Latest News- Axial Flow Pump Market: Oil and gas is expected to lead the Application segment during 2024-2028
The Axial Flow Pump Market is being driven by Growing investments in water infrastructure projects
The Axial Flow Pump Market is expected to grow at a CAGR of 4.23% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6.69 billion. The integration of Internet of Things (IoT) sensors and smart controls in axial flow pumps represents a significant market trend, with the primary objective being to enhance operational efficiency and reduce maintenance costs. IoT sensors embedded in these pumps continuously monitor and collect data on essential parameters, including flow rate, temperature, and pressure. In the agricultural sector, axial flow pumps equipped with IoT sensors enable real-time monitoring of water usage, empowering farmers to optimize irrigation practices. In industrial applications, predictive maintenance algorithms leverage sensor data to anticipate potential pump failures, enabling preventive measures and minimizing downtime. This technological advancement underscores the growing importance of digitization and data-driven decision-making in the axial flow pump market.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Oil and gas, Food and beverage, Wastewater and water, Mining, Others) Type (Horizontal, Vertical) Geography (APAC, Europe, North America, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Axial Flow Pump Market Research Report
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The Axial Flow Pump Market caters to the demand for pumps with propeller-type impellers, which operate based on centrifugal force. These pumps, unlike Positive Displacement Pumps, displace fluid by creating a flow through a rotating impeller. They are commonly used in low-pressure heads and are effective in handling large discharge rates. However, they are susceptible to spillage and are not suitable for controlled vertical heads. Material options include cast iron, plastic, aluminum, brass, bronze, and ceramics, with horizontal shaft configurations. Industrial applications include pumping water in flood-prone areas and during natural calamities, with a focus on energy efficiency.
The global axial flow pump market is a significant segment of the larger industrial machinery market, as identified by Technavio. This market encompasses businesses involved in the production of industrial machinery and components, including pumps, compressors, and roller bearings. The industrial machinery market's size is determined by the combined revenue generated by manufacturers of machinery and components utilized in industrial settings. Factors driving the expansion of this market include the increasing industrial output in process and discrete industries, leading to capacity enhancements in sectors such as energy, chemicals and petrochemicals, pulp and paper, and processed food and beverages. The burgeoning economic growth in developing countries is fueling the demand for these industries, thereby propelling the global industrial machinery market forward. Additionally, natural calamities such as floods and waterlogged areas necessitate the deployment of axial flow pumps for disaster relief efforts, further bolstering market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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