The Axial Flow Pump Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Axial Flow Pump Global Market Report 2024, 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.
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.
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The axial flow pump market covered in this report is segmented –
1) By Product Type: Horizontal, Vertical
2) By Application: Water Treatment, Irrigation, Evaporators, Other Applications
3) By End-User: Chemical, Municipal, Pulp And Paper, Agriculture, Food And Beverage, Other End-Users
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.
The axial flow pump market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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