PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1355648
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1355648
Global Hot Water Circulator Pump Market is valued at approximately USD 7.73 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.0% over the forecast period 2023-2030. A hot water circulator pump is a small, electric pump that is used in plumbing systems to circulate hot water throughout a building or specific zones. It further helps to maintain a regular supply of hot water at the required temperature and reduces the wait time for hot water to reach appliances or fixtures. The main function of a hot water circulator pump is to uninterruptedly circulate hot water from the water heater to the fixtures, ensuring that hot water is readily available deprived of any delay, even in regions far from the water heater. Growing focus on sustainability and eco-friendly practices and technological advancements in hot water circulator pumps, such as enhanced motor efficiency, smart controls, and wireless connectivity are the most prominent factors that are propelling the market demand across the globe.
Furthermore, the rise in the need for energy conservation and cost reduction, along with the growth of the commercial and industrial sectors are a few factors catalyzing the growth prospect of the hot water circulation pump market. The Building America programme of the U.S. Department of Energy conducted research in collaboration with the private sector to produce community-scale homes that consume 30% to 90% less energy compared to conventional homes with the aim of creating Zero Energy Homes (ZEH) that generate more on-site renewable energy than they consume from the grid by 2020. In addition, an increase in green building codes and regulations is expected to drive the growth of the hot water circulation pump market. Green building codes and regulations associated with energy efficiency, water conservation, and sustainable building practices have significantly influenced the demand for hot water circulator pumps. Many jurisdictions and government bodies are implementing or strengthening regulations that promote energy-efficient and water-efficient plumbing systems, creating a favorable market environment for these pumps. For instance, in China, the Ministry of Housing and Urban-Rural Development issued a General Code for Building Energy Conservation and Renewable Energy Utilization that targets to construct new buildings in line with green building standards and raises buildings' use of renewable energy from 6% in 2020 to 8% percent by 2025. These aforementioned factors are significantly paving the expansion of the hot water circulation pump market over the forecast period. Moreover, the rise in the proliferation of smart homes, as well as the growing consumer awareness and focus on water and energy conservation presents various lucrative opportunities over the forecasting years. However, the lack of awareness in developing regions and high initial & maintenance costs are hindering the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Hot Water Circulator Pump Market study include: Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022, owing to the rise in the need to conserve energy, reduce water wastage, and ensure a steady hot water supply, along with growing government mandates to maintain green building practices. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. Factors such as the increasing demand for new building projects to sustain urbanization and infrastructural growth, along with escalating demand for energy-efficient and eco-friendly products are significantly propelling the market demand across the region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable