Hot Water Circulator Pump Market Size [2023-2030] worth USD

May 29, 2023 06:19 ET | Source: Fortune Business Insights Fortune Business Insights

Pune, India, May 29, 2023 (GLOBE NEWSWIRE) -- The global hot water circulator pump market size was valued at USD 7.73 billion in 2022. The market is projected to grow from USD 7.96 billion in 2023 to USD 10.48 billion by 2030, exhibiting a CAGR of 4.0% during the forecast period. Hot water circulator pumps provide instant hot water in industries, homes, and commercial sectors. Concerns for energy efficiency and reduction of the energy costs are expected to drive the market growth. Fortune Business Insights™ shares this information in its report titled “Hot Water Circulator Pump Market, 2023-2030.” Water Recirculation Pump

October 2021: Wilo introduced the WiloPara MAXO series, a high-efficiency glandless circulator pump designed for heating and solar applications. The new pump offers a high flow and comfort in electrical installation, commissioning, settings, and diagnostics.

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Increasing Concern for Energy Efficiency and Reduction of Energy Costs to Drive Market Trajectory

Increasing concern for energy efficiency and the reduction of energy costs are expected to drive the hot water circulator pump market growth. Governments have been promoting the use of energy-efficient products through policies, incentives, and subsidies. This increased demand for hot water circulating pumps is attributed to the features such as energy-efficient and eco-friendly. With concerns regarding environmental sustainability, consumers have been becoming more conscious of their energy usage and seeking energy-efficient and eco-friendly products.

However, lack of awareness regarding such pumps in regions such as Asia and Africa is anticipated to hinder market development.

Economic Uncertainty Led to Decreased Demand for Pumps

The pandemic affected the global supply chains, which resulted in the impact on the hot water circulator pump industry. Economic uncertainty led to a decreased demand in the pumps as many individuals faced financial insecurities, making them less likely to invest in home improvement projects, including upgrading of their hot water systems.  

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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Single Stage Pumps to Lead as they are Energy-efficient

On the basis of technology, the market is segmented into single stage and multistage. Single stage segment held the majority part as these pumps are energy efficient, making them an attractive option for residential and commercial sectors. This allows the pumps to utilize less energy to heat the water.

Stainless Steel to Lead as it is Highly Durable

Based on material type, the market is segmented into stainless steel, bronze, cast iron, and others. Stainless steel is set to dominate the market due to highly durable and corrosion-resistant features.

Upto 2m3/h to Lead Owing to Various Advantages

Based on flow rate, the market is segmented into upto 2m3/h and above 2m3/h. Upto 2m3/h segment is set to dominate the market due to growing demand for energy-efficient and cost-effective hot water circulation systems.

Residential Segment to Lead as it is the Largest Consumer of Energy and Pumps

Based on end-user, the market is segmented into residential, commercial, and industrial. The residential segment is set to dominate the market as it is one of the largest consumers of energy and pumps that can significantly reduce energy consumption by eliminating the need to keep water heated in long pipes.   

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Europe to Lead Market Due to High Usage of Hot Water

Europe is expected to dominate the hot water circulator pump market share due to high usage of hot water as the region has cold climate. The market was valued at USD 3.79 billion in 2022 due to the need for quick and efficient access to hot water.

North America is also expected to have prominent market growth due to the need for faster and more efficient hot water delivery, energy efficiency, and sustainability.   

Asia Pacific is anticipated to have a significant growth due to rapid urbanization and infrastructure development, driving demand for new construction projects. As more commercial and residential buildings are built, the demand for pumps will likely increase.

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Grundfos Revealed its New Range of Small Circulators Called the Grundfos Digital NEXT

Grundfos is a market leader as the company focuses on product quality, innovation, global reach, and sustainability. In June 2022, Grundfos revealed its new range of small circulators called the Grundfos Digital NEXT, which is designed for the residential heating market. The range includes the UPSe 15-58 model, which was first introduced in late 2022.

A List of Key Manufacturers Operating in the Global Market:

Hot Water Circulator Pump Market Segmentation:

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4.1. Key Emerging Trends – For Major Countries

4.5. Impact of COVID-19 on the Hot Water Circulator Pump Market

5.       Global Hot Water Circulator Pump Market (USD Billion) Analysis, Insights, and Forecast, 2019-2030

5.2. Market Analysis, Insights and Forecast – By Technology

5.3. Market Analysis, Insights and Forecast – By Material Type

5.4. Market Analysis, Insights and Forecast – By Flow Rate

5.5. Market Analysis, Insights and Forecast – By End-User

5.6. Market Analysis, Insights and Forecast – By Region

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