Domestic Booster Pumps Market to Witness Sales Slump in Near Term Due to COVID-19; Long-term Outlook Remains Positive

 In a new market study, Future Market Insights (FMI) opines global Domestic Booster Pumps Market to surpass US$ 4.63 Bn by 2030, growing at a 7.1% CAGR through 2030.

The document attributes the boom of the marketplace to rising recognition among consumers concerning the provision of strength-green technologies. Furthermore, the growth of the e-commerce enterprise is widening the sales channel for domestic booster pumps.

Having studied the effect of the COVID-19 pandemic, the report opines that the call for residential pumps is predicted to enjoy a downtrend for the duration of the pandemic, as the focus of both producers and purchasers shifts in the direction of vital and emergency utilities. Speedy urbanization in rising economies and the consequential increase in the variety of residences are also propelling demand for booster pumps designed for domestic and residential purposes.

Key Takeaways

·         The 50-150 W segment will capture nearly 1/3rd of global value as pumps with a power rating in this range are ideal for medium-sized buildings.

·         By water pressure, 1 bar segment is expected to account for over 2/5th of market value by the end of the forecast period.

·         Domestic booster pumps find the majority of applications in gardening sprinklers and pipes, capturing around 2/5th of total market value.

·         The offline sales segment will continue to channel the majority of revenue, while the online sales segment is poised to grow at an impressive rate.

·         East Asia, led by China, is poised to hold the lion’s share in global market value, backed by the presence of a flourishing residential construction sector.

·         North America and Europe will cumulatively account for a prominent market share, owing to the presence of major market players.

COVID-19 Impact

The COVID-19 outbreak is posing challenges to the market on both the supply and demand fronts. Owing to the pandemic-related consequences such as government restrictions on travel, social distancing norms, and disruption of the supply chain, the production of domestic booster pumps has taken a severe hit.

Similarly, the pandemic has adversely affected the residential construction activities, causing a complete shutdown across several nations, and this is likely to impede the demand for systems designed for the residential sector, including home and domestic booster pumps market.

Who is Winning?
Domestic booster pump manufacturers are directing their efforts toward the research and development activities to produce booster pumps with innovative features. Along these lines, plug-and-play booster pumps have emerged as a lucrative design and an increasing number of players are jumping on the bandwagon to develop energy-efficient designs.

Moreover, organic growth strategies such as acquisitions and partnerships will continue to shape the competitive landscape of the domestic booster pumps market through the assessment period. A few key developments in recent times on these lines include:

·         In 2019, Franklin Electric Co., Inc. acquired 70% of the outstanding stock of Plug Pumps and Motors Private Limited.

·         In the same year, Grundfos Holding A/S entered a partnership with Siemens AG to focus on global water challenges and save energy with a focus on water and wastewater applications.

FMI’s report includes profiles of some of the most prominent names in the market including Grundfos, Xylem Inc., KSB SE & Co. KGaA, Flowserve Corporation, Sulzer Ltd., WILO SE, Gorman Rupp Pump Company, Torishima Pump Mfg. Co., Ltd., LEO Group, CAT Pumps, Zoeller Company, Luckpump Machinery Co., Ltd, CAT Pumps, Zoeller Company, Luckpump Machinery Co., Ltd, Mazzoni SRL, and Vossche Pump Group, among others.

Access Full Report: https://www.futuremarketinsights.com/reports/domestic-booster-pumps-market