Residential Pumps: Global Market Scenario, Trends, Opportunity, Growth and Forecast, 2020-2030

Market Definition

Water pump is a hydraulic machine used to raise, compress or transfer fluids. It is a mechanical device which imparts energy to a fluid and is primarily used for transportation of fluids. Water from a private well is drawn out and transferred using residential water pumps into a storage tank, where it can be used to supply running water to the entire house.

Market Insights

Global Residential Water Pumps market stood at $5.3 billion in 2022 which is anticipated to grow at a CAGR of 4.8% during 2023-2030. Some of the major contributing factors for the market’s expansion are the rise in residential construction activities, the number of high-rise structures where pumps are required to maintain water pressure until the upper storeys, rapid urbanization, and groundwater depletion.

Manufacturing and supply chains all over the world have been severely impacted by the COVID-19 pandemic. The lockdown caused border closures in numerous nations and had an impact on the supply of raw materials. Due to their low cost, China and other Asian nations are the source of many domestic pump component imports; however, due to border restrictions, these countries were unable to close the component supply-demand gap, which prevented manufacturers from maintaining product margins. The domestic pump market was negatively impacted as a result.

Asia-Pacific is the major demand generator in global domestic pumps market with 35% share. North America is second major market with 27% market share. Europe accounts for 25% share and Latin America accounts for 8% share in global domestic pumps market. Submersible pumps are the major pump category dominating the global domestic pumps market. The groundwater intake category held the largest share in 2022, based on application. This is mainly attributed to groundwater being the primary source of drinking water and for other household applications. In addition, the lowering of the groundwater level increases the importance of pumps, as without them, obtaining it would become a time-consuming and unfeasible task.

Market Dynamics: Drivers

Incorporation of Artificial Intelligence into Operational Processes

 Through the use of artificial intelligence (AI) algorithms and big data analytics, water pumps can improve service delivery, save costs, and use the information and data at their disposal to make better decisions. Al, or machine learning, is typically utilised in decision-making tasks including capital investment (CAPEX) optimization and operating cost reduction. Operators are no longer necessary to evaluate complex elements for important decision making using the internet of things (loT), which is built on a collection of sensors and a multi-layer erceptron (MLP) neural network. Al can optimise runtime so that the pumps only consume energy, when necessary, which helps reduce expenses. He can do this by turning the pumps on and off or by deciding when to maintain them.

Rising Urbanization is Driving Market Growth

The rising rate of urbanization is one of the key reasons behind the domestic pump market’s expansion. The world’s population would reach 8.2 billion people in 2025 and 8.6 billion in 2030, according to Our World in Data. Pressure would be put on the current water infrastructure, which provides utility water and drinking water, as a result of the population’s rapid growth. Additionally, every year more of this population moves from isolated rural areas to urban areas. The World Bank estimates that by 2020, 56.1% of the world’s population would live in urban areas, up from 55.2% in 2018. Governments all around the world are concentrating on enhancing infrastructure as a result of the rising pace of urbanisation, which will spur large residential building and fuel demand for household pumps.

Groundwater Level Decline is Yet Another Key Driver of Market Expansion

 Another issue influencing the household pump industry is the declining level of groundwater. By 2025, 2.8 billion people in 48 countries, including about 40 in West Asia, Sub-Saharan Africa, and North Africa, are anticipated to experience water scarcity, according to Population Action International. A fifth of the world’s population, or 1.2 billion people, now live in places with water scarcity, and an additional 500 million people are on the verge of doing so, according to the United Nations. Another 1.6 billion people are experiencing economic water shortage scenarios, where they lack the infrastructure to obtain clean and potable water. The pumping systems needed to supply daily household water needs will be more effective the lower the water level is. As a result, it is anticipated that there would be a considerable demand for domestic pumps with higher capacity and efficiency.

Market Segmentation

• Based on Type, the Global Residential Pumps market is segmented into
  • Submersible borewell pump
  • Submersible open well pump
  • Shallow Jet Pumps
  • Deep Jet Pumps
  • Booster Pumps
  • Circulation Pumps
  • Surface Sewage Pumps
  • Submersible Sewage Pumps
  • Sump Pumps
• Based on Application, the Global Residential Pumps market is segmented into
  • Groundwater Intake
  • Wastewater
  • Water Pressure Boosting
  • Rainwater Harvesting
  • Others
• Based on Frequency, the Global Residential Pumps market is segmented into
  • 50 Hz
  • 60 Hz
• Based on Geography, the Global Residential Pumps market is segmented into
  • Asia-Pacific
  • North America
  • Europe
  • Latin America
  • Middle East & Africa

• All market revenue has been given in US Dollar, while the market volumes are given in units.

Historical Year: 2020-2021
Base Year: 2022
Estimated: 2023
Forecast- 2024-2030

Key Questions this Study will Answer

• What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Market Size-By Volume, Forecast Numbers, Market Segmentation, Market Shares) of Global Residential Pumps Market?
• What is the region wise industry size, growth drivers and challenges key market trends?
• What are the key innovations, opportunities, current and future trends and regulations in the Global Residential Pumps Market?
• Who are the key competitors, what are their key strength and weakness and how they perform in Global Residential Pumps Market based on competitive benchmarking matrix?
• What are the key results derived from the market surveys conducted during Global Residential Pumps Market study?