Single-Cylinder Pumpset Market in India To Generate $1,834.3 Million Revenue by 2030

India is the second-most-populated country in the world, and soon, it will be the most populated, overtaking China! This is already having far-reaching implications, such as urbanization, air pollution, and starvation. The last one because with cities expanding, farmers are finding it hard to grow crops to feed the populace. Moreover, just two sowing cycles are not enough to cater to almost 1.4 billion people and the many more to be born in the coming years.

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This is why, as per P&S Intelligence, the Indian single-cylinder pumpset market revenue will rise from $1,126.8 million in 2019 to $1,834.3 million by 2030, at a 5.3% CAGR between 2020 and 2030. This is because despite rampant irrigation in the last few decades, the majority of the country’s farming community still depends on seasonal rains. Therefore, with weather patterns becoming increasingly unpredictable due to climate change, rains have no surety of arriving on time and in the desired volume. Therefore, farmers are heavily dependent on pumps to source the groundwater or water from canals and channel it to the fields.

The end use segment of the Indian single-cylinder pumpset market is categorized into commercial, industrial, and agriculture. Among these, the industrial category held the largest share during the historical period (2014–2019). The key industrial applications of such machines are thermal power production, either via fossil fuels or nuclear reactors; and mining and oil & gas activities. Therefore, as much of the country’s electricity (almost 60% as per the Ministry of Power) is still produced from fossil fuels, the demand for such pumpsets is high.

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On the basis of state, Uttar Pradesh dominated the Indian single-cylinder pumpset market in 2019, and it will continue doing so over the forecast period. It is the most-populated state of India and also its most agriculturally productive, which reflects a huge demand for pumpsets. Other important states for single-cylinder pumpset manufacturers are Punjab, Haryana, Maharashtra, and Karnataka, which also make significant contributions to India’s agricultural sector, therefore will witness a rapidly rising demand for such systems over the forecast period.

Thus, with the burgeoning demand for produce, the sales of single-cylinder pumpsets will rise in India.

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This release was published on openPR.