The United Nations (UN)-Water 2021 report states that nearly 2.3 billion individuals reside in water-stressed countries, of which 733 million live in critically and high water-stressed countries. Further, the World Health Organization (WHO) forecasts that by 2025, half of the world's population will be living in water-stressed areas. Thus, the reducing availability of water, primarily on account of the lowering groundwater level, will facilitate the increasing adoption of domestic pumps in individual households and residential societies.
Moreover, the booming urban population will also drive the domestic pump market at a CAGR of 2.8% during 2020–2030. The market was valued at $2,912.9 million in 2020 and it is expected to generate $3,832.0 million revenue by 2030. According to the United Nations Department of Economic and Social Affairs (UNDESA), nearly 68% of the global population will reside in urban areas by 2050. Further, the United Nations Conference on Trade and Development (UNCTAD) estimated that approximately 51.1% of people in developing countries and around 80.5% of people in developed nations lived in urban areas in 2019.
The application segment of the domestic pump market is classified into groundwater intake, heating, hot water recirculation, rainwater harvesting, wastewater, and water pressure boosting. Under this segment, the groundwater intake category accounted for the largest market share in 2020, owing to the declining groundwater level. As groundwater is the primary source of drinking water and for other household activities, house owners and residential societies are installing domestic pumps for feasible extraction of water from beneath the Earth’s surface.
According to P&S Intelligence, the Asia-Pacific domestic pump market generated the highest revenue in 2020, due to the presence of a vast population and exponential surge in the number of housing projects in the region. Moreover, the easy availability of electricity required for operating such pumps will also contribute to the market growth in APAC. Additionally, the low-cost pricing strategy by Chinese manufacturers encourages the adoption of domestic pumps in the region.
Therefore, the depleting groundwater reserves and the escalating urban population will encourage the deployment of domestic pumps worldwide.
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