The global agricultural pump market accounted for a value of USD 3.7 billion in 2019 and is projected to register growth at a CAGR of 6.7% during forecast period.
COVID-19 has impacted the agricultural pump market. The production is on halt and there is a significant decline in demand of agricultural pump. The supply chain is also affected due motion restriction and lockdown policies. The raw material supply is facing difficulties. Thus, the agricultural pump market is expected to witness decline during forecast period.
For more details, visit: Global Agricultural Pump Market By Type (Rotodynamic and Positive Displacement Pumps), By Power Source (Solar, Diesel/Petrol, Others.), By HP (0.5-3, 4-15, Others), By Form, By End-Users, By Region, Forecast & Opportunities to 2026
The agriculture segment is adopting various modern techniques and equipments and government in various regions is taking initiatives and adopting various policies to support modernization in agriculture. This increases demand for agriculture pump as this is a modern equipment, drives growth in agricultural pump segment during forecast period.
On the basis of type, the agricultural pump market is segmented into rotodynamic pumps and positive displacement pumps. The rotodynamic pump segment is estimated to hold highest market share during forecast period. The demand and adoption of modern techniques is increasing in agriculture segment. The rotoynamic pumps are highly preferred for irrigation purposes as it is more efficient. The high adoption of rotodynamic pumps in various countries across the world is likely to drive growth in this segment during forecast period.
On the basis of power source, the agricultural pump market is segmented into solar, diesel/petrol, electricity grid connection. The solar pumps segment is expected to register growth at highest CAGR during forecast period. Solar pumps runs on electricity generated by thermal energy which is collected by photovoltaic panels and sunlight. They have better productivity as they do not rely on electricity and fuel. They do not face issues such as supply cut, price hikes and feeder damage etc as well as they have no harmful effects on environment. Government also promotes solar pumps and this drive growth in solar pumps segment during forecast period.
On the basis of power source, the agricultural pump market is segmented into irrigation and livestock watering. The livestock watering segment is estimated to register growth at highest CAGR during forecast period. Utilization of pumps in agriculture sector requires low maintenance and it improves ability to deliver water. It uses solar power as well as electricity and fuel. It improves grazing strategies such as intensive rotational livestock etc. and it gives economically feasible methods to supply water to livestock. The demand for agricultural pumps is increasing in livestock watering and this drives growth in livestock watering during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. The land under irrigation is increasing in this region. Subsidies have been provided for using electric and solar pumps in various countries such as India, China and others. The demand and adoption of pumps is very in Asia-Pacific region as the population is very high in this region and the demand for food is increasing immensely and they need to improve yield within available land to fulfill demand for food. This drives growth in the Asia-Pacific region during forecast period.
The key market players in agricultural pumps market are Grundfos, Xylem, Lindsay Corporation, Valmont Industries, Jain Irrigation Systems, Shimge Pump Industry, Franklin Electric, Zhejiang Doyin Pump Industry, Mahindra EPC Ltd., Leo Group Pumps, CNP Pumps India, Flowserve, KSB, WILO, MONO and Texmo.
- What are the expected industry trends over the next three to five years?
- Which of the agricultural pump type is likely to lead by 2025?
- Which of the end user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?