Market Trends of Axial and Mixed Flow Pumps Industry
This section covers the major market trends shaping the Axial & Mixed Flow Pumps Market according to our research experts:
Rising Demand for Energy Fuel
- The axial and mixed flow pumps market is expected to grow as people become more environmentally conscious and governments are willing to invest in water and wastewater treatment. Furthermore, the rising demand for energy fuel is a growing trend in this market. Demand for crude oil in domestic transportation and international logistics is increasing, which is expected to stimulate onshore and offshore fuel exploration.
- India is the world's third-largest consumer of both energy and oil. India's oil refining capacity was 259.3 MMT (million metric tonnes) as of May 1, 2021, making it Asia's second-largest refiner. By 2040, India plans to increase this capacity to 667 MTPA (million tonnes per annum).
- Also, by 2040, India's energy demand is expected to double to 1,123 Mtoe (million tonnes of oil equivalent). The increased demand for fuel is expected to drive product adoption across a wide range of end-user industries, including oil and gas, power, water, and wastewater treatment.
- According to the International Energy Agency, investment in coal is expected to increase by 10% by 2021 as a growing number of countries race to secure alternative fuel sources to improve energy security, which the Ukraine war has reduced.
- Further, according to China's central government, the country aims to have 50,000 fuel-cell vehicles on the road by 2025 and produce 100,000-200,000 tonnes of hydrogen annually from renewable sources by the same year. This will further drive the market growth.
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Asia Pacific is Expected to Hold Significant Market Share
- The axial and mixed flow pumps market would be primarily driven by a robust investment environment, particularly in water treatment facilities. With major exploration activities underway in both onshore and offshore formats, primarily in the unconventional oil and gas sector, Asia Pacific is bound to have a significant slice of the global axial flow pump market pie. This raises the demand slope for axial flow pumps.
- Furthermore, the region accounted for a sizable portion of manufacturing and construction industries in 2021 and is expected to grow further in the coming years. While it is profitable for manufacturers in terms of market share, it is also distinguished by low labor costs and increasing government support. China and India, in particular, successfully shift the manufacturing industry to themselves.
- For instance, according to IBEF, in September 2021, the government approved the PLI scheme worth Rs. 26,058 crores (USD 3.53 billion) for the auto and drone industries to boost India's manufacturing capabilities. These initiatives further drive the studied market in the region.
- Moreover, On November 19, 2021, Prime Minister Mr. Narendra Modi laid the foundation stone for the Uttar Pradesh Defence Industrial Corridor project worth Rs. 400 crores (USD 53.73 million) in Jhansi, which further boosted the studied market.
- Other reasons for the region's growth include technological advancements and innovations that greatly empower the region's foothold for industrialization. It is expected to drive demand for the Axial and Mixed Flow Pump Market during the forecast period. For instance, According to the India Brand Equity Foundation, in February 2022, India's technology spending increased by 8.7 % in 2022. This is the fastest rate of growth in the Asia Pacific region. In 2021, India's tech leaders spent 7% more on hardware than in 2020.
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