Backflow preventer sales are set to be reach US$ 367.4 Mn in 2021 with a stable long-term projection, as per latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm. Demand for backflow preventer waned in 2020 due to the recessionary effects of COVID-19 on construction activities, resulting in deceleration of backflow preventers sales. 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.
Reduced pressure zone type backflow preventers are expected to lead the market in terms of market value during the forecast period. The segment is expected to hold dominant market share by value throughout the forecast period. This can be attributable to advance operations offered by the category. Their high cost also contributes towards overall revenue generation in the market. Although, in terms of volume, atmospheric vacuum breakers and pressure vacuum breakers are anticipated to lead the market.
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.
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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
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.
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