The global HVAC pump market is anticipated to cross US$ 46.5 Bn by 2030. The HVAC pump market is projected to expand at a CAGR of ~5% from 2020 to 2030, in terms of revenue. The growth of the HVAC pump market can be attributed to rising adoption of HVAC pumps in the HVAC industry to reduce CO2 emissions and governmental regulations across developed and developing economies to increase energy efficiency. During the forecast period, North America is anticipated to emerge as the leading HVAC pump market, followed by Europe and Asia Pacific.
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Key Growth Drivers of HVAC Pump Market
Increase in Urbanization Rate, Disposable Income, and Consumer Expenditure
Over the last decade, urbanization across developing countries of the world has increased at a robust rate. The trend is especially prominent in developing regions that have witnessed rapid expansion and development of Tier 2 cities over the past few decades. This, along with rising disposable income in the regions i.e. APAC, MEA, and South America, is increasing consumer spending around the world. All these factors are expected to boost the overall sales of HVAC pumps across the globe.
According to the World Bank, around 55% of the world population resides in urban areas, which is expected to increase to 68% by 2050. In 2018, 59.03% of population globally resided in urban areas.
Various supportive government regulations promoting the real estate sector in their respective countries is expected to propel the HVAC pump market during the forecast period
The impact of this driver is anticipated to remain high during the forecast period, as urbanization rate is expected to rise worldwide.
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Asia Pacific Key Region of Global HVAC Pump Market
The demand for HVAC pumps is estimated to be high in Asia Pacific from 2020 to 2030. China, India, and Japan are the main countries of the market in the APAC region. The market in Asia Pacific is expanding rapidly due to rise in industrialization in various developing countries of the region, which is projected to drive the HVAC pump market. Besides, rising urbanization in China and India have led to a strong demand for HVAC pumps in recent years, due to growing investments in smart city projects across these countries. This, in turn, is projected to accelerate the HVAC pump market. Furthermore, the large share of this region is due to the significant economic growth rate, followed by heavy investments across the construction and housing sector, which is expected to boost the demand for HVAC pumps.
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HVAC Pumps: Market Segmentation
The global HVAC pump market has been segmented in terms of type, application, and region. Based on type, the HVAC pump market has been categorized into booster pumps, centrifugal pumps, and circulating pumps. In terms of application, the HVAC pump market has been divided into industrial, residential, and commercial. Among applications, the industrial segment dominated the global HVAC pump market in 2019.
HVAC Pump Market: Regional Outlook
The global HVAC pump market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is anticipated to lead the HVAC pump market during the forecast period. The U.S. is estimated to hold a notable share of the market in North America, and the market in the country is projected to expand at a CAGR of 6.3% during the forecast period in terms of revenue. Asia Pacific accounted for a substantial market share in 2019, with India, China, and Japan being the major markets in the region. The HVAC pump market in Europe, Middle East & Africa, and South America is also projected to grow moderately over the forecast period.
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The report provides an in-depth segment analysis of the global HVAC pump market, thereby providing valuable insights at macro as well as micro levels. The analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the HVAC pump market.
HVAC Pump Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global HVAC pump market. Key players profiled in the report include Armstrong Fluid Technology, Bard Manufacturing Company Inc., C.R.I. Pumps Private Limited, Danfoss, Ebara Corporation, Grundfos, ITT Inc. (GOULDS PUMPS), Johnson Controls International plc, KSB SE & Co. KGaA, Liberty Pumps Inc., Midea Group Co., Ltd., Nickerson Company, Inc., Patterson Pump Company, Pentair., Pumpscout, Ruhrpumpen, Inc., TACO INC., Thermal Tech, Inc., WILO SE, and Xylem Inc. (Bell & Gossett).
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