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The increase in the land area being brought under cultivation is one of the major driving factors for the agricultural pump market.”
The global agricultural pumps market is estimated to be valued at USD 4.2 billion in 2020. It is projected to reach a value of USD 6.1 billion by 2025, growing at a CAGR of 7.6% during the forecast period. Factors such as increasing land being brought under irrigation, rising adoption of modern agricultural practices in developing countries, government support in the adoption of new agricultural equipment and technology, increased rate of mechanization, and the advent of big data in agricultural farms are some of the factors driving the growth of the market.
“The market for positive displacement pumps is projected to grow at the highest CAGR between 2020 and 2025.”
Positive displacement pumps develop high pressures while operating at low suction pressures. They are used when the constant flow has to be maintained regardless of pressure. In these pumps, the flow is usually regulated by varying the speed of the pump. Positive displacement pumps are more efficient than centrifugal ones and are used for highly viscous liquids. Characteristics such as better control and higher efficiency are fueling the market demand.
“The solar pumps segment is projected to grow at the highest CAGR between 2020 and 2025.”
Solar pumps work on electricity produced by thermal energy collected from sunlight or photovoltaic panels, a process of transforming solar energy into electricity. These pumps do not rely on diesel or electricity, and therefore, bring about better effectiveness and productivity. These pumps do not create issues, such as feeder damage, supply cut, price hikes, etc. Moreover, solar pumps have a minimal environmental impact than any other powered pumps that have observed a huge growth in the worldwide market of solar pumps.
“The segment for pumps between the range of 4.0-15HP is projected to grow at the highest CAGR between 2020 and 2025.”
Pumps under this range of horsepower can withstand wide voltage fluctuations from 300–440 Volts, suction lift up to 7.5 meters, and a top flat efficiency curve. The demand for pumps in the range of 4-15 hp is the highest due to their growing adoption in small and medium-sized landholdings. It is used to withdraw water from sources such as reservoirs and lakes.
“Livestock watering, as an end-use of agriculture pumps, projected to grow at the highest CAGR between 2020 and 2025.”
Agriculture pumps are widely preferable for reasons, such as lower maintenance, the potential for automated and remote control, and the ability to use solar power either as the only power source or as a supplementary power source for grid-connected pumps. Due to efforts to use improved grazing strategies, such as paddock grazing or intensive rotational livestock, producers need dependable and economically alternative methods of providing water to livestock fueling the demand for the agricultural pumps market.
“The agriculture pump industry in Asia Pacific is projected to grow at the highest CAGR during the forecast period. “
Factors driving the adoption of agriculture pumps in Asia Pacific include the increasing demand for food, high pressure to improve yields with limited available resources, and increasing requirement to protect crops from unexpected climatic changes.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with the key experts.
The breakup of the profiles of primary participants is as follows:
- By Manufacturers: Managers & Executives – 60%, Junior level employees – 30%, and Managing Directors –15%
- By Designation: CXOs – 40%, Managers – 30%, Executives – 30%
- By Geography: North America – 20%, Europe – 30%, APAC – 35%, South America – 10% and RoW – 5%
Some of the major players in the market include Grundfos (Denmark), Xylem Inc (US), KSB SE & Co. (Germany), Flowserve Corporation (US), Lindsay Corporation (US), Valmont Industries (US), and Jain Irrigation Systems (India).
The report segments the agricultural pumps market based on type, HP, source, end-use, and region. In terms of insights, this report has focused on various levels of analyses?competitive landscape, end-use analysis, and company profiles?which together comprise and discuss views on the emerging & high-growth segments of the agriculture pumps high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To Buy the Report:
- Illustrative segmentation, analysis, and forecast pertaining to the agricultural pump market based on type, HP, source, end-use, and geography have been conducted to provide an overall view of the agriculture pump industry
- Major drivers, restraints, and opportunities for the agricultural pumps market have been detailed in this report.