Global Domestic Pump Market to Surpass $3,832 Million Revenue by 2030 Says P&S Intelligence
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NEW YORK, Aug. 16, 2021 /PRNewswire/ — From 55.2% in 2018, the percentage of the global population living in cities increased to 56.1% in 2020. This has been leading to construction activities on a massive scale, to accommodate this growing urban population. As a result of this, the global domestic pump market value, which was $2,912.9 million in 2020, will witness a 2.8% CAGR between 2020 and 2030, to reach $3,832 million by 2030, according to the market research report published by P&S Intelligence.
This will be essentially because of the rampant construction of housing colonies, individual houses, and high-rise residential buildings. In this regard, the often-erratic supply of potable water from municipal departments is propelling the domestic pump market, as these devices have become necessary to fill the tanks of houses, especially those located on the upper storeys. Another factor that mandates the usage of pumps in residential areas is the depleting groundwater, which is becoming increasingly difficult to extract otherwise.
Key Findings of Global Domestic Pump Market Report
- Centrifugal pumps remain most popular
- Groundwater intake largest application area for such pumps
- Rapid urbanization strongest driver for market
- Domestic pumps being integrated with artificial intelligence
- APAC to continue being most-lucrative domestic pump market
- Chinese manufacturers witnessing increasing business opportunities
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The COVID-19 pandemic dealt a rather negative blow to the domestic pump market due to the shutting down of pump manufacturing plants. Additionally, border closures hampered the supply of the raw materials and components and the final assembled systems. Moreover, the unsound financial health dissuaded people from purchasing non-essential goods, such as water pumps, which affected the product demand. This was worsened by the stalling of residential construction activities due to the migration of laborers to their hometowns.
In the coming years, the highest domestic pump market CAGR, under the type segment, will be witnessed in the centrifugal pump category. Such pumps are cost-effective, have a wide application area, and display high efficiency when pumping water and other low-viscosity fluids.
Browse detailed report on Domestic Pump Market Outlook and Growth Forecast
The groundwater intake category is predicted to keep dominating the domestic pump market throughout this decade, under segmentation by application. Since groundwater serves as the major source of water for household purposes, pumps are required to extract the required amount on time. Moreover, the lowering of the water table is making it hard to extract groundwater without mechanical aid.
Asia-Pacific (APAC) has been the largest domestic pump market till now, and the situation is unlikely to change in the near future. Electricity is available in a major part of the region to operate pumps, which are being bought rapidly for its huge number of households. Moreover, with the swift migration of the regional population from rural to urban areas, the construction of houses is picking pace, thereby propelling domestic pump sales.
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Major companies in the global domestic pump market are Grundfos Holding A/S, Wilo SE, Xylem Inc., KSB SE & Co. KGaA, Sulzer Ltd., Ebara Corporation, Kirloskar Brothers Limited, Shanghai East Pump (Group) Co. Ltd., Zhejiang Doyin Technology Co. Ltd., and Leo Group Pump (Zhejiang) Co. Ltd.
Browse more reports on water pump market published by P&S Intelligence
Centrifugal Water Pump Market Revenue Forecast
Water Pump Market Revenue Forecast
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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