Global HVAC Pump Market Research Report: Forecast (2024-2030)

Market Definition

HVAC refers to the heating, ventilation, and air conditioning. The pumps used in the circulation or transportation of fluids, air, etc., within the systems further enable the distribution of heat, cooling, and conditioned air to the various parts of a building known as HVAC Pumps. HVAC Pumps are used in hydronic-based HVAC systems to provide water-based cooling and heating through pipes and pumps.

Market Insights & Analysis: Global HVAC Pump Market (2024-2030):

The Global HVAC Pump Market size is estimated to grow at a CAGR of around 5.82% during the forecast period, i.e., 2024-30. The market growth is attributed to the rising construction of commercial high-rise buildings and the extensive growth of the oil & gas industry across the globe. The state of the economy significantly influences commercial real estate demand. Typically, a flourishing economy generates increased requirements for commercial real estate, whereas a recession often leads to a decline in demand.

The economic growth & business expansion by various global companies in pre-eminent countries has resulted in the inception of high-rise commercial buildings to cater to the office space requirement of enterprises & organizations. For instance,

• In 2023, the US announced its high-rise commercial project named Park Habitat Commercial Tower, with a total investment of USD 250 million, which aims to meet the demand for office space & facilities in the region.

Hence, these tall structures accommodate a larger number of businesses and employees, intensifying the need for efficient HVAC pump systems to efficiently regulate indoor temperatures.

Moreover, many countries worldwide such as the US, the UK, India, etc., are actively promoting and implementing plans to retrofit buildings for various reasons, including energy efficiency, environmental sustainability, and reducing carbon emissions. Retrofitting involves the replacement of older and less efficient pumps with newer, more energy-efficient models. Therefore, upgrading or modifying existing systems or equipment to improve their performance, and efficiency, and comply with environmental regulations would drive the demand for HVAC pumps. For instance, in 2023, India announced to start of the retrofitting of all schools, hospitals, police stations, and other critical offices and vulnerable buildings in Delhi, India.

Additionally, the construction of commercial spaces has experienced substantial growth in developing regions like Asia-Pacific, the Middle East, and Africa. This expansion is a result of a combination of factors, including evolving consumer lifestyles, government initiatives focused on urban development, and the ongoing process of urbanization. According to the United Nations Conference on Trade and Development (UNCTAD), 57% of the total world population lived in urban areas in 2021, which is further expected to rise to nearly 68% by 2030, leading to the enhancement of commercial and industrial construction in the coming years.

With the ongoing trend of smart cities in countries such as Saudi Arabia, India, Egypt, Singapore, etc., construction activities are anticipated to gain momentum in the coming years which will positively enhance the requirement for HVAC pumps across the globe.

Global HVAC Pump Market Driver:

Increasing Investment in the Development of Data Centers – During the historical period, the expansion of data centers, owing to the digitalization of public and private organizations as well as the growing use of digital transactions, social media platforms, and IoT-based home appliances led to a substantial increase in data volume. This, in turn, prompted rapid and widespread growth of data centers on a global scale. For instance, Google planned to spend USD 9.5 Billion on new Google Data Centers in 2022. As a result, expansions of data centers have fueled heightened requirements for HVAC pumps to regulate temperature & maintain optimal conditions for the servers & other equipment.

Furthermore, the ongoing digital transformation in government & public offices in countries like the UAE, Saudi Arabia, India, Brazil, etc., has notably contributed to the need for localized data centers to maintain the privacy of government data. This is leading to the growing investment in the development of data centers in recent years by the governments to cater to the cloud service needs of the government & enterprises.  Thus, this notably boosts the demand for HVAC pumps, essential for efficient temperature regulation in these expanding digital infrastructures.

Additionally, the globe is witnessing a growing rollout of the 5G network, which is estimated to bring a surge in data consumption and connectivity demands in the forecast period. For instance, in 2023, in India CRISIL rating stated that average data usage per subscriber per month is expected to rise to about 28-30 GB by 2025 from around 20 GB at present. As a result, there would be higher requirements for data centers, thereby propelling the demand for HVAC pumps in the upcoming years.

Global HVAC Pump Market Opportunity:

Increasing Demand for Clean Energy & Increasing Investment in Green Hydrogen Projects – The governments of various nations focus on the renewable energy sector to combat climate change as well as to reduce their reliance on fossil fuels leading to the growth of the renewable energy sector. One of the approaches could be green hydrogen owing to less carbon emissions in its production process. In the production site of hydrogen plants, HVAC systems are installed along with pumps for the comfort of personnel in administrative offices, for equipment cooling, and for maintaining indoor air quality, etc.

Therefore, countries such as the US, Finland, Australia, Egypt, and Spain have invested in the development of green hydrogen plants. For instance, in 2023, Finland invested in the development of 3 green hydrogen plants to produce around 850 tons of hydrogen per day to boost Europe’s Energy Supply. Production of green hydrogen requires the construction of necessary infrastructure which is further expected to generate the demand for HVAC pumps in the European, Asia-Pacific, and Australian regions. The escalating investments in the production of alternative clean energy are poised to present various opportunities for the Global HVAC Pump Market in the coming years.

Global HVAC Pump Market Challenge:

Raw Material Variability Disrupting Supply and Demand Balance – Since 2020, issues in the accessibility of raw materials have occurred due to a series of incidents such as the Russia-Ukraine war in 2022 and Chinese initiatives for industrial decarbonization. Restrictions imposed in Russia affected raw materials availability in the European nations as around 40% of steel consumption was supplied by Russia and Ukraine. Another reason is that China’s plan for decarbonization resulted in a drop in steel production by approximately 9.8% in 2020.

Thus, the shortage of steel affected the manufacturers of HVAC pumps around the world, as steel is a major material in HVAC pump manufacturing. Steel is a major raw material that provides HVAC pumps strength & durability, corrosion resistance, etc. Thus, the shortage of steel affected manufacturers in fulfilling their orders, delaying their revenue generation, and negatively impacting the market for the past couple of years and would affect the market growth in the near future as well.

Global HVAC Pump Market Trend:

Growing Use of 3D Printing in Pump Manufacturing – 3D printing streamlines pump manufacturing with rapid prototyping, reduced raw material use, and enhanced durability. During material shortages, rapid prototyping and iteration become crucial for finding alternative solutions. 3D printing facilitates quick and cost-effective prototyping, allowing manufacturers to test and refine designs with minimal raw material usage.

Additionally, 3D Printing has allowed smaller companies to enter the market by lowering production costs and minimizing barriers to entry. This increased competition benefits consumers by driving down prices with increased product quality through innovation, fueling market growth in recent years.

Moreover, the growing benefits of 3D printing such as; the production of customized parts quickly, and potential for significant cost savings, leading to its adoption. Additionally, 3D printers could be programmed to optimize part strength while minimizing weight, leading to more efficient pump designs. These factors would drive the market growth in the coming years.

Global HVAC Pump Market (2024-2030): Segmentation Analysis

The Global HVAC Pump Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. According to the analysis, the market has been further classified as:

Based on Type:

• Split Case
• Inline
• End Suction
• Others

Based on type, split case pumps witnessed a substantial share in the Global HVAC Pump Market during historical years. This is due to its increased application in large commercial and industrial applications owing to its easy maintenance, capability to handle high flow rates, and efficiency. The growth of innovative retail spaces due to the e-commerce boom in the past years contributed to the increased adoption of HVAC systems in warehouses and fulfillment centers and fueled the share of split case pumps in the market.

Additionally, the rebound of the tourism sector after the pandemic resulted in surging inbound and outbound travel across the globe. According to the World Travel & Tourism Council in 2022, Europe and Asia Pacific witnessed a surge in international arrivals by about 350% and 275% compared to 2021. This heightened rebound of the tourist sector contributed to the rising construction of hotels, resorts, and other hospitality facilities across the globe.

Consequently, these upcoming hospitality facilities would require large-scale HVAC systems to provide heating, ventilation, and air conditioning for the comfort of guests. As a result, demand for split case pumps is expected to increase in the coming years, as these pumps are well-suited for such applications, handling high flow rates efficiently and contributing to the effective operation of HVAC systems.

Based on Application:

• Residential
• Commercial
• Industrial
  • Oil & Gas
  • Power
  • Chemicals & Petrochemicals
  • Mining
  • Food & Beverages
  • Others (Pharmaceuticals, etc.)

The industrial segment commands a significant market share, driven by the increased deployment of HVAC systems in various industrial sectors, including oil & gas, power, chemical & petrochemicals, etc. The petrochemical industry, in particular, has experienced substantial growth fueled by heightened demand for plastics and fertilizers. Consequently, the notable expansion of the petrochemical sector has led to an increased demand for HVAC pumps in recent years. These pumps are crucial for maintaining precise temperature control in handling volatile and temperature-sensitive materials, ensuring the safety and efficiency of industrial processes.

Moreover, industrial facilities are prioritizing energy efficiency to cut costs and reduce environmental impact. Outdated HVAC systems lead to higher bills and environmental harm. To address this, industries are adopting energy-efficient HVAC pumps, with advanced monitoring for remote management and real-time performance tracking. As global industries are focusing on energy-efficient operations, the demand for efficient HVAC pumps is expected to rise in the forecast period.

Global HVAC Pump Market (2024-2030): Regional Analysis

Geographically, the Global HVAC Pump Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Asia-Pacific region is projected to hold a significant share in the forecast period owing to the growing focus on the development of smart HVAC systems, heightening end-user awareness of indoor air quality, and public infrastructure developments. Smart HVAC systems have been gaining popularity in the region due to the increasing focus on energy efficiency and smart home technology.

Additionally, the governments in the region are promoting these types of HVAC systems to mitigate the adverse effects of climate change & to acquire energy efficiency. For instance, in 2020, China’s new room AC energy efficiency standard came into effect, it updates energy efficiency grades and sets stringent minimum allowable values. Thus, these factors escalated the replacement of traditional HVAC systems to integrate smart HVAC systems. This transition demands advanced components like; high-performance HVAC pumps for efficient air circulation in responsive climate control.

Moreover, indoor air quality has been becoming a significant concern in the Asia-Pacific region, especially in densely populated urban areas like Delhi, Java, Luzhou, etc. This directly impacts the health and well-being of citizens in the region. Consequently, this could result in the rising adoption of high-quality HVAC systems equipped with advanced pumps that effectively filter and circulate air, reducing the concentration of pollutants. Therefore, all these factors are expected to position Asia-Pacific as a leading region in the Global HVAC Pump Market in the coming years.

Global HVAC Pump Industry Recent Development:

• In 2023, KSB SE & CO KGaA Launched a new series of fully integrated in-line water pumps which require up to 44 % less aluminum, 49 % less grey cast iron, and 68 % less magnetic steel sheet, as well as 73 % less copper.

Gain a Competitive Edge with Our Global HVAC Pump Market Report

• Global HVAC Pump Market Report by Markntel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global HVAC Pump Industry Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.