evaporators, and others. The others application dominated the global market in terms of revenue in 2020, with over one-third of the total share. This is attributed to the fact that utilization of axial flow pumps in applications such as fisheries, heat recovery systems, sewage digesters, high volume mixing, and others is the major key axial flow pump market trend in the global market. The increasing global power consumption has surged the need for heat recovery systems where axial flow pumps are widely used for the circulation of process fluid in power plants.
By end use, the global market is divided into chemical, municipal, pulp & paper, agriculture, food & beverage, and others. The agriculture end use dominated the global market in terms of revenue in 2020, with over two-seventh of the total share. This is attributed to the fact that the increasing population has surged the demand for crop production where axial flow pumps are widely employed for irrigational purposes.
This may increase the demand for the axial flow pump market in the agricultural sector. Moreover, axial flow pumps can discharge nearly four times more water as compared to centrifugal pumps of the same rating relatively reduced energy costs. This has made farmers more linear towards using axial flow pumps for various pumping applications in agricultural sectors.
Region wise, the axial flow pump market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific axial flow pump market size is projected to grow at the highest CAGR during the forecast period and accounted for major axial flow pump market share in 2020, owing to growing demand for axial flow pumps among different end-use industries such as pulp & paper, food & beverage, and chemical.
The global market analysis covers in-depth information of the major axial flow pump industry participants. Key players operating in the global axial flow pump market include 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, and Xylem Inc.
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The axial flow pump market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on chemical, petrochemical, fisheries, and other sectors. According to a report published by the National Bureau of Statistics of China, the chemical industry witnessed a 20% decline in production in March 2020 as compared to March 2019, while profits declined by 66%. In addition, several chemical manufacturing companies have either shut down or shrank their operations due to the risk of infections among the workforce where axial flow pumps are used for transporting large liquid masses to various chemical industry equipment such as evaporators, crystallizers, and others. This has temporarily hampered the demand for the axial flow pump market amid the COVID-19 period. In addition, the falling income of customers and international travel restrictions has led to a contraction of the demand for axial flow pumps among refining sectors. For instance, according to a report published by the U.S. Bureau of Labor Statistics, the global oil demand decreased by 3 million barrels per day during March 2020, owing to the lockdowns and transport restrictions. In addition, around 180 countries have temporarily stopped the trade of unnecessary products, which in turn has hampered the demand-supply chain of axial flow pumps amid the COVID-19 situation.
However, the demand for axial flow pumps among sectors such as agriculture, food processing, and others has maintained the position of the axial flow pump market during the COVID-19 situation. For instance, according to an article published by DownToEarth, the gross value added (GVA) by agriculture sectors in India has grown by 3.4% during April-June 2020. Thus, growing agricultural sectors where axial flow pumps are widely used for irrigation purposes may enhance the performance of the axial flow pump market post-COVID-19 period.
Key findings of the study
- The vertical product type is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.7% from 2021 to 2030.
- The others application is anticipated to register the highest CAGR of 5.1% during the forecast period.
- The food & beverages end-use segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.2% from 2021 to 2030.
- Asia-Pacific garnered the highest share of 41.9% in 2020, in terms of revenue, growing at a CAGR of 5.3%.