Rockville, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, in its newly published research report, reveals that the global Hot Water Circulation Pump Market stands at US$ 2.85 billion in 2023 and is projected to increase at a CAGR of 5.5% through 2033. Rapidly rising number of people opting for different types of hot shower products is predicted to fuel the demand for hot water circulation pumps.
Use of hot water circulators reduces the time required for water heating and also helps in saving money invested for heating purposes. Subsidies, incentives, and policies are some popular strategies adopted by various governments to encourage the use of energy-efficient products.
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Hot water circulation pumps are used to circulate hot water in different industries and homes by offering instant hot water facilities. Various consumers are becoming more conscious about their energy consumption and are looking for environmentally friendly and energy-efficient products. This change is in response to rising concerns about environmental sustainability, which is further boosting the demand for hot water circulating pumps.
Key Takeaways from Market Study
- The global hot water circulation pump market stood at US$ 2.7 billion in 2022.
- The global market is forecasted to expand at a 5.5% CAGR from 2023 to 2033.
- Worldwide demand for hot water circulation pumps is projected to reach a market value of US$ 4.87 billion by 2033.
- Based on type, demand for single-stage hot water circulation pumps is predicted to accelerate the fastest over the decade.
“Rising global awareness about water wastage and increasing expenditure of consumers on waste minimization and energy-efficient products are generating lucrative opportunities for hot water circulation pump manufacturers,” says a Fact.MR analyst.
Building Codes Necessitating Use of Eco-friendly and Energy-saving Products
Building codes are predicted to serve as one of the prominent drivers to boost demand for hot water circulation pumps. These codes regulate the renovation of existing buildings and the construction of new buildings to ensure they match specific energy efficiency, sustainability, and safety standards. Building codes are estimated to offer lucrative opportunities for players in numerous ways, including incentives for eco-friendly products, energy-efficient requirements, and green building certifications.
Certifications such as ENERGY STAR or LEED (Leadership in Energy and Environmental Design) are also included in building codes. Hot water circulation pumps play a significant role to achieve certifications with improvement in energy efficiency and reduction in energy use.
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Lack of Awareness and Resources in Developing Regions
A lack of understanding and reduced awareness about hot water circulation pumps in some areas from developing regions are predicted to hinder market expansion. Certain consumers from these regions are not familiar with the advantages of these pumps. Moreover, the low income of people from these regions is also projected to limit demand for hot water circulation pumps.
These products are sometimes seen as luxury products instead of necessary electronic appliances, which negatively affects the demand for hot water circulation pumps. Limited access to resources and technology for the installation and maintenance of these pumps is also curbing expansion opportunities.
Competitive Landscape
Quality control, strengthening supply chain management systems, maintaining product standards, etc., are some steps taken by companies operating in the hot water circulation pump market. Production of reliable and high-quality hot water circulation pumps to match market requirements is anticipated to open up lucrative opportunities for players.
For instance:
- In October 2022, Grundfos launched Grundfos Digital NEXT, which is a small hot water circulator. Its range includes 15 to 58 model UPSe and is designed specifically for the residential sector.
Key Market Players
Leading manufacturers of hot water circulation pumps include Grundfos Holding A/S, Xylem Inc., Wilo SE, Flowserve Corporation, Calpeda SA, Armstrong Fluid Technology, US Solar Pumps, SAER Elettropompe SpA, Shimge Pump Industry Group Co., Ltd., TACO INC., Taizhou Dalang Pump Industry Co., Ltd., Ningbo Yinzhou H.T. Industry Co. Ltd., LEO PUMP, Zhejiang Yonjou Technology Co., Ltd., and Fujian ELESTAR Motor Co., Ltd.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the hot water circulation pump market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on type (single-stage pumps, multistage pumps), material (stainless steel, cast iron, bronze), application and (residential, industrial, commercial), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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