Increasing utilization of agricultural pumps for irrigation and several agricultural activities is propelling the demand for the agricultural pumps market.
Market Size: USD 4.21 billion in 2020, Market Growth: CAGR of 7.9%, Market Trends: Increasing adoption of solar pumps in many countries
According to the report generated by Reports and Data, the global agricultural pumps market is estimated to upsurge from USD 4.21 billion in 2020 to USD 7.6 billion by 2028, registering a CAGR of 7.9% during the projected timeframe. Many farmers worldwide are shifting from conventional farming techniques to modern techniques is an essential factor surging the growth of the agricultural pumps market.
Agricultural pumps are devices used for transporting material from one place to another using appropriate pressure. The various benefits of utilizing agricultural pumps, such as the high potential for remote and automated control, lower maintenance, and less time consumption, are opening new opportunities for the market players.
The growing demand for advanced irrigation techniques and mounting investments and government emphasis on adopting modern agricultural equipment are the essential factors boosting the market for agricultural pumps. The rising requirement for food is also increasing the demand for the agricultural pumps market.
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However, the high investments associated with these pumps and the lack of after-sale services are the significant drawbacks
hampering agricultural products’ market growth. Additionally, the uncertainty of the spare parts of the agricultural pumps might limit the expansion of the global agricultural pumps market.
The COVID-19 pandemic has disrupted the global market on a vast scale. The stringent social distancing norms and lockdown regulations has led to the downfall of the agricultural pumps industry. The workload has been reduced to stop the virus from spreading more, and the manufacturing has slowed down in general.
Further key findings:
- Based on the Type, the agricultural pumps market is segregated into positive displacement and rotodynamic pumps. The increasing investments and emphasis on adopting the positive displacement pumps are expected to augment the growth of the agricultural pumps industry. Additionally, these positive displacement pumps can operate at low suction pressures and maintain a constant flow.
- In context to the power source, the solar pump segment is evaluated to witness the fastest growth during the predicted timeframe as it makes use of photovoltaic cells to generate power. The countries facing electricity problems are adopting solar pumps as they are economical and sold at reasonable prices.
- Many countries in North America, Europe, and the Asia Pacific prefer using electricity grid connection as they are cost-effective and efficient than diesel/petrol pumps.
- Based on the application, livestock watering is projected to expand at the highest CAGR from 2021 to 2028. The high consumption rate and the increasing requirement for livestock, along with the improved grazing approaches like paddock grazing, has increased the need to provide water to the livestock, which in turn is raising the demand for the livestock watering segment.
- The Asia Pacific region is assessed to observe the highest CAGR during the analysis timeframe due to the soaring demand for food and the urgency to safeguard the crops from untimely weather changes, grants for solar and electric pumps from countries including China, India, and South Korea.
- Europe is expected to escalate at a subsequent growth rate during the projected period due to the increasing requirements of smart pump sets and the rising adoption of advanced technologies.
- Grundfos (Denmark), Xylem Inc (US), KSB SE & Co. (Germany), Flowserve Corporation (US), Lindsay Corporation (US), Valmont Industries (US), and Jain Irrigation Systems (India) Kirloskar Brothers Limited (India), Shimge Pump Industry Group Co., Ltd (China) are the key market players of the agricultural pumps market.
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For this study, Reports and Data has segmented the global agricultural pumps market based on Type, Power Source, End-use, Horsepower, and Region:
Based On Type: (Revenue, USD billion, 2021 – 2028)
- Axial flow
- Mixed flow
- Centrifugal pumps
Positive displacement pumps
- Reciprocating pumps
- Rotary pumps
Based On Power Source: (Revenue, USD billion, 2021 – 2028)
- Electricity grid-connection
Based On End-use: (Revenue, USD billion, 2021 – 2028)
- Livestock watering
- Agricultural machinery
Based On HP: (Revenue, USD billion, 2021 – 2028)
Based On Region: (Revenue, USD billion, 2021 – 2028)
- North America
- Asia Pacific
- South America
- Middle East and Africa
Table of content:
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Drip Irrigation Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
Chapter 4. Consumer Behavior Analysis
4.1. Consumer Trends and Preferences
4.2. Factors Affecting Buying Decision
4.3. Consumer Product Adoption
4.4. Observations & Recommendations
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