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Sump Pumps Market 2024-2033: Future Outlook, Global Trends, Industry Share And Top Key Players
Sump Pumps Market Share
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According to The Business Research Company's, The sump pumps market size has grown rapidly in recent years. It will grow from $12.72 billion in 2023 to $14.17 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to growth in residential construction, increasing urbanization led to increased installation of sump pumps, increased frequency of heavy rainfall and flooding events, stricter building codes and regulations for flood management spurred sump pump installations, and growth in interest in home improvement and renovations contributed to higher sales of sump pumps.
The sump pumps market size is expected to see rapid growth in the next few years. It will grow to $21.91 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to the increasing adoption of smart home systems, replacement and upgrading of aging water management infrastructure, continued population growth, growing focus on climate adaptation and disaster preparedness, supportive government initiatives, and funding for flood control and water management projects. Major trends in the forecast period include smart technology integration, the use of advanced and durable materials for enhanced longevity and performance of sump pumps, customized solutions, wireless and app-based control, and technological convergence.
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Market Drivers and Trends:
The expansion of the construction industry is expected to propel the growth of the sump pumps market going forward. The construction industry encompasses all activities related to the building, infrastructure, and industrial sectors, including planning, designing, financing, and constructing various types of structures. The construction industry is growing due to increased urbanization, rising demand for residential and commercial spaces, and government investments in infrastructure development. Sump pumps are used in the construction industry to manage groundwater and prevent flooding at excavation sites and newly built structures. For instance, in February 2023, according to data published by the Office for National Statistics, a UK-based statistics authority, annual construction output grew by 5.6% in 2022 over 2021, following a record surge of 12.8% in the previous year. Therefore, the expansion of the construction industry is driving the growth of the sump pumps market.
Major companies operating in the sump pumps market are focusing on developing advanced products, such as sump pump technology, to improve pump efficiency, durability, and automation. Sump pump technology refers to the systems and mechanisms used in sump pumps to remove accumulated water from basements, crawl spaces, or low-lying areas prone to flooding. For instance, in February 2023, Delta Membrane Systems Limited, a UK-based manufacturer and provider of specialist structural waterproofing solutions, launched the 695 Groundwater Sump Pump Chamber, designed to enhance water management solutions for both ground and surface water collection. This innovative chamber is compatible with Delta's Dual V3, V4, and V6 pump stations, making it a versatile option for various drainage needs. It is a significant advancement in sump pump technology, catering to both residential and commercial applications.
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Major Key Players of the Market:
Baker Hughes Company, Dover Corporation, Xylem Inc., Metso Corporation, Ebara Corporation, Grundfos Pumps Private Limited, Liberty Pumps Inc., Pentair plc, Flowserve Corporation, Sulzer Ltd, The Weir Group PLC, ITT Goulds Pumps, KSB SE, Leo Group Co Ltd, WILO SE, Franklin Electric Co. Inc., Tsurumi Manufacturing Co. Ltd., Shijiazhuang Industrial Pump Factory Co. Ltd., Zoeller Pump Company Llc., Excellence Pump Industry Co. Ltd., Glentronics Inc., Ridgid Tool
Sump Pumps Market 2024 Key Insights:
• The sump pumps market size is expected to see rapid growth in the next few years. It will grow to $21.91 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
• Construction Industry Growth Drives Demand For Sump Pumps
• Enhancing Efficiency The Latest Developments In Sump Pump Technology
• North America was the largest region in the sump pumps market in 2023
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