The market for domestic booster pumps is anticipated to record a notable CAGR of around 8.2% over the forecast period 2020-2028. The major factors driving the growth of the market include immigration of people towards urban areas along with the growing construction industry.
Further, changing lifestyle of consumers is leading to high demand for efficient pumping solutions. In addition, poor water management system in several municipal corporations has lead to water pressure during peak hours. Moreover, shift of consumers from traditional to booster pumps along with rising energy crisis is fostering the market growth. Therefore, these factors along with rising digitally advanced infrastructure in banks are fostering the growth of the market.
Research Nester published a report titled “Domestic booster pumps market– Global Demand Analysis and Opportunity Outlook 2020-2028” which delivers detailed overview of the domestic booster pumps market in terms of market segmentation by product type, by distribution channel type, by end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
On the basis of product type, the market is segmented into single stage and multiple stage. The multiple stage is estimated to foresee lucrative growth on the account of rising usage of multiple domestic booster pumps in hilly areas for water supply in agricultural and commercial uses. Moreover, growth in the adoption of multiple stage pumps to foster water supply in tall buildings, which in turn, is propelling the growth of the market over the forecast period.
Based on the regional analysis, the market for domestic booster pumps is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The Asia Pacific region is estimated to foresee highest growth rate on the back of rising developments in rural areas along with the surge in population. Further, growing industrialization owing to rising government funding and healthy economic growth is propelling the growth of the market. Moreover, upgradations in water infrastructure and power generation are creating soaring demand for domestic booster pumps. The market in North America is estimated to witness notable growth rate owing to the rising construction projects, demand for booster pumps along with the growing urbanization. Hence, these reasons are estimated to drive the growth of the market during the forecast period.
The rising production capabilities from manufacturers in order to create plug & play booster pumps for the convenience of customers is driving the growth of the market. Further, the increasing research activities for energy efficient pumps along with the requirement of minimum maintenance are boosting the market growth. The loss of essential services owing to the outbreak of COVID-19 is leading to increased demand for domestic booster pumps and other related services. Additionally, the rising activities of service departments among key players in order to address emergency situations regarding faults in booster pumps is fostering market growth. Therefore, these factors along with the rising responsibilities that require prearranged time for the collection of goods will propel the market growth over the forecast period.
However, high cost related to domestic booster pumps is expected to operate as a key restraint into the growth of domestic booster pumps market over the forecast period.