Domestic Booster Pump Market - A Consolidating Research and Executing Strategies to Grow Profitably
In recent years, the residential construction industry has grown at a good pace. Increasing urban population and growing disposable income are the factors affecting the lifestyle of individuals. Booster pumps are one of the important aspects of residential flats, houses, farm houses, and guest houses. Increasing population pressure and growing density results in varying water pressure during peak hours as demand rises. Furthermore, growing water consumption through single water source and poor water management of municipal corporations drives the growth of the booster pump market.
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Stringent government regulations on energy usage are expected to fuel the need for energy-efficient pumps. Intelligent pumps or booster pumps are defined as the combination of a pump and a variable frequency drive (VFD) with digital control capability. Based on the cost profile of a typical pump life-cycle, energy costs account for nearly 40% of the total, which, combined with maintenance & repair, can escalate to more than 80%. According to the U.S. Department of Energy, potential energy savings with intelligent pump systems can be nearly 20% of the total energy requirements of the process.
Single stage type of the global domestic booster pump market is expected to hold the major market share during the forecast period and is estimated to bring in revenues of nearly US$ 2.91 billion by the end of 2026. Single stage pumps, on account of their wide application in water & wastewater treatment, and due to increase in number of farm houses, guest houses, and cottages all over the world constituted approximately 65% share in 2017. Multiple stage pump segment is expected to have highest CAGR of 7.4% during the forecast period as these type of pumps are used to boost water supply in tall buildings or in hilly areas for various applications such as commercial, and residential. Residential homes/flats segment in the domestic booster pump holds the largest market share and is expected to continue its dominant market position over the period of time as there are more residential homes/flats as compared to farm houses and guest houses.
Furthermore, residential homes/flats segment is expected to have highest CAGR of approximately 9% during the forecast period as there is rising preference toward staying in flats/apartments over standalone bungalows.
With innovative search for renewable resources, the solar energy industry has gained significant popularity in recent years. Booster pumps currently available in the market work on electricity, which can be expensive and are not environment friendly. Increasing energy crisis and government regulations are motivating pump manufacturers across the globe to develop energy-efficient products and solutions. Demand for booster pumps across the DIY distribution channel segment is expected to witness shift, as end users are exploring products which are easy to install and consume less time for operation of the pump. Demand for booster pumps in the wholesalers segment has gone up in recent years due to rapid urbanization and in order to meet the needs of a growing population. This is expected to complement the demand for booster pumps during the forecast period.
Regions such as Middle East & Africa do not have a domestic manufacturing base for pump production, and therefore they depend on imports and have emerged as attractive export destinations with low-priced Indian and Chinese pump sets creating an advantage over their high-cost American and European counterparts. Asia Pacific is expected to have the highest growth rate during the forecast period due to continuous growth in population and residential construction in this region. The market share of domestic booster pumps in Asia Pacific was 37.2% in 2017 followed by Europe.
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Companies are focusing on achieving long-term growth through innovations in the domestic booster pump market. Some of the major competitors are Aquatec International, Inc., Dab Pumps Spa, KSB Pumps Limited, Franklin Electric Co., Inc., Grundfos, Xylem Inc., Kärcher International, SyncroFlo Inc., Wilo SE, and Zodiac Pool Solutions. Pumps available in the market have advanced with innovative features due to presence of several players in the market. Thus, buyers have an option to choose from a variety of products available in the market. This is likely to result in high bargaining power of buyers during the forecast period.
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