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Axial Flow Pump Market 2024-2033: Size, Share, Growth Trends, and Forecast Report
Axial Flow Pump Global Market Report 2024
According to The Business Research Company's, The axial flow pump market size has grown steadily in recent years. It will grow from $32.58 billion in 2023 to $33.95 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to industrialization and infrastructure development, agricultural expansion, global water scarcity concerns, energy efficiency focus, government initiatives and regulations.
The axial flow pump market size is expected to see steady growth in the next few years. It will grow to $40.64 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to renewable energy integration, rising focus on sustainable agriculture, water infrastructure investments, smart cities development, climate change adaptation. Major trends in the forecast period include digitalization and iot integration, technological advancements, competitive landscape, environmental considerations, material innovations.
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Market Drivers and Trends:
The rising demand for freshwater is significantly contributing to the growth of the axial flow pump market going forward. Axial flow pumps are used in moving or pumping large volumes of liquid in lesser time from freshwater sources such as rivers, lakes, and wells to treatment plants, irrigation, flood control, and drainage applications at high pressure or the lifting of fluid over a large vertical distance in lesser time by minimizing the turbulence. For instance, in 2023, according to a report published by the Guardian a UK-based daily newspaper company, the demand for freshwater is anticipated to surpass supply by 40% by the end of 2030. Therefore, the rising demand for freshwater will drive the axial flow pump market.
Technological innovation is the key trend gaining popularity in the axial flow pump market. Major companies operating in the axial flow pump market are focusing on developing new axial flow pump offerings with more corrosion resistance and durability. For instance, in November 2023, Baker Hughes Company, a US-based axial flow pump and energy technology company, launched the PythonPipe portfolio, the most recent advancement in reinforced thermoplastic pipe (RTP) technology, allowing for speedier installation, a shorter time to first production, and fewer lifecycle emissions. The PythonPipe portfolio includes American Petroleum Institute 15s-certified, flexible, and non-metallic RTP with many sizes, materials, and liner choices, offering up to a 60% decrease in installation time and at a fifth the cost of comparable steel installation. PythonPipe offers both efficient and sustainable processes by achieving up to a 75% decrease in carbon emissions during its lifespan, up to an 80% reduction in maintenance expenses, and up to a 60% reduction in manpower required.
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Major Key Players of the Market:
Ebara Corporation; Flowserve Corporation; Grundfos Holding A/S; Hitachi Industrial Products Ltd.; ITT Goulds Pumps; Pentair PLC; Sulzer Ltd.; The Weir Group PLC; Xylem Inc.; Franklin Electric Co. Inc.; Kubota Group; Torishima Pump Manufacturing Co Ltd.; Hayward Tyler; Peerless Pump Company; KSB SE & Co. KGaA; Sintech Precision Products Ltd.; Moving Water Industries; Holland Pump Company; Patterson Pump Company; Emile Egger & Cie SA; Flowmore Limited; Huayang Intelligent Pumps; Ruthman Companies; Hebei Zidong Pump Industry Co.Ltd; Thomas & Associates; Brehnor Pumps (Pty) Ltd.; PumpWrxs & Controls; JeffPro Fluid Solutions - Pumps and Packaged Pump Systems; Handol Pumps Limited; Shanghai Pacific Pump Manufacture (Group) Co.Ltd.; Bellflo Engineering Corporation Pte. Ltd.; Jiangsu Suhua Pump Co. Ltd.; Liancheng Group
Axial Flow Pump Market 2024 Key Insights:
• The axial flow pump market size will grow to $40.64 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%.
• Axial Flow Pump Market Fueled By Growing Freshwater Needs
• Thermoplastic Pipe (RTP) Technology Paving The Way For Next-Gen Axial Flow Pump Solutions
• Asia-Pacific was the largest region in the axial flow pump market in 2023
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