global booster pump market size was valued at $2,338.9 million in 2021, and is projected to reach $3,715.3 million by 2031, registering a CAGR of 4.6%
PORTLAND, UNITED STATES, UNITED STATES, May 26, 2023 /EINPresswire.com/ — The global booster pump market is expected to witness a healthy growth in the coming years. This is due to the increasing demand for water in residential and industrial applications. The growing need for clean water, rising population and urbanization, and increasing investments by governments in water infrastructure are some of the factors driving the market.
According to the report published by Allied Market Research, the global booster pump market was valued at $2.3 billion in 2021, and is projected to reach $3.7 billion by 2031, registering a CAGR of 4.6% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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A booster pump is a device that is used to increase the pressure of water or other fluids. It is usually used to pump water from a storage tank to a higher elevation, where the pressure is needed to make the water flow. Booster pumps are also used to increase the pressure of water in residential and industrial water systems. They are used to ensure the proper functioning of water systems, such as hot water systems, fire protection systems, and irrigation systems.
The global booster pump market is segmented on the basis of type, application, and region. On the basis of type, the market is divided into centrifugal pumps, reciprocating pumps, and others. Centrifugal pumps are the most commonly used type of booster pumps in the market, as they are efficient, reliable, and cost-effective. The centrifugal pumps segment is expected to dominate the market throughout the forecast period.
In terms of application, the global booster pump market is segmented into industrial, residential, and commercial. The industrial segment is expected to account for the largest share of the market, as a large number of industries use booster pumps for various applications, such as water supply and heating systems. The residential segment is expected to witness the highest growth due to the increasing demand for clean water in residential areas.
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The global booster pump market is further segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market due to the presence of a large number of manufacturers and the increasing demand for clean water in the region.
Some of the key players in the global booster pump market are Grundfos, Pentair, Flowserve Corporation, KSB, Wilo Group, Xylem Inc., and ITT Inc. These companies are focusing on expanding their product portfolio and investing in R&D activities to introduce new products in the market.
Overall, the global booster pump market is expected to witness a healthy growth in the coming years. The increasing demand for clean water, rising population, and urbanization are some of the factors driving the market.
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