What's driving the Hot Water Circulator Pump Market Growth?
Market research future publishing a cooked research report on global hot water circulator pump market. The hot water circulator pump market is expected to grow at CAGR of around 3.14% during the period 2017 to 2023.
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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The global market has seen a rising demand for hot water circulating pump owing to its growing demand from its application sectors such as residential, commercial and industrial. The demand for residential purpose has been the major driving factor. Moreover, the rising preference for hot water in cold countries, have fueled the demand for hot water circulating pumps. On the other hand, the high prices of circulating pump, higher maintenance and installation cost, have been the major restraining factors for the global hot water circulator pump market.
Market Research Analysis
The residential application for the hot water circulating pumps accounts for a minor chunk of the market. However, the increasing demand for efficient pumping systems is driving the demand for the residential application of the hot water circulating pumps. Rapidly growing demand for sophisticated hot water pumping systems, in the residential places for applications such as solar heater, drive the demand of the market. Hence, this segment is expected to continue to grow at a steady pace in the hot water circulating pumps market during the forecast period, registering a CAGR of 3.40%. The increasing commercial activities, specifically in the Asia-Pacific region is expected to induce a high demand for the hot water circulating pumps. Along with the growing expenses by the government authorities, there has been a simultaneous increase in the usage of these pumps for the commercial purposes. Continued development of hotels, hospitals, airports, and commercial high-rise buildings, across the world, is expected to contribute growth for the commercial application segment of the market. As a result, the commercial segment is expected to register a CAGR of 4.30%. The industrial application of hot water circulating pumps is expected to dominate the hot water circulating pump market, as these pumps are used in almost every industry. As a result of the widespread industrial application, this segment has a higher market share in the global market. Over the years, a number of industries such as chemical, food and beverage, iron and steel, and cement have implemented the hot water circulation pumps, which has directly translated into the growth of the industrial segment of the global market.
Scope of the Report
This study provides an overview of the global hot water circulator pump market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for Europe, USA, China, Japan and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next 6 years for each region. The scope of the study segments the global hot water circulator pump market by its type, application and regions.
The major players operating in global hot water circulating pump market, who have adopted the strategies such as geographic expansion, mergers, and acquisitions are Xylem Inc (US), Grundfos (Denmark), Flowserve Corporation (US), Armstrong Fluid Technology Limited (Canada), Calpeda S.p.A (Italy), BacoEngineering.com (UK), Taco (US), AUMA Riester GmbH & Co. KG (Germany), Emile Egger & Cie SA (Switzerland) and Saer Elettropompe SpA (Italy).