Market Size of North America Axial Flow Pump Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Axial Flow Pump Market Analysis
The North American axial flow pump market is expected to record a CAGR of more than 3.5% throughout the forecast period 2022-2027. COVID-19 had an adverse impact on the market, which was reflected in fewer petroleum exploration operations in 2020, owing to low oil and gas demand during the outbreak. From 2009 through 2019, crude oil production in the United States increased nearly every year, reaching its highest level ever in 2019. More cost-effective drilling technology helped boost production, especially in Texas, North Dakota, Oklahoma, New Mexico, and Colorado. Due to the effects of the COVID-19 pandemic on the economy, U.S. crude oil production declined in 2020 and 2021. In order to satisfy the increasing energy demand, the North America axial flow pump market is driven primarily by increased investments in wastewater treatment plants and oil field activities. In addition to rapid urbanization and industrialization, the axial flow pump market will also grow positively. The difficulties involved in high-pressure operations and handling viscous fluids, these factors can hinder the market growth.
- The oil and gas end-user segment is likely to dominate the axial flow pumps market, owing to the increased use of the pumps in the upstream, midstream, and downstream sectors for multiple applications and also have massive demand in petroleum refineries.
- Moreover, technological advancements that have enhanced deep-water and ultradeep-water explorations will likely increase oil production and open up new opportunities for the market.
- The United States is expected to dominate the market during the forecast period; a number of factors have contributed to the dramatic increase in demand for energy fuel in the past few years, including industrialization, technological advancements, and rapid urbanization. It is expected that this will boost the penetration of the product into various industries, including the oil and gas, power, and water and wastewater treatment industries.
North America Axial Flow Pump Industry Segmentation
North America axial flow pump market report includes:
| Type | |
| Horizontal | |
| Vertical |
| Pressure | |
| Low pressure | |
| High Pressure |
| Stage | |
| Single-stage | |
| Multi-stage |
| End Use | |
| Oil and Gas | |
| Power Generation | |
| Water and Wastewater Treatment | |
| Chemical Industry | |
| Agriculture & Fisheries | |
| Others |
| Geography | |
| United States | |
| Canada | |
| Mexico |
North America Axial Flow Pump Market Size Summary
The North American axial flow pump market is poised for steady growth, driven by increased investments in wastewater treatment and oil field activities. The market experienced a setback due to the COVID-19 pandemic, which led to a decline in petroleum exploration activities. However, the recovery in crude oil production, particularly in the United States, has been supported by advancements in cost-effective drilling technologies. The market's expansion is further bolstered by rapid urbanization and industrialization, although challenges such as high-pressure operations and the handling of viscous fluids may impede growth. The oil and gas sector is expected to be the dominant end-user, with axial flow pumps being integral to various stages of oil and gas operations, including upstream, midstream, and downstream activities.
The United States is anticipated to lead the market, fueled by significant energy demand and infrastructure development. The country's position as a top crude oil producer and its ongoing investments in water and sewage systems underscore its pivotal role in the market. Canada and Mexico also contribute to the market dynamics, with Canada being a major oil and natural gas producer and Mexico opening its oil and gas industry to foreign investments to meet rising energy demands. Key players in the fragmented market, such as Flowserve Corporation and KSB SE & Co. KGaA, are actively enhancing their offerings through technological advancements and strategic collaborations, aiming to optimize energy efficiency and reduce carbon footprints.
North America Axial Flow Pump Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Horizontal
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2.1.2 Vertical
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2.2 Pressure
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2.2.1 Low pressure
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2.2.2 High Pressure
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2.3 Stage
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2.3.1 Single-stage
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2.3.2 Multi-stage
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2.4 End Use
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2.4.1 Oil and Gas
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2.4.2 Power Generation
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2.4.3 Water and Wastewater Treatment
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2.4.4 Chemical Industry
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2.4.5 Agriculture & Fisheries
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2.4.6 Others
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2.5 Geography
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2.5.1 United States
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2.5.2 Canada
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2.5.3 Mexico
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North America Axial Flow Pump Market Size FAQs
What is the current North America Axial Flow Pump Market size?
The North America Axial Flow Pump Market is projected to register a CAGR of 3.5% during the forecast period (2024-2029)
Who are the key players in North America Axial Flow Pump Market?
Flowserve Corporation, KSB SE & Co. KGaA, Sulzer AG, Grundfos AS and Weir Group PLC are the major companies operating in the North America Axial Flow Pump Market.
