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Water heating accounts for an ample amount of energy used across a wide range of applications. Hot water is used for residential, commercial, and industrial propose. Residential sector experiencing a tremendous demand for hot water owing to rapid urbanization and growing middle-class income. Circulator pumps are used to provide hot water at required rate of temperature and pressure. They are very efficient in delivering hot water instantly upon demand within a short time.
Circulator pumps ensure optimization of rate of heat transfer and enhance the performance of hot water system. Currently the world is witnessing extensive carbon emission and water scarcity. Many countries are opting for energy-efficient devices to cut down energy costs and conserve available energy resources for future generations. Therefore, hot water circulator pump market is anticipated to bolster at a rapid pace owing to superior advantages.
Key Market Driver -
Key Market Driver – Enormous demand of hot water for domestic purpose and HVAC industry
Key Market Restraint -
Key Market Restraint – Excessive maintenance and high initial investment
The classification of the hot water circulator pump is done based on type and application. Type further divided into single-stage and multistage. The single-stage pump is experiencing colossal growth owing to rapid urbanization and the continuous requirement of hot water for domestic purposes. The residential sector is likely to gain a sizeable market amongst application segment. Rising capital expenditure and growing middle-class income are bolstering the demand for hot water circulator pumps in the residential sector.
Rising consumption of hot water for domestic as well as district heating purposes is projected to drive the hot water circulator pump market. Also, the massive demand for hot water in cold countries, along with industrialization and commercialization is increasing the demand for hot water circulator pumps. The circulator pump is prone to scaling problem which increases the maintenance cost of the hot water system. Also, the high initial investment for installation is expected to retard the growth of the hot water circulator pump market.
Some of the major giants for the hot water circulator pump are Grundfos, Xylem Inc., Flowserve Corporation, Armstrong Fluid Technology, NIBE Energy Systems Limited, Calpeda, SAER Elettropompe S.p.A., Wilo Group, Kirloskar Brothers Limited, and US Solar Pumps.
The hot water circulator pump market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North American countries are prone to severe cold conditions and seasonal weather changes. A vast amount of hot water is required for domestic as well as commercial processes. The pump is needed to transfer hot water without any heat loss which saves a lot of energy. Simultaneously growth in district heating would anticipated to boost the hot water circulator pump market in North America.
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The hot water circulator pump market in Europe is driven by massive demand in HVAC industry and continuous requirement of hot water by residential sector. Asia Pacific provides one of promising market opportunities for the growth of the hot water circulator pump market. The necessity of hot water in generation of electricity and rapid urbanization is expected to fuel the growth of the hot water circulator pump.
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