Hot Water Recirculation Pump Market
The global hot water circulator pump market is projected to reach USD 22,083.3 Mn at a CAGR of 3.14% over the forecast period of 2017-2021, affirms Market Research Future (MRFR) in an in-depth study. In terms of volume, the market is anticipated to attain 42.07 Mn units at a CAGR of 2.26% by the end of 2021.
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.
Various energy labeling schemes and a greater focus on energy conservation has fueled the growth of the Hot Water Recirculation Pump 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.
Fierce competition in the market has forced the market players to offer quality products at competitive prices which have further raised the adoption of these pumps. However, the high cost of maintenance and installation can hinder the growth of the market.
Hot Water Recirculation Pump Market Segmentation
The global hot water circulator pump market has been segmented based on type and application.
By type, the hot water circulator pump market has been segmented into single-stage pump and multistage pumps. The single-stage segment accounts for the maximum share of the market. Single stage pumps are extensively used for residential purpose due to its lower maintenance cost as compared to multistage pumps due to which the segment is growing exponentially.
By application, the hot water circulator pump market has been segmented into residential, commercial and industrial. The residential segment accounts for the most significant share of the market followed by commercial and industrial. High demand from the residential sector is substantiating the growth of the segment.
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.
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.
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