Global Residential Pumps Market Overview
A significant part of the global population is expected to face water scarcity by the end of 2025. There is a growing concern among various nations for efficient use of water, leading to extensive use of energy efficient residential pumps. Strict environmental regulations regarding water pollution and energy consumption pattern are forcing old industrial plants and commercial buildings to upgrade or shift to new equipment such as residential pumps.
These new treatment facilities and upcoming projects are likely to increase the sales of residential pumps. In the developed regions the dominant market share of residential pumps is occupied by the top producers whereas in the developing regions there are robust growth opportunities for new market entrants of residential pumps. Global market for residential pumps market is estimated to witness a single-digit CAGR during the forecast period from 2018 to 2028.
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Massive urbanization and industrialization are one of the key factors driving the demand for residential pumps. Water scarcity in several countries is pushing the governments to focus on recycling and reuse of water. Governmental regulations such as the Safe Drinking Water Act and the Clean Water Act are the two principal regulations driving the growth of the water and wastewater industry in several countries.
Residential pumps manufacturers are focused on developing more energy efficient pumps; this will make the residential pumps more energy efficient leading to reduced power bills. Corrosion is a significant design restraint for residential pumps operating in warm and highly saline seawater. Depending on the geographical location and climatic conditions residential pumps must be customized, and careful consideration is required for the selection of the materials.
The residential pumps can be customized and used in specific applications like desalination of water. In the area of desalination, the residential pumps are expanding at a remarkable rate. Thus, such diversified applications provide opportunities for new market entrants to establish themselves.
Global Residential Pumps Market Dynamics
Increasing Investment in Housing Construction
The construction sector across major countries such as the UAE, Egypt, and South Africa is experiencing considerable growth, which is creating a window of opportunity for centrifugal residential pumps providers to foray into markets in the MEA region. Besides, these countries are witnessing significant investment from both private and public enterprises in the housing construction sector.
- UAE construction industry is witnessing significant growth with total construction projects in the region, including housing construction.
- Egypt construction sector is also witnessing phenomenal growth with an increasing number of development projects and construction plans for new cities in Cairo, including homes, offices, and malls. The Egyptian government announced plans to invest US$ 45 Bn in the construction of a new city in Cairo.
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Ongoing Infrastructure Development
Ongoing infrastructure development across the emerging countries is expected to fuel the growth of the centrifugal residential pumps market over the forecast period. Among emerging countries, India has the highest investment profile, resulting in double-digit growth in its construction industry.
- Thailand is a hub for Chinese players, who sell residential centrifugal residential pumps at relatively lower prices; thus global providers in Thailand centrifugal residential pumps market are emphasizing more on price differentiation to target price-sensitive customers
- Deployment of monoblock and min-pump is increasing due to the growing trend of family farming, which is done on small agricultural plots and requires low HP residential pumps for micro-irrigation
- There is negligible difference between buying decision criteria such as cost and quality of residential pumps for users deploying these products for domestic and agriculture application. Similar buyer trends apply to both end-user segments.
- These factors and upcoming trends are anticipated to propel the growth of residential pumps market.
Global Residential Pumps Market Segmentation
The global Residential Pumps market can be segmented on the basis of product type as:
- Centrifugal Pump
- Reciprocating Pump
- Rotary Pump
- Other Product Types
The global Residential Pumps market can be segmented on the basis of configuration as:
- Submersible Pumps
- Axial and Mixed Flow Pumps
- Single-Stage Pumps
- Seal Less And Circular Flow Pumps
- Multi-stage Pumps
The global Residential Pumps market can be segmented on the basis of the geographical region as:
- North America
- Latin America
- Middle East and Africa (MEA)
- East Asia
- South Asia
Global Residential Pumps Market Key Players
Some of the key participants in the global Residential Pumps market are:
- XYLEM INC.
- FLOWSERVE CORPORATION
- KSB INC.
- DANFOSS A/S
- WILO SE
- WEIR GROUP PLC.
- EBARA CORPORATION
- COLFAX CORPORATION
- ALFA LAVA
- OTHER PROMINENT PLAYERS
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