The commercial booster pumps market is expanding due to investments in water infrastructure and HVAC demand, with East Asia and Europe as key regions.
According to the latest study published by Future Market Insights (FMI), the key factors encouraging growth in the global commercial booster pumps market include surging investment toward bettering water infrastructure, coupled with the demand for advanced HVAC systems. The report has estimated the market’s valuation as of 2020 at US $4.7 Bn. It is also forecast to expand at a CAGR of 7.8% between 2020 and 2030. The rising demand for corrosion-resistant pumps along with smart monitoring and controlling are creating lucrative prospects for the market’s growth.
The report offers a comprehensive market overview, offering insights into the prevalent factors. Some of the key takeaways from the report are highlighted below.
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Key Takeaways from the global commercial booster pumps market study:
“The increasing demand for water has led to a positive development in different water technologies which have made the commercial booster pumps industry competitive. Consumers are also looking for corrosion and chemical-resistant pumps for application across various end-use industries. Hence, booster pumps are gaining traction across various end use industries and are creating positive prospects for the market growth.” says FMI analyst.
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Covid-19 impact analysis:
The ongoing pandemic has put a dent in the global economy causing many economic activities to come to a halt. This has also caused a significant plunge in the commercial booster pumps market growth. Many challenges are encountered in the areas of the supply chain, communication, imports and exports, tariffs, and currency fluctuations.
These challenges have created an unstable economic environment and a negative impact on the growth of the booster commercial pumps market. However, as the economic activities are slowing resuming, the commercial booster pump market is also expected to witness a sharp recovery.
Commercial booster pumps market competitive landscape:
The Commercial Booster Pumps Market is moderately consolidated, in which the leading players account for more than one third of the market share. The penetration of small regional players will make this market more competitive in the forecast period. Some of the key players in the market are Grundfos, Xylem Inc., KSB SE & Co. KGaA, Flowserve Corporation, Sulzer Ltd., WILO SE, Gorman Rupp Pump Company, Torishima Pump Mfg. Co., Ltd. among others. These players have higher shares in the global market, and have longstanding relationships with a number of leading end users, giving them an upper hand among their peers.
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The article discusses the growth of the commercial booster pumps market driven by investments in water infrastructure and HVAC systems.
How has COVID-19 impacted the market? The pandemic caused a temporary decline, but recovery is expected as economic activities resume.
What regions are key for market growth? East Asia and Europe are identified as lucrative markets for commercial booster pumps.
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