Hot Water Recirculation Pump Market Scenario
The global hot water circulator pump market is
anticipated to grow during the forecast period at an annual rate of 3.14%. The Hot
Water Recirculation Pump Market is predicted by Market Research Future (MRFR) to
reach a valuation of USD 22,083.3 million by the end of the forecast period in
2021.
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.
Hot Water Recirculation Pump Market 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. The growth of the market is due to the high
need for hot water circulation pump across various industries like power
plants, textile, food and beverages, pharmaceuticals, chemicals, and others.
Regional Analysis
The global hot water circulator market is regionally
distributed across the following key areas: Japan, China, the US, Europe, and
the Rest of the World.
Europe leads the hot water circulator market with
the highest share and is projected to grow at a considerable pace during the
forecast period. Europe held 28.5% of the global market share, in terms of
revenue, and the number is only projected to move upwards in the near future.
Countries like France, Germany, the UK, and the Netherlands are contributing
immensely to the growth of the European regional market.
The US is the second largest hot water circulator
pump regional market in the global landscape, both in terms of value and
volume. The region is expected to grow considerably over the forecast period
and contribute to the overall growth of the global market.
China is considered globally as one of the biggest
manufacturers of hot water circulator pumps. The region stands third in the
global standings, however, boasts massive potential in the coming years. The
presence of a huge pool of domestic players in the country is one of the primal
driving factors for the regional market. Japan is another key region that is
anticipated to make a mark in the global hot water circulator pump market in
the coming years with its consistent growth and development.
Competitive Landscape
The global hot water circulator pump market is host
to a number of key players. A list of players was identified by MRFR in its
report. This includes names such as BacoEngineering.com (the U.K.), Grundfos
(Denmark), Xylem Inc (the U.S.), AUMA Riester GmbH & Co. KG (Germany),
Emile Egger & Cie SA (Switzerland), Armstrong Fluid Technology Limited
(Canada), Flowserve Corporation (the U.S.), Taco (the U.S.), Calpeda S.p.A
(Italy), and Saer Elettropompe SpA (Italy).
https://uberant.com/article/631620-hot-water-circulator-pump-market-growth-status-share-report-2021/
No comments:
Post a Comment