HVAC Pump Market to Reach $55.5 Bn, Globally, by 2031 at 5.7% CAGR

Allied Market Research

Increase in use of HVAC systems in manufacturing plants, hospitals, offices, central heating/chiller plants, sports complexes, buildings, schools, and data centers along with rapid industrialization drive the global HVAC pump market.

PORTLAND, Ore., July 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "HVAC Pump Market By Product Type (Single stage, Multi-stage), By End-User (Industrial, Residential, Commercial), By Pump Type (Booster pumps, Circulating pumps, Centrifugal pumps): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global HVAC pump industry generated $31.6 billion in 2021, and is expected to generate $55.5 billion by 2031, witnessing a CAGR of 5.7% from 2022 to 2031.

Drivers and Opportunities

Increase in use of HVAC systems in manufacturing plants, hospitals, offices, central heating/chiller plants, sports complexes, buildings, schools, and data centers along with rapid industrialization drive the global HVAC pump market. Moreover, technological advancements and increase in investments in industrial and commercial construction activities such as hospitals and food & beverages factories present new opportunities in the coming years.

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Covid-19 Scenario

• Manufacturing facilities of HVAC pump hindered completely or partially due to lockdown restrictions, shortage of raw materials, and disruptions in supply chain. This impacted the revenue of the market.
• In addition, the demand from residential, commercial, and industrial end users declined considerably due to stoppage of daily operations in these sectors. Sports events were banned during the pandemic. This declined the demand from sports complexes as well.
• New construction projects were postponed due to economic uncertainty. This, in turn, affected the demand. However, the demand is expected to rise steadily post-pandemic.

The multi-stage segment to maintain its leadership status during the forecast period

Based on product type, the multi-stage segment accounted for the highest market share in 2021, contributing to nearly three-fifths of the global HVAC pump market, and is expected to maintain its leadership status during the forecast period. Moreover, this segment is expected to witness the highest CAGR of 6.3% from 2022 to 2031. This is due to increase in utilization in general industrial services such as oil and gas, pulp and paper, power generation, food and beverage, chemicals and petrochemicals, pharmaceuticals, and others. The report also analyzes the single stage segment.