Press release
The Thailand Water Pump Market to be backed by reduced time-to-market at a CAGR of 6%
Growing demand for water pumps is a result of massive industrialization and urbanization in cities in Thailand. Wastewater, encompassing industrial and municipal segments together, accounted for a third of the global pump market in 2018, and is expected to lead the way over the forecast period as well. Thailand's water pump market is likely to equate the revenues worth ~US$ 23 Mn in 2019, according to the PMR study.
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Application Rising in Agro-industrial and Food Production
Thailand water pump market is expected to register a significant CAGR over the forecast period. The key dynamics that continue to influence the demand include less manufacturing expenses of water pumps, growth of water supply network in the region, industrialization and urbanization, increasing suitable agriculture land, and growing land under cereal production. As Thailand is an agriculture-focused country, growth in the agricultural sector is leading to mounting trend of micro-irrigation in compact farms, which is estimated to increase deployment of centrifugal water pumps.
The rising demand for effective social and industrial infrastructure in Thailand, including that for energy and water, and retrofitting & replacement of aging infrastructural components in developed regions is driving the growth of water pump market in Thailand. As of 2018, Thailand is among the world's top ten countries in terms of consumption of water for agro-industrial and food production purposes. This is providing significant impetus to the growth of the Thailand water pump market.
The sales of water pumps, especially those below 30 HP centrifugal and used for domestic applications, is particularly expected to be on a constant high trajectory, according to report findings. Growing demand for efficient water supply infrastructure, especially for agriculture and domestic application, is expected to increase sales of centrifugal water pumps in the country.
Key Players Continue to Prefer Strategic M&A
As indicated by PMR's study, leading players in the Thailand water pump market are offering a broad range of products with advanced characteristic properties and low lifecycle costs. The Thailand water pump market is moving towards consolidation with various mergers & acquisitions taking place globally. Acquisitions of PIMS Group by Xylem Inc., Finder Pompe S.r.l. by Dover Corporation, and Alaska Pump and Supply, Inc. by DXP Enterprises are among the foremost acquisitions that were witnessed in 2013 in the global Thailand water pump market. In the first half of 2014, the largest pump manufacturer in GCC, Saudi Pump Factory signed a contract to sell 75% of its stake to Sulzer Ltd. This reflects growing market consolidation as well as strong future growth opportunities for global and regional players.
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PMR's business analysis also offers comprehensive insights of the competitive scenario of the Thailand water pump market and differential strategies of key market players. Some of the prominent players in the market are Grundfos, Sulzer Ltd., KSB AG, Kirloskar Brothers Limited, Flowserve Corporation, Ebara Corporation, Shanghai Kaiquan Pump Group Co Ltd., Nanfang Pump Industry Co. Ltd., Hung Pump Group, and Venz Industrial Co., Ltd. among others.
In addition, several significant players in the Thailand water pump market are adopting various strategies related to consumer demand, such as new product launches and significant development in research & development to enhance their product portfolio and upgrade their products in technological aspects. Furthermore, government utilities in developing and developed economies are focusing on adopting the public private partnership (PPP) model for wastewater management.
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