Press release
Circulator Pumps Market Growing at a CAGR of 3.4% and is projected to reach $24.6 billion by 2032
๐๐๐ซ๐ค๐๐ญ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ
According to a report published by Allied Market Research, titled "Circulator Pumps Market," the circulator pump market was valued at $16.4 billion in 2020 and is estimated to reach $24.6 billion by 2032, growing at a CAGR of 3.4% from 2023 to 2032. The market is expanding due to the increasing number of residential and commercial buildings, including industrial facilities. The Asia-Pacific region held the largest revenue share in 2020, reflecting the rapid urbanization and infrastructure development in the region.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ https://www.alliedmarketresearch.com/request-sample/A208983
๐๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ
Population Growth and Urbanization: The rising demand for residential and commercial buildings has significantly contributed to market expansion.
Industrial Expansion: Increasing industrialization has propelled the need for large-capacity circulator pumps in various industries.
Sustainable Infrastructure Development: The growing focus on eco-friendly and energy-efficient buildings is supporting the adoption of advanced circulator pumps.
๐๐๐ซ๐ค๐๐ญ ๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง
๐๐ฒ ๐ ๐ฅ๐จ๐ฐ ๐๐๐ญ๐
The circulator pump market is segmented based on flow rate into the following categories:
Less Than 15 M3/hr
15-30 M3/hr
30-45 M3/hr
More Than 45 M3/hr
Among these, the More Than 45 M3/hr segment dominated the market in 2022, primarily due to its extensive use in industrial applications. Large-capacity circulator pumps are employed in sectors such as water circulation, process fluids, and slurry transportation. Although fewer units are sold, their high cost makes this segment the most significant contributor to revenue.
Additionally, the 15-30 M3/hr segment is projected to grow at the highest CAGR during the forecast period, driven by increasing demand for circulator pumps in domestic applications.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ https://www.alliedmarketresearch.com/purchase-enquiry/A208983
๐๐ฒ ๐๐ง๐-๐๐ฌ๐๐ซ
The market is also categorized based on end-users into:
Residential
Commercial
Industrial
In 2020, the commercial sector accounted for the largest revenue share, fueled by the growing number of commercial establishments. Meanwhile, the residential sector is expected to grow at a rapid pace due to high urbanization rates in developing nations, leading to an increase in residential buildings.
๐๐ฒ ๐๐ฉ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง
The circulator pump market is further segmented by application into:
Air Conditioning
Hot Water Heating Systems
Industrial Circulation
Domestic Water Recirculation
Solar and Geothermal Systems
Others
Among these, the industrial circulation segment held the largest market share in 2020, driven by increasing industrialization in developing regions. However, the solar and geothermal systems segment is anticipated to witness the highest CAGR, owing to the rising popularity of sustainable energy solutions.
๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐๐ง๐๐ฌ ๐๐ง๐ ๐๐ก๐๐ฅ๐ฅ๐๐ง๐ ๐๐ฌ
๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ
Commercial and Residential Construction Boom: The construction sector's recovery and rising spending on home remodeling and maintenance are positively impacting the market.
Technological Advancements: New energy-efficient circulator pump designs are gaining traction.
๐๐ก๐๐ฅ๐ฅ๐๐ง๐ ๐๐ฌ
Fluctuations in Raw Material Prices: Price volatility for materials such as metals and polymers poses challenges for manufacturers.
Economic Slowdown: The Ukraine-Russia war and global inflationary pressures have led to increased industrial material costs, affecting market growth.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ
In 2020, Asia-Pacific dominated the market, followed by North America and Europe. The region is expected to maintain its lead, driven by an increase in commercial building construction. India and China are major contributors to market expansion, with high rates of urbanization and industrial growth.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ
Key players in the circulator pump market focus on innovation and strategic expansions to strengthen their market presence. Notable developments include:
May 2023: KSB SE & Co KGaA introduced the CalioTherm S, a high-efficiency circulator pump with a maintenance-free, glandless design for drinking water circulation in closed systems. It caters to both residential and large building projects.
๐๐๐น๐น ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ช๐ถ๐๐ต ๐ง๐ข๐: https://www.alliedmarketresearch.com/circulator-pumps-industry-market-A208983
๐๐๐ฒ ๐๐๐ซ๐ค๐๐ญ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ
The More Than 45 M3/hr segment dominated the market in 2020 in terms of revenue.
The commercial segment held the highest market share among end-users in 2020.
The solar and geothermal systems segment is expected to register the highest growth rate during the forecast period.
Asia-Pacific is projected to witness the highest CAGR in the coming years.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the report
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