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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Industry Highlights
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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Competitive Landscape
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.
Regional Analysis
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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