Global Agricultural Pumps Market expected to record a CAGR of ~6% during the forecast period (2017-2028): Ken Research

What Is The Size Of Global Agricultural Pumps Industry?

Global Agricultural Pumps market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 7 Bn by 2028.

The Agricultural Pumps Market is largely driven by the consistent rise in global population, increased pressure for food on agricultural production/supply system, growing adoption rate of modern and efficient farming techniques and governments across the world proactively supporting the modernization.

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Global population is growing at a consistent pace. Proportionately, the demand for food is also expected to increase, resulting in the need for more and more cultivable lands to be brought under an efficient irrigation system. It requires powerful and efficient pumps that could draw water from underground sources as well as surface-level reservoirs.

Agricultural pumps also help make the farming process more efficient and cost-effective. For instance, solar energy-powered pumps can reduce disruptions in the water supply at places where the supply of electricity is insufficient and irregular. Centrifugal pumps, a sub-category of the rotodynamic variety, are capable of transferring low-viscosity fluids at a high flow rate. A rotodynamic pump is also designed in a way that makes it ideal for handling large volumes of water without requiring a high maintenance cost. The design of these pumps is simple and they are suited for operations that are run continuously. Positive displacement pumps, on the other hand, help deal with high-viscosity fluids, such as groundwater. They remain steadily efficient even in situations where the supply of water is irregular in its pressure, flow, and viscosity.

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Global Agricultural Pumps Market By Product Type

The Global Agricultural Pumps market is segmented by Product type into Rotodynamic Pumps and Positive Displacement Pumps.

Rotodynamic pumps accounted for the largest share of the market in 2022. Among its sub-categories, namely Centrifugal Pumps, Axial Flow Pumps, and Mixed Flow Pumps, Centrifugal pumps emerged as the largest segment. The positive displacement pumps are expected to witness the fastest CAGR during the forecast period of 2022-2028.

The Centrifugal Pumps witnessed the maximum demand owing to its capability of offering high levels of efficiency across a range of operating conditions. These pumps are also easy to install and can be deployed at lower costs. Mixed flow pumps, another subcategory of rotodynamic pumps, offer a high flow rate, while axial flow pumps are known for their higher mass-flow rates.

Global Agricultural Pumps Market By Power Source

The Global Agricultural Pumps market is segmented by Power source into Electricity Grid-Connection, Diesel/Petrol and Solar.

Pumps powered by electricity grid connections accounted for the largest share of the market in 2022. However, solar energy-powered pumps are expected to witness the fastest growth during the forecasted period of 2022-2028.

In vast areas of North America, Europe, and the Asia Pacific, electricity grid-connected agricultural pumps are preferred as they are relatively cheaper than diesel/petrol-powered pumps. Many provincial and national governments in the Asia Pacific region offer subsidies on the price of electricity as well.

Solar power-backed pumps that leverage the technology of photovoltaic cells are considered sustainable solutions that are immune from fluctuations in prices as is evident in the cases of electricity or fossil fuel.

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Global Agricultural Pumps Market By Power Rating

The Global Agricultural Pumps market is segmented by Power rating into 0.5-3 hp, 4-15 hp, 16-30 hp, 31-40 hp and >40 hp.

The 4-15 hp segment accounted for the largest segment of the market in 2022, and is expected to continue on its growth trajectory at a substantial pace during the forecast period of 2022-2028.

The largest market share of the 4-15 hp segment is driven by these pumps' capability to resist voltage fluctuations. Small and medium-sized landowners deploy these pumps as solutions to extract water from lakes and reservoirs.

Fragmentation of cultivable land is a reality across the world. According to the data published by the Food and Agriculture Organization of the United Nations in 2021, five of every six farms in the world are built on less than two hectares of land.

Global Agricultural Pumps Market By Application

The Global Agricultural Pumps market is segmented by Application into Irrigational and Livestock Watering.

In terms of application, agricultural pumps meant for irrigation occupied the largest share of the market in 2022.

The depletion of groundwater, diminishing levels of surface water reserves, and major droughts across large regions like Chile or the United States have made irrigation pumps a dire necessity for most farmers worldwide. Efficient irrigation also ensures high levels of productivity and profitability in the agricultural sector.

According to the Census of Agriculture conducted in the United States in 2017, farms with irrigation held more than 54% of the total value of U.S. crop sales, whereas irrigated land accounted for less than 20% of the country's total harvested cropland.

Key Topics Covered in the Report

Snapshot of the Global Agricultural Pumps Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Agricultural Pumps Market
Historic Growth of the Overall Global Agricultural Pumps Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Agricultural Pumps Industry
Overview, Product Offerings, and Strength & Weakness of Key Competitors
COVID-19 Impact on the Overall Global Agricultural Pumps Market
Future Market Forecast and Growth Rates of the Total Global Agricultural Pumps Market and by Segments
Market Size of Application Segments with Historical CAGR and Future Forecasts
Analysis of the Global Agricultural Pumps Market
Major Production/Supply and Consumption/Demand Hubs within Each Region
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Region

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Notable Major Companies Mentioned in the Report

Xylem Inc.
Grundfos
Franklin Electric
Flowserve
WILO
Falcon Pumps Pvt. Ltd.
Walrus Pump Co. Ltd.
Kirloskar Group
Haicheng Suprasuny
Lindsay Corporation

Notable Emerging Companies Mentioned in the Report

Futurepump Ltd.
aQysta
Ecozen Solutions
Khethworks
Intech Harness

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Agricultural Pumps and Component Manufacturers
Agricultural Supply Marketplaces
Government Agricultural Departments
Agri-tech Startups
Agri-tech Industry Investors/ VC Funds
Agricultural Pump Raw Material Suppliers
Farmer Support Groups/ Non-Governmental Organization (NGO)
Large Agricultural Farms/ Food Production Companies

Time Period Captured in the Report

Historical Period: 2017-2021
Forecast Period: 2022E-2028F

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https://www.kenresearch.com/business-research/global-agricultural-pumps-market-outlook-2028/

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.