Hot Water Circulator Pump Market Scenario
The hot water circulating pumps market are such devices that allow the flow of hot water through the circuit of pipelines. As per the report published by Market Research Future (MRFR), the global hot water circulation pump market is anticipated to project steady expansion at a CAGR of 3.14% and reach the valuation of USD 22,083.3 Mn by the end of 2021. A detailed analysis report of COVID-19 impact on Hot Water Circulator Pump Market is provided with the report.
Building owners are focusing on reducing lifecycle cost in equipment and overall building costs. Sustainable housing schemes and green buildings extensively make use of these pumps. Reviving construction of new buildings in developed economies paired with the rapid residential construction in the developing countries has paved the way for the growth of the hot water circulator pump market. Furthermore, an increase in the construction of commercial establishments such as hotels, office buildings, healthcare facilities, and others is also expected to drive the market.
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Various energy labeling schemes and a greater focus on energy conservation has fueled the growth of the market. In addition, the governments in multiple countries have progressively set strict efficiency standards for the environmental design of energy-using products to help reduce energy usage and carbon footprint. For instance, builders and designers in Europe are required to comply with energy efficiency index (EEI) and minimum efficiency index (MEI) which has induced demand within the hot water circulator pump market.
Energy efficiency is at the forefront of the building design and infrastructure regulations which has provided an impetus to the hot water circulator pump market. Hot water circulator pumps are capable of delivering the exact required output with minimum electricity and far less maintenance cost which results in significant cost and energy saving. Hot water circulator pumps are highly desirable within the context of growing energy as well as water scarcity. These pumps operate in an optimal manner and are useful in buildings with long water distribution systems. Riser in the construction of multi-story buildings has added to the market growth.
The increasing adoption of energy efficient technologies and a fast-paced infrastructural development are pushing the demand for hot water circulator pump around the world, thereby pushing the market growth. Hot water circulation pumps are used across various industrial sectors. Industrial development is one of the key drivers of the global market. The growing integration of hot water circulator pumps both for domestic and commercial purposes is pushing the growth of the market as well. However, the high costs linked with these pumps and the additional maintenance and installation charges can dampen the growth of the market during the forecast period.
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AUMA Riester GmbH & Co. KG (Germany), BacoEngineering.com (UK), Emile Egger & Cie SA (Switzerland), Grundfos (Denmark), Armstrong Fluid Technology Limited (Canada), Flowserve Corporation (US), Taco (US), Saer Elettropompe SpA (Italy), Calpeda S.p.An (Italy), and Xylem Inc (US) are the distinguished players in hot water circulator pump market.
Global Hot Water Circulator Pump Industry Segmentation
The global hot water circulation pump market segmentation is based on the following dynamics: application and type.
By type, the market is segmented into single-stage and multi-stage pump. Herein, the single-stage pumps segment holds the highest share of the market, edging past the multi-stage pump segment. The rising preferences among consumers for single-stage pump for residential requirements has been one of the biggest factors behind the growth of this segment. Additionally, the low cost of maintenance compared to multi-stage pumps is another key reason pushing the demand for single-stage pumps.
By application, the market includes industrial, residential, and commercial. The industrial segment holds the leading position in the global hot water circulator pump market. The segment is further anticipated to garner considerable growth over the forecast period to remain at the top of the market standings.
By region, the hot water circulator pump market has been segmented into the US, Rest-of-the-World (RoW), China, Europe, and Japan.
Europe is the dominant market for hot water circulator pump. Energy efficiency is a major focus of the European Union which has reflected positively on the growth of the Europe hot water circulator pump market. The governments in the region have set stringent efficiency standards for energy-related products. Moreover, green buildings have become a common phenomenon in Europe and builders are required to adhere to EU pump efficiency regulations to earn green building certification which is favoring the growth of the market. The UK, France, and Germany are the key contributors to the Europe hot water circulator pump market.
The US is the second largest market for hot water circulator pump and is a relatively mature market. Continued new building construction activities in the US along with robust demand from the residential sector is boosting the growth of the US market.
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