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Agricultural Pumps Market Size, Share And Industry Outlook 2033
Agricultural Pumps Market Size
Agricultural Pumps Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $6.98 billion In 2028 At A CAGR Of 6.5% :
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 in the historic period can be attributed to farm mechanization trends, government policies and subsidies, water scarcity concerns, economic conditions, 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 growth in the forecast period can be attributed to population growth and food demand, climate change impact, renewable energy integration, research and development. Major trends in the forecast period include smart agriculture technologies, technological advancements, increased adoption of precision agriculture, rising water scarcity concerns.
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Agricultural Pumps Market Major Segments
The agricultural pumps market covered in this report is segmented -
1) By Type: Rotodynamic Pumps, Positive Displacement Pumps
2) By Power Source: Electricity-Grid Connection, Diesel Or Petrol, Solar
3) By HP: 0.5-3, 4-15, 16-30, 31-40, >40
4) By End-Use: Irrigation, Livestock Watering
Key Driver - Rise In Agriculture Sector To Drive Market Growth
The rapidly growing agriculture sector is expected to propel the growth of the agricultural pump market going forward. The agriculture sector is a sector of the economy that produces crops and livestock in addition to agricultural engineering, equipment, fertilizer, and other farming-related items. An agriculture pump provides the right amount of water to each part of the field to speed up cultivation. For instance, in June 2022, according to the report published by the Organization for Economic Co-operation, and Development a France-based intergovernmental organization, agricultural productivity would need to increase by 28% in the next decade to achieve the zero-hunger target. Further, global crop production is estimated to increase by 87% by 2030. Therefore, the rapidly growing agriculture sector is driving the agricultural pump market.
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Prominent Trend - Product Innovations Transforming The Agricultural Pumps Market
Product innovations are the key trends gaining popularity in the agricultural pumps market going forward. Major companies operating in the agricultural pump market are developing innovative technologies to strengthen their position in the market. For instance, in September 2021, Kirloskar Brothers Ltd., an India-based pump manufacturing company, launched the NEO Series 4-inch Borewell Submersible Pumps. These new Borewell Submersible Pumps come in a variety of designs. They have been created to successfully meet the needs of the home, community, and rural water supply markets, including the agricultural, building, and construction industries.
Agricultural Pumps Market Players
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.
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Largest And Fastest Growing Region In The Market
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Agricultural Pumps Market Report Structure
3. Agricultural Pumps Market Trends And Strategies
4. Agricultural Pumps Market - Macro Economic Scenario
5. Agricultural Pumps Market Size And Growth
…..
27. Agricultural Pumps Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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