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The hot water recirculation pumps market share is expected to increase by USD 1.69 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.3%.
This hot water recirculation pumps market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hot water recirculation pumps market segmentations by product (active and passive), end-user (industrial sector, residential sector, and commercial sector), and geography (Europe, North America, APAC, MEA, and South America). The hot water recirculation pumps market report also offers information on several market vendors, including Calpeda Spa, Daikin Industries Ltd., Danfoss AS, Grundfos Holding AS, Hitachi Ltd., Mitsubishi Electric Corp., NIBE Industrier AB, Taco Inc., Toshiba Corp., and Xylem Inc. among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The rapid urbanization and industrialization is notably driving the hot water recirculation pumps market growth, although factors such as corrosion of piping systems may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hot water recirculation pumps industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hot Water Recirculation Pumps Market Driver
One of the key factors driving the hot water recirculation pumps market growth is the rapid urbanization and industrialization. The rapid growth of urbanization has influenced the global hot water recirculation pumps market. People are increasingly becoming aware of modern technologies. Rapid urbanization is prompting the need to restructure the water infrastructure, which includes the need to reduce water wastage and improve the water treatment process. Industries such as power plants, pharmaceuticals, and food and beverages that need well-treated hot water also contribute to market growth. According to the World Bank, global industrial growth was around 3.2 % in 2015 and 3.1 % in 2020 Developing countries such as India and China have shown a rapid industrial growth, which also drives the growth of the market.
Key Hot Water Recirculation Pumps Market Trend
High adoption rate of BEM systems is the major trend influencing the hot water recirculation pumps market growth. Countries such as the US and China have introduced energy labels such as the Energy Star and Three-Star that rate buildings based on energy consumption and other parameters. These ratings have further spurred the demand for BEMS. Countries are facing issues such as high dependency on fossil fuels and growing awareness about environmental concerns. Growing energy prices is another key factor adding to these challenges. The market is also expected to encounter challenges such as high initial cost and low ROI, especially for smaller buildings and reluctance from facility managers to get the buildings audited. Presently, the rapid development of the real estate sector is driving the demand for BEM services. All new constructions across regions need to maintain energy clauses enforced by the governments. Facility management companies are adopting energy management systems to monitor energy consumption by users. Therefore, the need of the hour for both businesses and individual consumers is to conserve energy and improve efficiency.
Key Hot Water Recirculation Pumps Market Challenge
Corrosion of piping systems is one of the key challenges hindering the hot water recirculation pumps market growth. Hot water recirculation pumps allow hot water to flow out through the pipes from faucets in a faster manner. This is possible because of the flow of the water at a high velocity, which causes corrosion in the interiors of the pipes. The corrosion of these pipes adds to the overall cost of the purchase, installation, and maintenance costs of a hot water recirculation pump. The parts of the pipes that mostly get affected are the bends, tees, and elbows. Generally, anode rods are installed in piping systems to prevent rust formations. However, the high-velocity movement of water may dissolve the anode particles, and the water gets discolored. This water can have a metallic taste or can cause staining of clothes when washed with it. Therefore, the corrosion of pipes in this system should be reduced to a possible range for hot water recirculation pumps to gain popularity among prospective customers.
This hot water recirculation pumps market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global hot water recirculation pumps market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hot water recirculation pumps market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the hot water recirculation pumps market encompasses successful business strategies deployed by the key vendors. The hot water recirculation pumps market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The hot water recirculation pumps market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the hot water recirculation pumps market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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33% of the market's growth will originate from Europe during the forecast period. Germany and UK are the key markets for hot water recirculation pumps in Europe. Market growth in this region will be slower than the growth of the market in North America and APAC regions.
The rise in infrastructural development and the need to adopt energy-efficient technologies will facilitate the hot water recirculation pumps market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic took the world on the verge of a global recession, which would be a challenge for sectors such as the industrial sector. For the industrial sector, surviving and emerging strongly at the end of the crisis would require deep thinking beyond the next fiscal year. The supply chain has been disrupted due to COVID-19. Owing to this, the industrial machinery demand is facing an immediate decline. However, after the full impact of COVID-19 in the Q4 of 2020 in Europe, industries are reopening, with progressing vaccination drives. This is expected to drive the growth of the regional market in focus during the forecast period.
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The hot water recirculation pumps market share growth by the active will be significant during the forecast period. Active hot water recirculation pumps are primarily used in the industrial sector, where the need for hot water is extensive during operations. There is a significant demand for these pumps from the industrial sector as well as there is a rise in the need for these products owing to innovative building technologies that are being incorporated into the infrastructural development.
Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the hot water recirculation pumps market size and actionable market insights on post COVID-19 impact on each segment.
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Hot Water Recirculation Pumps Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.3% |
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Market growth 2021-2025 |
$ 1.69 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.98 |
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Regional analysis |
Europe, North America, APAC, MEA, and South America |
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Performing market contribution |
Europe at 33% |
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Key consumer countries |
US, China, Germany, UK, and India |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Calpeda Spa, Daikin Industries Ltd., Danfoss AS, Grundfos Holding AS, Hitachi Ltd., Mitsubishi Electric Corp., NIBE Industrier AB, Taco Inc., Toshiba Corp., and Xylem Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by End-user
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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