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 |
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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.
