Hot Water Circulation Pump Market
Hot Water Circulation Pump Market Analysis by Single-stage Pumps and Multistage Pumps for Residential, Commercial, and Industrial Use from 2023 to 2033
Analysis of Hot Water Circulation Pump Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Hot Water Circulation Pump Market Outlook (2023 to 2033)
The global hot water circulation pump market stands at US$ 2.85 billion in 2023, as reported by Fact.MR. Worldwide demand for hot water circulation pumps is forecasted to rise at a CAGR of 5.5% and reach a market value of US$ 4.87 billion by 2033.
In recent years, there have been rising concerns related to environmental sustainability. More consumers are becoming conscious about energy use and are seeking eco-friendly and energy-efficient products. Hot water circulation pumps are effective solutions to reduce energy consumption.
Hot water pumps are widely used to distribute water in commercial sectors, homes, and industries while offering instant hot water through a shower or faucet. These pumps function with the pumping of hot water at a gradual pace through dedicated lines and then transferring the same to the respective water heater.
Hot water pumps are becoming popular in different types of buildings to ensure the accessibility of hot water from the faucet without any wait. Cold water that comes initially is wasted sometimes from taps as consumers look for water with higher temperatures. This ineffectiveness can waste a significant amount of cold water on an annual basis. Circulator pumps can resolve this issue while pumping hot water through the respective piping system of buildings in a closed loop and sending water to the heater constantly to ensure easy accessibility of hot water.
Rising awareness about water wastage among the majority of people and the growing spending capacity of various consumers on water-saving and energy-efficient products are projected to open up lucrative opportunities for market players.
There are a few people from developing regions that are not aware of hot water circulation pumps. They may have limited or no familiarity with the advantages of hot water circulation pumps, which is predicted to adversely impact market growth. In addition, the low-income levels of numerous people from developing countries are predicted to limit the adoption of hot water circulation pumps. They have limited access to resources and technology for the installation and maintenance of pumps.
Fact.MR, a market research and competitive intelligence provider, in its newly published market research report on the hot water circulation pump industry, offers a thorough analysis of numerous dynamics. The report gives a detailed insight into market growth opportunities, a regional overview, some prominent limitations, new product launches, and other factors.
Report Attributes |
Details |
|---|---|
|
Hot Water Circulation Pump Market Size (2022) |
US$ 2.7 Billion |
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Global Market Value (2023) |
US$ 2.85 Billion |
|
Forecasted Market Value (2033) |
US$ 4.87 Billion |
|
Global Market Growth Rate (2023 to 2033) |
5.5% CAGR |
|
Key Type |
Single-stage Pumps |
|
Key Companies Profiled |
|
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Why is Deployment of Hot Water Circulation Pumps Increasing Across Geographies?
“Rising Concerns about Energy Costs and Need to Increase Energy Efficiency”
Energy efficiency is a prominent factor contributing to the growing demand for hot water circulation pumps. Governments from different countries around the world are promoting the use of energy-efficient items with incentives, subsidies, and policies. Energy-efficient certification programs and labeling is predicted to increase awareness of energy-efficient products among consumers. These programs are leading to a growing demand for products that are eco-friendly and energy-efficient, including hot water circulation pumps.
Hot water circulation pumps are capable of minimizing the time required for water to reach the faucet and help in reducing energy consumption used to heat water. Various people are becoming aware of environmental sustainability. They are becoming conscious about their environmental footprints and are opting for eco-friendly and energy-efficient solutions.
“Building Codes Demanding Use of Eco-friendly Products”
Building codes are used to regulate the renovation of existing buildings and the construction of new buildings to ensure that standards set for sustainability, energy efficiency, and safety are matched. Building codes are predicted to contribute to market expansion in numerous ways, including contribution to energy-efficiency requirements, incentives for numerous eco-friendly products, and green building certifications.
Demand for certifications, including ENERGY START and LEED (Leadership in Energy and Environmental Design) is also included by building codes. Hot water circulation pumps can be opted as efficient solutions to achieve these above-mentioned certifications by improving energy efficiency and reducing energy usage.
Incentives are offered for using eco-friendly or sustainable products in construction activities. This is stimulating building owners and contractors to opt for products that follow set standards for energy consumption.
How is the Sales Growth of Hot Water Circulation Pumps Being Affected to Some Extent?
“Low Awareness in Developing Regions about Hot Water Circulation Pumps”
Lack of product understanding and awareness among people in developing regions is projected to hinder market growth. Numerous consumers from these markets are not aware of the merits of hot water circulation pumps. In addition, a low level of income in some countries of developing regions is also estimated to limit product demand, and therefore, hot water circulation pumps are considered luxury products instead of a necessity.
“Shortage of Trained Personnel and Lack of Infrastructure”
Limited access to required technology and resources for pump installation and maintenance is anticipated to adversely impact market growth. Lack of infrastructure, including a plumbing system or electrical grid, which is required to support the effective functioning of hot water circulation pumps is also predicted to adversely impact market opportunities.
An absence of skilled professionals to install as well as maintain hot water circulation pumps is projected to have adverse impacts on demand. Consumers cannot access these products due to the unavailability of well-developed infrastructure.
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Which Tactics are Start-ups Incorporating to Thrive in the Hot Water Circulation Pump Market?
“Using Smart Technologies to Manufacture Hot Water Circulation Pumps”
Start-ups are investing in the production of smart hot water circulation pumps that come with integrated control systems and sensors. These smart pumps regulate and monitor hot water flow while reducing energy waste and ensuring energy efficiency. Heat pump water heaters, solar pumps, etc., are some popular pumps available in the market.
Country-wise Insights
What’s Augmenting the Demand for Hot Water Circulation Pumps in the United States?
“Energy Conservation and Sustainability Concerns Driving Product Demand”
Requirements for sustainability, energy efficiency, and efficient hot water delivery are some pivotal factors boosting demand for hot water circulation pumps. These features of pumps are contributing to their increased demand from businesses, homes, and factories in the United States.
Why are Hot Water Circulation Pumps Popular in the United Kingdom and Germany?
“Colder Climate Contributing to High Demand for Hot Water Circulation Pumps”
The cold climate of the United Kingdom and Germany is predicted to generate higher demand for hot water pumps. Hot water circulation pumps provide efficient and quick access to hot water to people in colder areas, which is forecasted to boost market growth.
The United Kingdom market is predicted to expand rapidly whereas the German market is estimated to hold a significant share of the regional market revenue.
Which Asia Pacific Countries are Important Markets for Hot Water Circulation Pump Suppliers?
“China, India, South Korea, and Japan – Key Market in the Region”
India, China, South Korea, and Japan are some prominent markets in the Asia Pacific region. There is a rising demand for new construction projects owing to infrastructural growth and rapid urbanization. In addition, the increasing construction of apartments and offices is also contributing to the rising demand for hot water circulation pumps.
Concerns related to water shortage and conservation are acting as a priority for various organizations and governments. The ability of hot water circulation pumps to provide quick access to hot water without wastage is contributing to their increased sales.
China is predicted to hold a significant share of revenue stream and India is forecasted to grow rapidly over the forecasted period.
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Category-wise Insights
What’s Propelling the Sales of Single-stage Hot Water Circulation Pumps?
“Energy Efficiency of Single-stage Hot Water Circulation Pumps Boosting Their Demand”
Based on type, the global industry is classified into single-stage and multistage pumps. Between these two, single-stage hot water circulation pumps are used widely due to their advantages such as energy efficiency, which make them an attractive choice for commercial and residential sectors. They are specifically designed for quick and efficient movement of water through a system, which is helpful to reduce energy consumption compared to other options.
Why Do Most Consumers Prefer Steel-based Hot Water Circulation Pumps?
“Corrosion-resistance and Durability Make Steel-based Pumps Popular”
Stainless steel, cast iron, and bronze are some popular materials used in the production of hot water circulation pumps. Among these, stainless steel-based pumps are corrosion-resistant and durable, which makes them a perfect choice. They are designed to operate in demanding and harsh conditions. Resistance to corrosion and rust ensures the functionality of hot water circulation pumps for a longer duration.
Which End-use Sector Widely Employs Hot Water Circulation Pumps?
“High Demand for Hot Water Circulation Pumps in Residential Sector”
Residential, industrial, and commercial are popular end-use sectors that are contributing to increased demand for hot water circulation pumps. Among these, a significant share of revenue is generated from the residential sector. Pumps can reduce energy consumption while eliminating the requirements to keep water heated in pipes. Further, pumps are used in retrofitting homes and older buildings to improve convenience, comfort, and energy efficiency.
Key Market Players
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.
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. are key players in the hot water circulation pump market.
Segmentation of Hot Water Circulation Pump Industry Research
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By Type :
- Single-stage Pumps
- Multistage Pumps
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By Material :
- Stainless Steel
- Cast Iron
- Bronze
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By Application :
- Residential
- Commercial
- Industrial
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By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- FAQs -
What was the size of the hot water circulation pump market in 2022?
The global hot water circulation pump market reached US$ 2.7 billion in 2022.
What is the predicted growth rate of hot water circulation pumps?
The market for hot water circulation pumps is projected to expand at a CAGR of 5.5% from 2023 to 2033.
What is the forecasted valuation of the market for 2033?
Sales of hot water circulation pumps are estimated to reach US$ 4.87 billion by 2033.
Which material is most widely used to manufacture hot water circulation pumps?
Demand for steel-based hot water circulation pumps to remain high worldwide.
Which sector will account for noteworthy demand for hot water circulation pumps?
The residential sector is predicted to hold a significant share of global market revenue.
Who are the key manufacturers of hot water circulation pumps?
Leading market players are Grundfos Holding A/S, Xylem Inc., Wilo SE, Flowserve Corporation, Calpeda SA, Armstrong Fluid Technology, US Solar Pumps, SAER Elettropompe SpA, LEO PUMP, and TACO INC.
Hot Water Circulation Pump Market
*Mail attachment includes 112 figures & 84 tables