European Pumps Market for Commercial Building, Forecast to 2022
NEW YORK, June 12, 2019 /PRNewswire/ -- Need for Energy-efficient Pumps and Improved Domestic Demand are Driving the Growth
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Accommodative monetary policy and low interest rates by the European Central Bank, coupled with increasing investments by Chinese investors in Central and Eastern Europe, had aided the resurgence of European economy in 2017.As part of China's One Belt One Road project, the 16 Plus 1 initiative has made investments of $3 billion and plans to invest further in Central and Eastern European countries.
In addition, the outcome of the Brexit referendum further strengthened the rest of the countries in Europe in terms of trade, investment, and monetary policies; this resulted in the fastest GDP growth rate in the European economy since 2007, an increase by 2.5% Y-o-Y, surpassing a 2.3% growth rate in the US. Central and Eastern European countries were key contributors for this positive growth rate. European commercial buildings were one of the key benefactors of the recovering economy and attracted an investment of EUR47.4 billion from various investors until Q3 2017, despite geopolitical uncertainties in Europe. In addition, the European commercial building industry witnessed large transactions coupled with corporate mergers and acquisitions, indicative of strong growth opportunities. Increasing investment in the commercial building industry is subsequently driving the demand for pumps in building applications such as HVAC, pressure boosting, drainage and sewage, and fire protection. Furthermore, increased need to revamp existing infrastructure has boosted demand for pumps, as more than 30% of the buildings in Europe are over 45 years old. Refurbishment and replacement activities in old building applications will further drive the demand for commercial pumps. Furthermore, with energy consumption being greater than 40% of the total European energy consumption, building services is one the largest energy-consuming industries. As a result, Europe's legislation concerning energy-efficient policies aims to reduce energy consumption in building services drastically by 2020.
The goal of the Energy Performance of Buildings Directive is to make all new buildings reduce to net zero-energy by the end of 2020. European countries such as the UK, France, and Germany have been mandated to set minimum energy performance requirements for new buildings, execute inspection schemes for HVAC systems, and refurbish existing systems. Thus, the strict regulations mandated by the government have increased the need for energy-efficient pumps in building applications. Hence, end users of pumps involved with building services such as commercial builders, OEMs, EPC companies, along with technical consultants are constantly seeking pumping solutions that are energy efficient.
With the advent of the IIoT, pump manufacturers are embracing IIoT technologies, such as cognitive computing and real-time data analytics to increase the lifespan of pumps, albeit at a slower rate. Pump manufacturers are already collaborating with software simulation providers to use digital twin technology to provide end users with smart pump solutions.
Smart and energy-efficient pumps will enable data sharing and assist in real-time control of HVAC temperature, flow, and pressure. With transforming technologies accompanied by changes in the requirements of end users, pump manufacturers are constantly innovating to enhance quality as well as features. In conclusion, the global pumps market in commercial building services is driven by growing urbanization, environmental regulations, and the need for better commercial infrastructure in most of Europe. Continued investment in the European commercial buildings market will lead to an increased number of commercial buildings, subsequently driving the pumps market. In addition, refurbishment and replacement of old pumps in existing infrastructure will aid growth. Finally, a focus on energy-efficient systems and green building will drive manufacturers to produce smarter pumps that have enhanced energy-efficient features and are compatible with current IIoT technologies.
Author: Avinash Kumar
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