PUBLISHER: The Business Research Company | PRODUCT CODE: 1413957
PUBLISHER: The Business Research Company | PRODUCT CODE: 1413957
“Agricultural Pumps Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on agricultural pumps market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for agricultural pumps? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The agricultural pumps market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Agricultural pumps are devices that utilize rotational motion mechanics to generate kinetic energy for the purpose of propelling water. These pumps play a crucial role in optimizing irrigation efficiency by delivering the right amount of water to different parts of the field, thereby expediting cultivation.
The two main types of agricultural pumps are rotodynamic pumps and positive displacement pumps. Rotodynamic pumps operate by continuously imparting energy to the fluid through the use of a rotating impeller. These pumps can be powered by electricity from the grid, diesel or petrol engines, and solar energy, with varying horsepower (hp) ranges including 0.5-3, 4-15, 16-30, 31-40, and greater than 40. The primary end-uses of agricultural pumps include irrigation and livestock watering.
The agricultural pumps market research report is one of a series of new reports from The Business Research Company that provides agricultural pumps market statistics, including agricultural pumps industry global market size, regional shares, competitors with an agricultural pumps market share, detailed agricultural pumps market segments, market trends and opportunities, and any further data you may need to thrive in the agricultural pumps industry. The agricultural pumps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The agricultural pumps market size has grown strongly in recent years. It will grow from $5.16 billion in 2023 to $5.42 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth observed in the historical period can be attributed to several factors, including trends in farm mechanization, government policies and subsidies, concerns about water scarcity, prevailing economic conditions, and global agricultural trends.
The agricultural pumps market size is expected to see strong growth in the next few years. It will grow to $6.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be attributed to factors such as population growth and increased food demand, the impact of climate change, the integration of renewable energy, and ongoing research and development efforts. Key trends expected in the forecast period include the adoption of smart agriculture technologies, continuous technological advancements, an increased uptake of precision agriculture practices, and growing concerns about water scarcity.
The anticipated growth in the agricultural pump market is expected to be propelled by the rapidly expanding agriculture sector. This sector, encompassing the production of crops and livestock along with agricultural engineering, equipment, and related items, is a key component of the economy. Agricultural pumps play a crucial role in this sector by providing the necessary amount of water to different parts of the field, expediting the cultivation process. For example, a report published by the Organization for Economic Co-operation and Development in June 2022 highlighted the need for a 28% increase in agricultural productivity over the next decade to achieve zero-hunger targets, with global crop production estimated to rise by 87% by 2030. Hence, the robust growth in the agriculture sector is a driving force behind the agricultural pump market.
Government initiatives aimed at promoting agricultural mechanization are also expected to contribute to the growth of the agricultural pump market. Governments worldwide are implementing various programs and policies to encourage the adoption of agricultural pumps, recognizing their importance in enhancing agricultural productivity and sustainability. For instance, in August 2022, the UK government announced funding of up to $591,220 (£500,000) for farmers and growers to invest in cutting-edge robotics and mechanization through the Farming Futures Automation and Robotics competition. This initiative is part of the government's larger Farming Innovation Programme, totaling $319.25 million (£270 million). Thus, government efforts to promote agricultural mechanization are driving the growth of the agricultural pump market.
Product innovations stand out as a key trend gaining traction in the agricultural pumps market, with major companies actively focusing on developing innovative technologies to enhance their market position. An example of this trend is evident in the actions of Kirloskar Brothers Ltd., an India-based pump manufacturing company. In September 2021, Kirloskar Brothers launched the NEO Series 4-inch Borewell Submersible Pumps. This new series of borewell submersible pumps offers a variety of designs tailored to meet the needs of diverse markets, including home, community, rural water supply, and applications in the agricultural, building, and construction industries. The introduction of such innovative products helps companies address specific market demands and strengthen their competitive position.
Major companies in the agricultural pump market are focusing on the development of advanced products, such as groundwater pump controllers, to gain a competitive edge. A groundwater pump controller is a device designed to automatically control the operation of a groundwater pump. Grundfos Pumps Corporation, a Denmark-based provider of pumps and pump solutions, exemplifies this trend with the launch of the LC232 Controller in October 2021. This smart control unit is specifically designed for submersible borehole pumps and enables wireless access and control through the Grundfos GO REMOTE app. The app, available for both iOS and Android devices, empowers users to monitor pump performance, adjust settings, and schedule operations from their smartphones. The LC232 Controller provides flexibility by allowing configuration to operate with either float-level switches or level transmitters, offering enhanced control over groundwater systems.
In January 2021, Franklin Electric Co. Inc., a US-based manufacturer and distributor specializing in water and fuel movement and management products and systems, acquired Blake Group Holdings for an undisclosed amount. This strategic acquisition enables Franklin Electric to expand its presence across the US. Blake Group Holdings, a US-based provider of peak-performance water and thermal energy solutions and equipment, enhances Franklin Electric's capabilities and strengthens its position in the competitive market.
Major companies operating in the agricultural pumps market report are Grundfos Holding A/S, Xylem Inc., KSB SE & Co KGaA, Flowserve Corporation, Valmont Industries Inc., Jain Irrigation Systems Ltd., Franklin Electric Co Inc., Sulzer Ltd., WILO SE, Zhejiang Doyin Pump Industry Group Co. Ltd., Lindsay Corporation, Cornell Pump Company, CNP (India) Private Limited, Kirloskar Brothers Limited, CRI Pumps Private Limited, The Weir Group PLC, Mahindra EPC Irrigation Limited, Zhejiang Leo Group Pumps Co. Ltd., Mono Pumps Limited, Texmo Pumps and Systems Limited, National Pump Company (P) Ltd., Shakti Pumps (India) Limited, Pentair plc, Falcon Pumps Private Limited, Walrus Pumps Co Ltd., Zhejiang Haicheng Suprasuny Pump Co. Ltd., Navitas Solar Pumps Private Limited, Cat Pumps (US) Inc., VestJet AS, Tsurumi Manufacturing Co. Ltd.
Asia-Pacific was the largest region in the agriculture pumps market in 2023. The regions covered in the agricultural pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the agricultural pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The agricultural pumps market consists of sales of deep-well turbines, submersible pumps, and propeller pumps. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.