Circulator Pumps Market Expected to Reach $24.6 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Circulator Pumps Market," The circulator pump market size was valued at $16.4 billion in 2020, and is estimated to reach $24.6 billion by 2032, growing at a CAGR of 3.4% from 2023 to 2032. 

Increasing population and urbanization which is driving the demand for residential and non-residential buildings are the major factors positively influences the circulator pump market.

The Ccirculator pump market analysis is segmented on the basis flow rates of circulator pump which includes, Less Than 15 M3/hr, 15-30 M3 Hr, 30-45 M3/Hr, and More than 45 M3/Hr. Among these segments, the more than 45 M3/Hr segment generated the most revenue in 2022. Large capacity circulator pump are primarily used in industrial settings for circulation of water, process fluid, slurries, and others. Circulator pump with a flow rate of more than 45 M3/Hr are sold in less numbers, however, the cost of these pumps is very high, eventually making it dominating segment in 2020. Furthermore, the 15-30 M3/Hr segment is expected to grow with the highest CAGR during the forecast period, attributed to increasing demand for circulator pump for domestic applications.

Furthermore, the circulator pump market is also analyzed based on its end users of circulator pump, which include, residential, commercial, and industrial sectors. In 2020, the commercial segment contributed to the majority of the revenue generated by the circulator pump market. Its high market share is attributed to the fact that in the last few years, the commercial establishments have increased in numbers. On the other hand, the high urbanization rate in developing nations is responsible for the increasing number of residential buildings.

Based on application, the circulator pump market is categorized into Air Conditioning, Hot water heating system, Industrial Circulation, Domestic water Recirculation, Solar and Geo Thermal Systems, and others. Among these segments, the industrial circulation segment accounted for a higher market share in terms of revenue in 2020. Increasing industrialization, especially in the developing regions is driving the growth of the segment. On the contrary, the increasing popularity of sustainable living among the people is driving the growth of the solar and geo thermal systems segment.

The circulator pump market growth is mainly driven by the in the commercial and residential construction sector, recovery in the construction industry, and an increase in spending on home remodeling and building maintenance. However, fluctuation in raw material prices constrains the growth of the market. On the other hand, increasing demand for environmentally sustainable buildings is expected to provide lucrative growth opportunities to the market, thereby having a positive impact on the circulator pump market overview.

In 2020, Asia-Pacific dominated the circulator pump market, in terms of revenue, followed by North America and Europe. Moreover, the market in Asia-Pacific is anticipated to grow with the highest CAGR, owing to growth in the construction of commercial buildings in the region.

Furthermore, key players in the circulator pump market offer a wide range of circulator pump to suit all kinds of needs. For instance, in May 2023, KSB SE & Co KGaA unveiled a cutting-edge high-efficiency circulation pump. Named the CalioTherm S, this innovative pump boasts a maintenance-free, glandless design specifically engineered for the pumping of drinking water within closed circuits. It caters to a wide range of applications, from single-family or two-family residences to extensive building projects. However, various businesses in the circulator pump industry market are expected to witness a slow growth rate in the coming year, owing to the looming recession in major countries driven by the Ukraine-Russia war. The inflation has already led to higher prices of raw materials used in the industrial sector.

Key Findings of The Study

• The report provides an extensive analysis of the current and emerging circulator pump market trends and dynamics. 
• Depending on the flow rates, the more than 45 M3/Hr segment dominated the circulator pump market, in terms of revenue in 2020.
• By end user, the commercial segment accounted for the highest circulator pump market share in 2020.
• By application, the solar and geothermal systems segment is anticipated to grow with a higher CAGR during the forecast period.
• Asia-Pacific is projected to register the highest growth rate in the coming years.
• The key players within the circulator pump market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the circulator pump.
• The report provides an extensive analysis of the current trends and emerging opportunities in the market. 
• In-depth circulator pump market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.