Hot
Water Circulator Pump Market Analysis
The
global hot water circulator pump market is anticipated to grow during the
forecast period at an annual rate of 3.14%. The 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 Hot
Water Circulator Pump 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 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. 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).
Related
Reports:
No comments:
Post a Comment