According to a new report published by Allied Market Research, titled, “HVAC Pump Market" The HVAC pump market size was valued at $31.6 billion in 2021, and is estimated to reach $55.5 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.
Heating, ventilation, and air conditioning (HVAC) system operates on the basis of fluid movement through piping systems to maintain a certain temperature in buildings while using the least amount of energy possible. One component of this system is the HVAC pump, which distributes fluids throughout the building or structure as needed. The most popular form of HVAC pump used is a centrifugal pump, which employs an impeller blade arrangement to create a pressure difference between two sides so that it may pump liquid at a high-speed rate by producing circular motions with blades linked to its spinning axle.
The HVAC pump market growth is driven by factors such as rapid industrialization; need for pumps in HVAC systems; increased use of cooling & heating devices; and surge in need for smart HVAC systems in industrial, commercial, and residential applications. Furthermore, the smart system increases the acceptance of Internet of Things (IoT) and artificial intelligence (AI) to monitor pump functioning behaviors, resulting in business growth. For instance, Nlyte Software, a leader in data center infrastructure management (DCIM) software, was bought by Carrier Global. The development will expand the HVAC pump industry options. Furthermore, increased awareness of the health benefits is driving the demand for HVAC pump market trends in a variety of applications.
Asia-Pacific dominated the global HVAC pump market, accounting for around 47.1% of HVAC pump market share of the global market. This is attributed to high demand for booster pumps and centrifugal pumps across many countries. Moreover, increase in R&D investments in developing countries and rise in government investments in automation, AI, and IoT solutions which are implemented on a large scale to bring energy efficiency, reduce costs, and create a comfortable occupant experience in commercial buildings.
Furthermore, smart HVAC systems make less noise than other systems, resulting in increased demand for these systems in the coming years. This is expected to boost the demand for HVAC pump in coming years.
The centrifugal pump segment registered highest revenue in 2021, owing to wide usage application in healthcare, construction, and logistics,
Furthermore, market key players have implemented various strategic moves such as product launch, collaboration, and partnership to strengthen their market position. For instance, in June 2019, Engie was awarded a contract by the Canadian Government to modernize, manage, and operate a district heating system. A 35-year contract has been awarded to Innovate Energy, which includes Engie, PCL Construction, and Black & McDonald to operate a district energy system in Canada's Capital region that offer heating and cooling to 80 buildings.
However, during the pandemic, various manufacturers in the HVAC pump market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of HVAC pump companies. In addition, lack of manpower and raw materials constricted supply of equipment of HVAC pumps, which has negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of HVAC pump companies.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging HVAC pump market opportunity and dynamics.
- Depending on pump type, the centrifugal pumps segment dominated the HVAC pumps market, in terms of revenue in 2021 and is projected to grow at a significant CAGR during the forecast period.
- By product type, the multi-stage segment has registered highest revenue in 2021.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The key players within the HVAC pump market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the service robotics industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth HVAC pump market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.