However, barring a few countries, the water infrastructure development activities have resumed at a healthy rate post Q2 of the financial year. With the sector undergoing a recovery mode, the immediate as well as long-term growth outlook of backflow preventers market remains positive.
Backflow preventer sales are expected to reach US$ 367.4 Mn in 2021, according to Future Market Insights (FMI), an ESOMAR-certified research and consulting firm, with a stable long-term projection. COVID-19’s recessionary effects on construction activities slowed backflow preventer demand in 2020, causing backflow preventer sales to slow.
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Considerable increase in government norms and regulation for plumbing industry is expected to create growth opportunities. The increasing inclination towards reduced pressure zone backflow preventers in developed and developing countries across the globe is expected to drive the market.
Key Takeaways from Backflow Preventers Market Study
- Global backflow preventer market is expected to exhibit 3.7% CAGR between 2021 and 2031
- The U.S. is projected to account for over 75% sales in North America, thanks to increasing residential construction
- Increasing focus on waste water treatment will enable the U.K. register 1.9% y-o-y growth in 2021
- Increasing construction activities will drive growth in Germany and France
- Increasing government spending towards waste water treatment will drive growth in Japan and South Korea
“Stringent laws implemented to ensure safe drinking water are expected to give impetus to the backflow preventer market. In addition to this, innovation of new connected backflow preventers will enable the market gain momentum at a steady pace through the forecast period. Competitive price offering, increase in end user satisfaction in terms of performance, and use of advanced technologies are some of the key strategies implemented by manufacturers operating in the market,” says FMI analyst.
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The backflow preventers market is understood to be fairly consolidated, with key players accounting for nearly 60% of overall market value share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are Honeywell International Inc, Rexnord Corporation, Conbraco Industries Inc., Watts Water Technologies Company, Emerson Electric Co., Caleffi S.p.a., W.W. Grainger, Inc., A.R.I. Flow Control Accessories Ltd, BEULCO GmbH und Co. KG and others.
Backflow preventer market is estimated to witness sound growth during 2021-2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities to develop more in the field of water management that meet personalized requirements of consumers. Collaboration, mergers and acquisition with regional companies are some of the key strategies market players are likely to focus on to gain competitive edge.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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