SAN FRANCISCO, Sept. 4, 2019 /PRNewswire/ -- The global axial flow pump market size is anticipated to reachUSD 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.
Key suggestions from the report:
- 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.
Read 172 page research report with TOC on "Axial Flow Pump Market Size, Share & Trends Analysis Report By Type (Miniwatt, High Power), By Application (Domestic Water & Wastewater, Petroleum, Chemical, Food & Beverage), By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/axial-flow-pump-market
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.
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)
- Miniwatt
- High Power
- Application Outlook (Revenue, USD Billion, 2014 - 2025)
- Domestic water & wastewater
- Petroleum
- Chemical
- Food & Beverage
- Others
- Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S.
- Europe
- Germany
- U.K.
- France
- Italy
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central & South America
- Brazil
- Middle East & Africa
- United Arab Emirates
Find more research reports on Distribution & Utilities Industry, by Grand View Research:
- Circulating Fluidized Bed (CFB) Boilers Market - Global circulating fluidized bed (CFB) boilers market has experienced a steady growth over recent years and is expected to witness significant expansion over next seven years owing to growing concern over strict adherence to toxic standards and policies.
- Very Large Gas Carrier Market - Global very large gas carrier market is expected to witness high growth over the forecast period owing to increasing LPG transportation demand globally.
- Construction Coatings Market - The growth of construction industry mainly in the emerging economies of BRICS (Brazil, Russia, India, China and South Africa) has been one of the major factors driving the demand for construction coatings in the world.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: +1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
