The increased usage of hot water circulator pumps in residential applications, as well as an increasing preference for hot water in diverse nations with cold weather, has boosted global circulator pump market growth.
Covid-19 Impact & Market Status:
The COVID-19 outbreak has had a moderate impact on the circulator pump industry. Social distance and lockdown measures have been adopted in a number of countries throughout the world to limit the spread of the coronavirus. As a result, supply chains in industrial production sectors including automotive and chemicals have been interrupted, hurting product demand during the outbreak.
Covid-19 had a drastic impact on global circulator pump market as it slowed down the growth of the market. However, some industries like automotive manufacturing, healthcare, and other industries doing essential manufacturing activities continued their operations during the pandemic. Some manufacturing activities impacted due to the lockdowns, raw material shortages, reduced demand, and other aspects. All these, factors increased the costs of raw materials and directly impacted the end markets. Nevertheless, this impact was for short period of time. But now since the effect of pandemic has reduced substantially and manufacturing, retailing, business, and other operations have returned to a normal state and gaining momentum worldwide, the global circulator pump market is expected to grow steadily.
Medium Sized Circulator Pump Is Poised For Rapid Market Progress
The global circulator pump market is classified into small, medium, large on the basis of type. Among these, the medium sized circulator pump is poised for rapid market progress. It promotes coolant movement, highly efficient, ability to adjust the pump, enhanced electronic control, dramatic reduction in energy consumption as opposed to traditionally controlled circulator pump. These factors have increased the demand of medium sized circulator pump.
Residential Segment Rallied to an Upward Market Growth
The global circulator pump market is classified into residential, industrial, and commercial on the basis of application. Residential has the biggest market share, and it is predicted to grow at the fastest rate throughout the evaluation period. Rising demand for hot water in cold countries, as well as an increase in the need for circulator pumps in residential societies, are boosting the segment's growth.
APAC Holds The Highest Market Share
The Asia Pacific market had the highest share and is predicted to rise at a significant CAGR in the next years. Strong population growth, rising purchasing power, and an expanding industrial base in developing countries like China and India are all contributing to regional market expansion.
From 2022 to 2029, the global Circulator Pumps market is expected to increase at a CAGR of 2.28 percent, from USD 19 billion in 2020 to USD 22.5 billion in 2029.
The Circulator Pumps sector was becoming more competitive, and with the global economic slump trending in recent years, the Circulator Pumps cost and sales price continued to fall year after year. The price rise space is limited due to concurrent fluctuations in upstream raw material costs. The price of Circulator Pumps is expected to drop slightly in the near future.
Circulator Pumps are becoming increasingly popular in China and Asia. The supply of low-cost Circulator Pumps has already exceeded demand. However, due to high demand, the surplus supply is small. If a large number of enterprises enter the industry, the oversupply scenario will worsen.
Despite the high level of competition and product surplus, many investors remain optimistic about this business due to the vast range of applications in the downstream industry, particularly in the water heater industry.
A circulator pump circulates gases, liquids, or slurries in a closed-circuit system. They circulate water in a hydronic heating or cooling system. Because they only circulate liquid within a closed circuit, they just need to overcome the friction of a piping system (as opposed to lifting a fluid from a point of lower potential energy to a point of higher potential energy).
Electric centrifugal pumps are often used as circulator pumps in hydronic systems. They are typically small, sealed, and rated at a fraction of a horsepower in household applications, but they can be huge in commercial applications, with the electric motor isolated from the pump body by a mechanical link. In sealed systems utilised in domestic applications, the motor rotor, pump impeller, and support bearings are usually incorporated and sealed within the water circuit. One of the biggest disadvantages of the larger, two-part pumps is maintaining a watertight seal where the pump's drive shaft joins the pump body.
The increased usage of hot water circulator pumps in residential applications, as well as an increasing preference for hot water in diverse nations with cold weather, has boosted market growth over the review period. Increased maintenance and installation expenses, on the other hand, are expected to stifle the industry's growth.
Furthermore, rapid urbanization leading to tremendous demand for hot water, increased demand for hot water for residential purpose and HVAC industry is anticipated to be a growth opportunity to the global circulator pump market.
The major market players in global Circulator Pump Market are Grundfos, Wilo, KSB, STEELE, Ebara, Allweiler, Sulzer, Group, Kaiquan, CNP, Shimge, Flowserve , Taco, Xylem Inc, Pentair, and Liancheng among others. These companies are internationally recognized for their quality manufacturing. Their standards are focused on key principles such as customer focus, process approach, and continuous improvement.
Major Developments in Global Circulator Pump Market: A Snapshot
- Engie was awarded a contract by the Canadian government in June 2019 to update, manage, and operate a district heating system in the country. Innovate Energy, which includes Engie, PCL Construction, and Black & McDonald, was awarded a 35-year contract to run a district energy system in Canada's Capital Region that heats and cools 80 buildings.
- Vattenfall, an energy partner, was chosen in May 2019 to construct the district heating infrastructure for Argent Related and Barnet Council's 180-acre Brent Cross South development in Barnet, North London.
Circulator Pump Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 22.5 billion|
|Growth Rate||CAGR of 2.28 % during 2021-2028|
|Segment Covered||application, Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Grundfos, Wilo, KSB, STEELE, Ebara, Allweiler, Sulzer, Group, Kaiquan, CNP, Shimge, Flowserve , Taco, Xylem Inc, Pentair, and Liancheng among others.|
Key Segments Circulator Pump Market
Type Overview, 2019-2029 (USD Billion)
Application Overview, 2019-2029 (USD Billion)
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa