Top Growth Driver in the Sump Pumps Market 2024: Rising Demand For Construction Industry Fuels Market Growth
Sump Pumps Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The global sump pumps market is projected to experience dynamic growth, from $12.72 billion in 2023 to $14.17 billion in 2024, at a compound annual growth rate CAGR of 11.4%. This increase can be attributed to significant factors such as the rise in residential construction, increasing urbanization, elevated frequency of severe weather incidents leading to flooding, and stricter building codes and regulations encouraging the installation of sump pumps. The growth in interest in home improvement and renovations also significantly contributed to the increased sales of sump pumps.
What Does the Future of the Sump Pumps Global Market Look Like?
Expectations for the sump pumps market estimate a rapid escalation in the coming years with projections reaching up to $21.91 billion in 2028 at a compound annual growth rate CAGR of 11.5%. The growth in the forecast period can be attributed to the increasing adoption of smart home systems, replacement and upgrading of aging water management infrastructure, continued population growth, renewed focus on climate adaptation and disaster preparedness, supportive government initiatives, and funding for flood control and water management projects. Significant trends in the forecast period include the integration of smart technology, the use of advanced and durable materials for enhanced longevity and performance of sump pumps, customized solutions, wireless and app-based control, and technological convergence.
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What’s Driving the Growth of the Sump Pumps Market?
The vigorous growth of the construction industry is one of the primary propellants of the sump pumps market. The construction industry involves all activities associated with the building, infrastructure, and industrial sectors, including planning, designing, financing, and erection of various types of structures. Increased urbanization, along with burgeoning demand for residential and commercial spaces, coupled with noteworthy government investments in infrastructure development, are stimulating the growth of the construction industry. Sump pumps find substantial application in the construction industry, as they manage groundwater and prevent flooding at excavation sites and newly built structures. In February 2023, the Office for National Statistics, a UK-based statistics authority, reported a growth of 5.6% in annual construction output in 2022 over 2021. This followed a record spurt of 12.8% in the previous year, contributing to the striking growth of the sump pump market.
Who Dominates the Sump Pumps Market Landscape?
Key players operating in the sump pumps market include Baker Hughes Company, Dover Corporation, Xylem Inc., Metso Corporation, Ebara Corporation, Grundfos Pumps Private Limited, Liberty Pumps Inc., Pentair plc, Flowserve Corporation, Sulzer Ltd, The Weir Group PLC, ITT Goulds Pumps, KSB SE, Leo Group Co Ltd, WILO SE, Franklin Electric Co. Inc., Tsurumi Manufacturing Co. Ltd., Shijiazhuang Industrial Pump Factory Co. Ltd., Zoeller Pump Company Llc., Excellence Pump Industry Co. Ltd., Glentronics Inc., and Ridgid Tool.
Trends and emerging capabilities within the sump pump industry:
Innovations play a crucial role in the growth of any market. Leading companies operating in the sump pumps market are focusing on developing advanced products, such as leveraging new technologies to improve pump efficiency, durability, and automation systems. For instance, in February 2023, Delta Membrane Systems Limited, a UK-based manufacturer of specialist structural waterproofing solutions, introduced the 695 Groundwater Sump Pump Chamber, which is designed to enhance water management solutions for both ground and surface water collection. This advanced chamber is compatible with Delta's Dual V3, V4, and V6 pump stations, making it a viable solution for a host of drainage needs and marking a significant advancement in sump pump technology.
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Segmentation of the Global Sump Pumps Market:
The sump pumps market is segmented in this report by -
1 By Type: Submersible Sump Pumps, Pedestal Sump Pumps, Other Types
2 By Capacity: Low, Medium, High
3 By Power Rating: Below 1 HP, 1–5 HP, 5–15 HP, Above 15 HP
4 By Sales Channel: Direct Channel, Distribution Channel
5 By Application: Mining And Mineral Industry, Construction, Metallurgy And Chemical Industry, Pulp And Paper, Power Generation, Other Applications
Regional Distribution of the Sump Pumps Market:
North America stands as the largest region in the sump pumps market as of 2023. The report provides an in-depth examination of the sump pumps market in geographic locations that include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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