Domestic Pump Market To Generate Revenue Worth $3,832.0 Million in 2030

The rapid urbanization and increasing residential construction activities, mainly in the Asia–Pacific (APAC) region, are the key driving forces for the market for domestic pumps. In addition, the depleting groundwater levels and increasing consumer spending are major contributing factors. Due to the aforementioned reasons, the industry is projected to grow at a CAGR of 2.8% during 2020–2030, to reach $3,832.0 million by 2030.

The COVID-19 pandemic forced many governments to impose nationwide lockdowns, which caused disruptions in the supply chain, as the borders were closed. This caused a shortage of raw material, while the shutting of many non-essential industries during this period interrupted positive cash flow. This even led to many companies experiencing business continuity issues. Moreover, owing to the financial uncertainty, there has been a reduced spending on non-essential items, such as domestic pumps, electronic items, and other consumer goods. Furthermore, construction activities came to a temporary halt during the lockdown, resulting in a delay in the completion of housing projects that were supposed to be finished by 2020. This, in turn, impacted the demand for domestic pumps, with fewer units being sold, which had a negative impact on the domestic pump market.

Centrifugal Pump Category To Retain Its Top Position during Forecast Period

The domestic pump market is categorized into centrifugal, submersible, compressor, self-priming, and pressure booster, based on type. Among these, the centrifugal pump category captured the largest market share in 2020. Further, the category is expected to showcase the fastest growth during the forecast period (2021–2030). The appeal stems from the wide application, inexpensive nature, and excellent efficiency while pumping. In addition to this, the availability of a wide product range allows customer to select according to their needs.

The domestic pump market is categorized into groundwater intake, wastewater, water pressure boosting, rainwater harvesting, hot water recirculation, and heating, based on application. Among these, the groundwater intake category held the largest market share in 2020. Groundwater is the main source of water for drinking and other household applications; therefore, the demand for pumps for groundwater intake is high, as they help in pumping the required amount on time. In this regard, the depleting ground water level is boosting the pump demand.

APAC held the top position in the market in 2020 because of the large number of households and increasing number of government housing projects. Further, the easy availability of electricity for operating these systems is propelling the domestic pump market in the region. Further, the low-cost pricing strategy by Chinese manufacturers increases the affordability of the pumps for customers.

Industry Players Involved in Product Launches to Cater to Larger Customer Base

Major players are involved in product launches to cater to the varying needs of customers. For instance, in February 2021, Usha International Ltd. launched two new ranges of domestic water pumps: Usha Premia Boost (pressure-boosting range) and Usha Ultraflow (self-priming monoset pumps range). Usha electric water pumps are designed to provide high-efficiency waterflow. Their copper motor has a stainless-steel shaft and thermal overload protection (TOP) capabilities, to keep the motor coil from burning out.

Similarly, in December 2020, Daikin Europe N.V. released an upgraded version of its air-to-water heat pump range powered by Bluevolution, with R-32 refrigerant. The product range includes a remote control, voice control assistance, and a redesigned outdoor unit casing.

Some of the key players in the domestic pump market are Grundfos Holding A/S, Wilo SE, Ebara Corporation, Sulzer Ltd., Xylem Inc., KSB SE & Co. KGaA, Kirloskar Brothers Limited, Zhejiang Doyin Technology Co. Ltd., Shanghai East Pump (Group) Co. Ltd., and Leo Group Pump (Zhejiang) Co. Ltd.