According to the United Nations Conference on Trade and Development (UNCTAD), nearly 55.7% of the global population resided in urban areas in 2019. The UNCTAD also estimates that in 2019, around 80.5% of people in developed countries and nearly 51.1% of the people in emerging economies resided in cities and townships. Furthermore, the United Nations Department of Economic and Social Affairs (UNDESA) forecasts that approximately 68% of the world’s population will live in urban localities by 2050. The surging city population will boost the adoption of domestic pumps owing to the large-scale construction of housing units.
Moreover, the depleting groundwater level on account of the mounting world population will help the domestic pump market progress at a CAGR of 2.8% during 2020–2030. The market revenue stood at $2,912.9 million in 2020, and it will reach $3,832.0 million by 2030. According to the United Nations Water 2021 report (UN-Water 2021), approximately 2.3 billion people reside in water-stressed countries. Of these, around 733 million live in highly and critically water-stressed countries.
In the coming years, centrifugal pumps will be deployed at the highest rate owing to their low costs, wide application base, and high efficiency while pumping low-viscosity fluids, such as water. At present, domestic pump manufacturers are focusing on the integration of artificial intelligence (AI) in their operational processes to improve service delivery. These pumps are being manufactured by Grundfos Holding A/S, KSB SE & Co. KGaA, Ebara Corporation, Xylem Inc., Wilo SE, and Sulzer Ltd.
According to P&S Intelligence, Asia-Pacific (APAC) dominated the domestic pump market in the recent past due to its vast population and the large number of ongoing housing projects to accommodate them. The Association of Southeast Asian Nations+6 (ASEAN+6) Population Forecast estimates that the population of ASEAN members will reach around 717 million by 2030 and nearly 741 million by 2035. Moreover, the availability of electricity for operating domestic pumps will augment their usage in the region in the upcoming years.
Thus, the burgeoning world population and lowering groundwater levels will amplify the deployment of water pumps for residential purposes.
Read more: https://www.psmarketresearch.com/market-analysis/domestic-pump-market
