WILMINGTON, DE / ACCESSWIRE / March 23, 2023 / Transparency Market Research Inc. - According to a study published by Transparency Market Research, the global Domestic Booster Pump Market is anticipated to grow at a CAGR of 9.1% during the forecast period from 2022 to 2031.
Domestic booster pumps are products powered by electricity, functioning on a non-return valve. Commonly used domestic booster pumps include dewatering pumps, centrifugal pumps, and jet pumps. Water booster pumps help to increase water system pressure for sufficient water flow and pressure.
New product launches are helping prominent Domestic Booster Pump Market players in gaining an edge over other players and in generating new revenue streams. In August 2021, Grundfos announced the launch of a new water booster pump integrated with advanced pump technology, suitable for use in residences.
Additionally, well-established players are collaborating with other players to expand their presence and increase their revenue stream.
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Key Findings of Market Study
- Increase in Demand for Energy-efficient Pumps: Governments worldwide have imposed strict restrictions on energy usage and upgrade of domestic water booster stations in order to save energy. As a result, demand for energy-efficient water pumps has increased, which has helped expand Domestic Booster Pump Market size.
- Rise in Demand for Single Stage Domestic Booster Pumps: Based on product, the global market has been bifurcated into single stage and multiple stage. The single stage segment accounts for dominant share since the product is cost-effective and as a result has been used extensively for wastewater treatment purposes due to the rise in number of farmhouses and guest houses globally.
- Surge in Demand from Residences to Spur Growth: In terms of application, the global market has been segmented into residential homes/flats and farm houses/ cottages/guest houses. The residential segment is expected to account for dominant market share and remain the leading segment during the forecast period. Rise in investment in the construction industry is spurring the growth of the segment and is expected to remain a key factor during the forecast period
Domestic Booster Pump Market-Key Drivers
- Rise in construction of new residential and commercial spaces is driving the global Domestic Booster Pump Market
- Integration of new technologies such as Bluetooth connectivity in domestic booster pumps is augmenting market demand
- Growing water consumption through a single source is triggering product demand and propelling the global market
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Domestic Booster Pump Market-Regional Insights
- Asia Pacific accounted for dominant market share in 2021. Surge in number of wastewater treatment and water recycling units and rise in construction activities in India and China drives market growth in the region. Leading players are likely to establish production units in Asia Pacific countries due to easy availability of land and labor.
Domestic Booster Pump Market-Key Players
Competition in the global market is consolidated due to the presence of small number of international and local companies. If new players enter the market, it could intensify the competition during the forecast period.
Leading market players are investing significantly in research & development activities to manufacture improved products that would meet customer requirements in different application areas. Rise in demand for these improved products is likely to help expand market size.
Few prominent companies operating in the market are
- Xylem Inc.,
- Franklin Electric Company Inc., and Aquatec International Inc
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The global Domestic Booster Pump Market is segmented as follows:
- Single Stage
- Multiple Stage
- Residential Homes/Flats
- Farm Houses/ Cottages/Guest Houses
- Third-Party Installers
- North America
- Asia Pacific
- Middle East & Africa
- South America
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