Wilmington, Delaware, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Circulator Pumps Market by Flow Rate (Less Than 15 M3/H, 15-30 M3/Hr, 30-45 M3/Hr, More Than 45 M3/Hr), Application (Air Conditioning, Hot Water Heating System, Industrial Circulation, Domestic Water Recirculation, Solar and Geothermal Systems, Others), and End User (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global circulator pumps market generated $16.4 billion in 2020, and is anticipated to generate $24.5 billion by 2032, witnessing a CAGR of 3.4% from 2023 to 2032.
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Prime determinants of growth
Rising number of buildings and increasing demand for sustainable products for building operations drive the growth of the global circulator pumps market. However, the high expenses of commercially accessible circulator pumps products restrict the market growth. Moreover, a rise in government initiatives to curb the carbon emission by employing environment friendly policies related to circulator pumps presents new opportunities in the coming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Historical Period | 2020-2021 |
| Base Year | 2022 |
| Market Size In 2020 | $16.4 Billion |
| Market Size In 2032 | $24.5 Billion |
| CAGR | 3.4% |
| No. Of Pages In Report | 211 |
| Segments Covered | Flow Rate, Application, End User, And Region. |
| Drivers | Increasing Number Of Buildings Rising Industrialization |
| Opportunities | Increasing Demand For Sustainable Circulator Pumps |
| Restraints | High Cost Of Circulator Pumps |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic had a negative impact on the global circulator pumps market, owing to temporary closure of manufacturing firms during the lockdown.
- Not only the production but also the sale was hampered due to the closure of construction sites, especially in the initial period of the pandemic.
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The more than 45 m3/hr segment to maintain its leadership status throughout the forecast period
Based on flow rate, the more than 45 m3/hr segment held the highest market share in 2022, accounting for nearly half of the global circulator pumps market revenue, and is estimated to maintain its leadership status throughout the forecast period. Circulator pumps with more than 45 M3/Hr flow rate are relatively expensive and are used for industrial application. The volume sales are relatively less; however, their high price eventually leads to their dominance in the circulator pumps market in terms of revenue. The 15-30 m3/hr segment is projected to manifest the highest CAGR of 4.5% from 2023 to 2032. The 15-30 M3/hr segment is expected to grow with a higher CAGR due to increasing demand for circulator pumps for domestic applications.
The industrial circulation segment to maintain its leadership status throughout the forecast period
Based on application, the industrial circulation segment held the highest market share in 2022, accounting for more than one-fourth of the global circulator pumps market, and is estimated to maintain its leadership status throughout the forecast period. The number of industrial facilities has increased considerably in past few years and has driven the demand for circulator pumps which has positively affected the growth of the segment. However, the solar and geothermal segment is projected to manifest the highest CAGR of 4.5% from 2023 to 2032. In recent years, the popularity of sustainable practices has increased substantially. This is expected to create growth opportunities for the solar and geothermal segment.
The commercial segment to maintain its lead position during the forecast period
Based on end user, the commercial segment accounted for the largest share in 2022, contributing to nearly four-tenths of the global circulator pumps market revenue, and is projected to maintain its lead position during the forecast period. High demand for circulator pumps for HVAC applications from commercial buildings such as corporate offices, hospitals, schools, and others is a major driving factor for the commercial segment. However, the residential segment is expected to portray the largest CAGR of 3.8% from 2023 to 2032. Growing urbanization, especially in the developing regions, is a major factor behind the high growth rate of the residential segment.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asa-Pacific held the highest market share in terms of revenue in 2020, accounting for more than half of the global circulator pumps market revenue, and is likely to dominate the market during the forecast period. The Asia-Pacific region presents many growth opportunities to the major players in the circulator pump market, owing to rapid urbanization, and population growth in the countries such as India, South Korea, Japan, and China. However, the Europe region is expected to witness the fastest CAGR of 4.1% from 2023 to 2032. Growing demand for energy-efficient building components in the region drives the market growth.
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Leading Market Players: -
- Grundfos
- Wilo SE
- Taxo Cofort Solutions
- Xylem Inc.
- Honeywell International Inc.
- Flowserve Corporation
- Danfoss A/S
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Armstrong International, Inc.
- KSB SE & Co KGaA
The report provides a detailed analysis of these key players in the global circulator pumps market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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