The global hot water circulating pump market was valued at USD 19,014.0 million in 2016, which is expected to reach USD 22,083.3 million by 2021 with the CAGR of 3.14%. Moreover, in terms of volume, in 2016, the global consumption of hot water circulator pump was 37.80 million units, which is expected to reach 42.07 million units by 2021, with the CAGR of 2.26%.
Hot water circulating pumps are basically a category of circulating pumps, which ensure immediate availability of hot water from the taps, faucets, or exhaust systems. These pumps impel hot water through the pipes, at a steady pace, and back to the water heater through a dedicated line or through a cold water line. The hot water circulating pumps market is mainly gaining traction, globally due to their ability to save water. Rapidly growing usage in commercial and residential applications coupled with the continued employment in industries, is expected to positively impact the hot water circulating system market.
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Market Drivers and Restraints:
Rise in adoption of energy efficient technologies and rapid infrastructural development are inducing high demand for hot water circulation pump, resulting in the expansion of the global hot water circulation pump market. The hot water circulation pumps are extensively utilized in various industrial sectors. Industrial development is one of the major factors that are driving the expansion of the global hot water circulation pump market.
Hot water circulation pumps are being mandatorily installed in commercial as well as residential buildings. Increasing adoption of hot water circulation pumps for commercial and domestic purposes is propelling the growth of the global hot water circulation pump market. Implementation of regional standards and codes are also projecting to impact positively on the expansion of the global hot water circulation pump market. However, high cost of such pumps and their higher installation and maintenance charges are likely to hamper the growth of the global hot water circulation pump market during the forecast period.
Xylem Inc (the U.S.), Grundfos (Denmark), Emile Egger & Cie SA (Switzerland), Flowserve Corporation (the U.S.), Armstrong Fluid Technology Limited (Canada), BacoEngineering.com (the U.K.), Taco (the U.S.), Calpeda S.p.A (Italy), AUMA Riester GmbH & Co. KG (Germany), and Saer Elettropompe SpA (Italy).
The global hot water circulation pump market has been segmented on the basis of type and application.
Based on type, the hot water circulation pump market has been segmented into single stage pump and multi-stage pump.
Based on application, the hot water circulation pump market has been segmented into residential, commercial and industrial.
Geographically, the global hot water circulation pump market is segmented into five major regions such as the U.S., Europe, China, Japan and the rest of the world.
The Europe region is leading the global hot water circulation pump market owing to the easy adoption of technologically advanced water circulation systems, presence of well-developed building infrastructure, and the increased manufacturing of advanced hot water circulation pumps in this region. Germany, the U.K., France and Netherlands are the leading countries that are driving the hot water circulation pump market in the Europe region.
The hot water circulation pump market in the U.S. region is the second largest in the global market. China is one of the major manufacturers of hot water circulation pump in the global market owing to the presence of high number of domestic players in this region.
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