In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
On April 23, 2020: the temporary transformation of SEC Centre in Scotland into 1300 bed field hospital owing to the outbreak of COVID-19 pandemic has raised need for additional water boosting. Further, Grundfos received an order of three Hydro MPC-E booster sets to support the water demands.
Domestic booster pumps are the pumps used to increase pressure and flow rate of liquid in a pipeline. A booster pump has an impeller inside that increases the movement of water and increases water flow. The booster pumps are used in variety of applications such as boosting pressure of irrigation water and adding pressure to move water in pipeline to its final destination. A domestic booster pump pulls water from well water in order to keep up with household demand.
The rising population globally is leading to surge in residential construction along with the increase in demand for water. Further, rising immigration of people towards urban areas owing to the changes in lifestyle and living habits is creating healthy demand for domestic booster pumps. The growth in construction industry has lead to huge demand for efficient pumping solutions. Additionally, in order to operate and monitor easily, consumers are shifting from traditional pumps to booster pumps. Moreover, water management from certain municipal corporations are poor which results into pressure of water during peak hours owing to huge demand from consumers. Driven by these prominent factors along with the increasing energy crisis, the market for domestic booster pump is estimated to record a noteworthy CAGR of around 8.2% during the forecast period.
Based on product type, domestic booster pump market is segmented into single stage and multiple stage, out of which, multiple stage is anticipated to witness lucrative growth in the market on the account of increased adoption of multiple stage domestic booster pumps to accelerate water supply in tall buildings. Further, multiple stage pumps are widely used in hilly areas to boost water supply for both commercial and agricultural uses.CLICK TO DOWNLOAD SAMPLE REPORT
The surge in the activities of research & development for the development of smart pump systems in order to save energy is driving the growth of the market. The manufacturers are improving their production capabilities to reach the convenience of users by creating plug and play booster pumps. In addition, despite of COVID-19 outbreak which has lead to loss of essential services, the domestic booster pump companies are still addressing emergency situations in order to meet the demands of customers. In case of any fault in domestic booster pumps and other essential services, the customer can register for issues and the dedicated service department will address the situation. Further, research & development is taking responsibilities of crisis that requires prearranged time for the collection of goods. The limited environmental footprint along with the minimum maintenance related to domestic booster pumps is boosting the market growth over the forecast period.
The currently available domestic booster pumps work on electricity, which leads to the rise in electricity cost and makes it expensive. Further, these booster pumps working on electricity are not environment friendly and do not save energy. Hence, these factors are expected to hinder the market growth during the forecast period.
Our in-depth analysis of domestic booster pumps market includes the following segments:
Geographically, the domestic booster pumps market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for domestic booster pumps in Asia Pacific is anticipated to witness highest growth rate in the region owing to the continuous growth in population and constant development in rural areas. Further, improvements in power generation and water infrastructure in the region is generating huge demand for domestic booster pumps. Additionally, economic growth in emerging economies in the region along with the increasing government funding for industrialization is fostering the growth of the market. The North America region is anticipated to foresee significant growth in the market on the back of rising urbanization, construction projects and increasing demand for domestic booster pumps.
The domestic booster pumps market is further classified on the basis of region as follows: