PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490290
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490290
Circulator Pumps Market size was valued at USD 19,815.2 Million in 2023, expanding at a CAGR of 4.00% from 2024 to 2032.
A circulator pump is a centrifugal pump used to circulate fluids within a closed system. These pumps are widely utilized in heating, ventilation, and air conditioning (HVAC) systems, as well as a variety of industrial applications requiring efficient liquid flow.
Circulator Pumps Market- Market Dynamics
Growing Demand for Circulator Pumps in Solar Thermal Systems Due to Energy Efficiency and Urbanization Driving Market Growth
Circulating pumps are crucial for heating water or spaces in solar thermal systems for commercial, industrial, and residential use. The increase in demand for circulator pumps that work with hybrid system setups is driving market growth, as more people switch to energy-efficient heating and cooling systems. Therefore, due to the rising use of renewable energy, significant market growth is expected. Moreover, urbanization leads to a greater need for structures and systems like housing complexes, business buildings, manufacturing plants, and community services. As per the 2023 World Bank report, cities are home to 56% of the global population, which amounts to 4.4 billion people. By the year 2050, almost 70% of the population will live in urban areas, which is more than twice the current urban population. Therefore, the growth of the market has been heavily influenced by urbanization and the development of infrastructure.
Circulator Pumps Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.00% over the forecast period (2024-2032)
Based on Flow Rate segmentation, 15-30 m3/hr, was predicted to show maximum market share in the year 2023
Based on application segmentation, industrial circulation was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Circulator Pumps Market is segmented on the basis of Flow Rate, Application, End User, and Region.
The market is divided into three categories based on Flow Rate: Less than 15 m3/h, 15-30 m3/hr, 30-45 m3/hr, and More than 45 m3/hr. The 15-30 m3/hr circulator pump category dominated the market. In volume terms, the 15-30 m3/hr segment consumed 5,139.2 thousand units in 2023. Circulator pumps in the 15-30 m3/hr range are versatile, making them appropriate for a wider range of residential, commercial, and industrial applications.
The market is divided into two categories based on application: Hot water heating systems, Industrial Circulation, Domestic water Recirculation, Solar and Geothermal Systems, Air Conditioning, and others. The industrial circulation segment has the biggest revenue share. High-capacity and costly circulator pumps are appropriate for industrial applications. In addition, the number of industrial facilities has expanded significantly in recent years, driving demand for fluid circulation pumps.
Circulator Pumps Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. In 2023, North America led the market. The North American construction industry is experiencing periods of growth and expansion, which has resulted in increased demand for these pumps in new projects. The market is characterized by fierce rivalry caused by technical improvements, regulatory changes, and shifting client preferences. Major market companies are always innovating to create energy-efficient, high-performance circulator pumps that fulfill the severe requirements of a variety of industries, including HVAC, water management, and manufacturing processes.
Asia-Pacific was the fastest-growing region throughout the projection period to 2023. Because of fast urbanization and population expansion in countries such as India, South Korea, Japan, and China, the Asia-Pacific region provides several growth prospects for leading players in the circulator pump market.
The market for Circulator Pumps is competitive, with many major players vying for dominance in the market. Grundfos, Wilo, Xylem, Armstrong Fluid Technology, and Honeywell International Inc. are among the main players in the circulatory pumps market. These companies offer a wide variety of circulator pumps for various purposes such as heating, ventilation, air conditioning, and plumbing systems. To remain competitive, these companies focus on product innovation, efficiency in electricity, reliability, and customer service. The circulator pump market is always changing, with companies continuously improving their products to satisfy the increasing demand for energy-efficient and eco-friendly pumping solutions.
In December 2023, Wilo USA has launched a new circulator pump. The development of a cutting-edge EC Motor-Driven circulator pump represents a significant advancement in the residential and commercial HVAC sectors, to improve performance while reducing energy consumption.
GLOBAL CIRCULATOR PUMPS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Xylem Inc.
Pentair plc
Danfoss A/S
Rheem Manufacturing Company, Inc.
Taco Comfort Solutions
WILO SE
Armstrong Fluid Technology Inc.
Grundfos
Honeywell International Inc.
Flowserve Corporation
Others