Rise in adoption of solar pumps for irrigation purposes is expected to drive the growth of global agriculture pumps market
According to TechSci Research report, “Global Agriculture Pumps Market By Type (Rotodynamic Pumps, Centrifugal, Mixed Flow, Axial Flow, Positive Displacement, Reciprocating, Rotary), By Material Type (Iron, Bronze, Aluminium, Stainless Steel and Other), By Power Source (Electricity Grid-Connection, Diesel/Petrol, Solar), By Horsepower (0.5 TO 3, 4 TO 15, 16 TO 30, 31 TO 40, >40 HP), By Head Size (Up to 1 meter, 1-3 meter, 3-6 meter, 6-10 meter, 10-15 meter, Above 15 meter), By End-Use (Irrigation, Livestock Watering), By Region, Competition, Forecast & Opportunities, 2025”, global agriculture pumps market is expected to witness significant CAGR during the forecast period. Increasing global population accounts for large dependency on agriculture production, which is one of the major factors accounting for the growth of global agriculture pumps market. Moreover, high usage of renewable energy centrifugal pumps, so that operation cost of pumps can be reduced to zero, is further expected to bode well for the growth of global agriculture pumps market through the forecast period. In addition to this, rising adoption of modern techniques of irrigation in developing countries is further projected to positively influence the growth of global agriculture pumps market in the years to come. Also, growing use of big data in agricultural sector, is further making headway for the growth of global agriculture pumps market. Furthermore, there are some factors that might act as major impediments to the growth of global agriculture pumps market through the forecast period such as lack of technical knowledge and skills.
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Global agriculture pumps market can be segmented based on type, material type, power source, horsepower, head size, end-use, company, and region. Based on end-use, the market can be bifurcated into irrigation and livestock watering. Out of these, the irrigation segment dominated the market until 2019 and is expected to hold its dominance during the forecast period as well which is accredited to the growing area being brought under irrigation. Also, the livestock watering segment is estimated to register high growth in the next 5 years, due to rising meat consumption across the regions, which is leading to high need for agriculture pumps in the livestock watering sectors. This is projected to positively impact the growth of segment over the coming years.
Grundfos As, Lindsay Corporation, Valmont Industries Inc., Kirloskar Brothers Limited, Shimge Pump Industry Pvt. Ltd., Franklin Electric Company, Zhejiang Doyin Pump Industry Co. Ltd, Mahindra Epc ltd., Leo Group Pumps (Zhejiang) Co., Ltd., CNP Pumps India Pvt. Ltd., CRI Groups, KSB SE & Co., Xylem Inc, Ebara Pumps, are among others are the leading players operating in global agriculture pumps market. The leading players are adopting several growth strategies to enhance the market scenario of agriculture pumps. Other competitive strategies include new technological developments; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diverse their product portfolio in order to strengthen their market position. For instance, in January 2020, Franklin Electric acquired Valley Farms Supply, Inc. (Lansing, Michigan) for USD 9.0 million. Valley Farms Supply, Inc. is a professional groundwater distributor operating three locations in the State of Michigan and one in the State of Indiana.
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“Asia Pacific is forecast to dominate the global agriculture pumps market until 2025 on account of subsidies being provided for solar and electric pumps by the agricultural ministries of countries such as China and India. Furthermore, presence of well-established and emerging players in the region is further anticipated to boost the market growth for agriculture pumps over the coming years. Along with this, high development in agriculture sector in the region is further expected to contribute to the growing trend in the upcoming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Agriculture Pumps Market By Type (Rotodynamic Pumps, Centrifugal, Mixed Flow, Axial Flow, Positive Displacement, Reciprocating, Rotary), By Material Type (Iron, Bronze, Aluminium, Stainless Steel and Other), By Power Source (Electricity Grid-Connection, Diesel/Petrol, Solar), By Horsepower (0.5 TO 3, 4 TO 15, 16 TO 30, 31 TO 40, >40 HP), By Head Size (Up to 1 meter, 1-3 meter, 3-6 meter, 6-10 meter, 10-15 meter, Above 15 meter), By End-Use (Irrigation, Livestock Watering), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global agriculture pumps market and provides statistics & information on market size, structure and market growth future. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global agriculture pumps market.
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