The global domestic pump market revenue stood at $2,912.9 million in 2020, and it is predicted to rise to $3,832.0 million by 2030.  The surging construction activities in the residential sector, increasing number of high-rise buildings, where pumps are required for maintaining the water pressure till the upper storeys, depletion of groundwater, and rapid urbanization are the major factors fueling the growth of the market.

As per the Our World in Data, the global population will surge to 8.2 billion and 8.6 billion by 2025 and 2030, respectively. The surge in the worldwide population would create burden on the existing water infrastructure, which supplies drinking and utility water. In addition, a large number of people are rapidly shifting from rural areas to cities and towns every year. As per the World Bank, the share of the urban population in the global population surged from 55.2% to 56.1% from 2018 to 2020.

Browse detailed report - Domestic Pump Market Analysis and Demand Forecast Report

This category is predicted to demonstrate the highest growth rate in the market in the coming years. This is ascribed to the large-scale usage, inexpensive nature, and excellent pumping efficiency of these pumps. Globally, the Asia-Pacific (APAC) region dominated the market in the past. This was because of the presence of a large population and surging number of ongoing housing projects for accommodating the soaring population in the region. Furthermore, the abundant availability of power for operating these pumps is also driving the growth of the domestic pump market in the region.

Hence, it can be said without any hesitation that the sales of domestic pumps will surge sharply in the coming years, mainly because of the rising requirement for potable and drinking water, on account of the soaring urban population and increasing construction and infrastructure development projects in several countries.