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Surging Development of Data Centers to Escalate the Growth of Global HVAC Pump Market
The Global HVAC Pump Market is projected to grow at a CAGR of about 5.82% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The market growth is driven by the increased construction of tall commercial buildings and the substantial growth observed in the global oil and gas industry. The overall economic conditions heavily impact the demand for commercial real estate. Generally, a thriving economy results in heightened needs for commercial real estate, while economic recessions typically result in a downturn in demand.
High-rise commercial building construction projects are on the rise as a result of the growing demand for office space and other business facilities in nations like Singapore, the UAE, etc. Economic growth and corporate expansion by numerous multinational corporations in notable nations resulted in the construction of high-rise commercial buildings to meet the demand for office space from businesses and organizations. As a result, these high-rise buildings results in increasing the requirement for effective HVAC pump systems to control indoor temperatures.
Additionally, various nations around the world, including the US, the UK, India, etc., are actively advocating and deploying plans to retrofit buildings for a variety of reasons, including energy efficiency, environmental sustainability, and lowering carbon emissions. Retrofitting entails replacing older, less energy-efficient pumps with newer, more advanced units. Therefore, the demand for HVAC pumps would be driven by upgrading or altering current systems or equipment to improve their performance, efficiency, and compliance with environmental standards.
Moreover, the rising smart city projects in Saudi Arabia, India, Egypt, Singapore, etc., owing to sustainability concerns, tourism development, and digital connectivity, have led to the augmented construction of various residential and commercial buildings in recent years. For instance, in 2023, Oman planned to construct Sultan Haitham smart city, with an area of around 15 million square meters. Thus, the rising number of smart city projects is expected to augment the demand for HVAC pumps in the forecast period, further states the research report, “Global HVAC Pump Market Analysis, 2024.”
Split Case Pump Expected to Hold Major Market Share
Based on the type, the market is further bifurcated into, Split Case, Inline, End Suction, and others. Split case is expected to hold a significant share of the market in the forthcoming period. This growth imputes to their extensive use in large commercial and industrial applications, characterized by easy maintenance, the ability to handle high flow rates, and high efficiency.
Moreover, the resurgence of the tourism sector post-pandemic has led to a significant increase in both inbound and outbound travel worldwide. This robust rebound in the tourism sector has fuelled a rise in the construction of hotels, resorts, and various other hospitality facilities globally. Consequently, all constructed and upcoming hospitality establishments are expected to create a demand for HVAC systems to ensure the comfort of guests through heating, ventilation, and air conditioning. Such growing demand for HVAC systems is expected to increase the need for split case pumps in the forecast years because split case pumps are best suited for handling high flow rates and effective functioning of HVAC systems.
Asia Pacific Region Expected to Dominate the Market
Asia-Pacific region is expected to hold a major market share in the coming years as the popularity of smart HVAC systems is on the rise in this region, propelled by a growing commitment to energy efficiency and the adoption of smart home technology. Additionally, governments in the Asia-Pacific region are actively endorsing these HVAC systems as part of their initiatives to address the adverse effects of climate change and achieve enhanced energy efficiency.
Moreover, China and India are actively promoting these HVAC systems for climate change mitigation and enhanced energy efficiency. This has expedited the transition from traditional to smart HVAC systems, requiring advanced components like high-performance HVAC pumps. These pumps play a crucial role in ensuring efficient air circulation for responsive climate control. Furthermore, the issue of indoor air quality in densely populated cities has gained considerable attention in the region, requiring immediate solutions. Thus, all these factors are anticipated to increase the demand for HVAC pumps from the Asia-Pacific region in the coming years.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Grundfos, Wilo SE, KSB Limited, Kirloskar Brothers Limited, Pentair, Xylem Inc., Sulzer, CNP India Private Limited, Gorman Rupp Industries, Flowserve and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various regions?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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