Press release
Emerging Growth Patterns Driving Expansion in the Agricultural Pumps Market
Agricultural Pumps
Agricultural Pumps Market Size and Growth Outlook
The agricultural pumps market is forecasted to expand substantially, reaching a valuation of $7.39 billion by 2029. This projection is based on a compound annual growth rate (CAGR) of 7.4%. Factors fueling this growth include the rising global population and the consequent surge in food demand, the impacts of climate change, the integration of renewable energy sources, and continuous advancements in research and development. Key trends shaping the market during this period involve the adoption of smart agriculture technologies, technological improvements, increased use of precision farming methods, and growing concerns over water scarcity.
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Top Companies Leading the Agricultural Pumps Market
Several prominent companies dominate the agricultural pumps industry, including Grundfos Holding A/S, Xylem Inc., KSB SE & Co KGaA, Flowserve Corporation, and Valmont Industries Inc. Alongside these, firms such as Jain Irrigation Systems Ltd., Franklin Electric Co Inc., Sulzer Ltd., WILO SE, and Zhejiang Doyin Pump Industry Group Co. Ltd. also hold significant market positions. Others like Lindsay Corporation, Cornell Pump Company, CNP (India) Private Limited, Kirloskar Brothers Limited, CRI Pumps Private Limited, The Weir Group PLC, and Mahindra EPC Irrigation Limited contribute to the competitive landscape. Additional key players include 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, and Tsurumi Manufacturing Co. Ltd.
Strategic Acquisition Enhancing Market Presence
In October 2023, the Netherlands-based Verder Group expanded its footprint by acquiring ITC, a Spanish pump manufacturer specializing in dosing pumps and control systems for agriculture and water treatment. Although the deal's financial details were not disclosed, this acquisition aims to strengthen Verder Group's position in the dosing pump segment by incorporating ITC's technology and expertise into its product range.
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Innovations and Product Developments in Agricultural Pumps
Leading companies in the agricultural pumps sector are focusing on innovative solutions such as borewell pumps to improve water access for irrigation and other uses. Borewell pumps extract water from deep underground sources, crucial for agriculture and domestic supply. For instance, in August 2023, Indian company KSB Limited launched a new series of energy-efficient pumps tailored for diverse applications. Their KSTP Sewage Pumps, designed for dewatering, come in a single-phase setup, while the KGP Control Panel supports 100-mm borewell pump sets suitable for both oil- and water-filled systems, with capacities up to 2 HP. The UMN Series Oil Filled Pumpsets handle up to 3 HP for low voltage needs, and the UPFN Borewell Pumpsets cater to high head applications with power ratings reaching 30 HP. KSB's Ultra Plus Series Monoblock Pumpsets offer three-phase options up to 20 HP for a broad range of water handling tasks. Additionally, the KMR Series (Krishi Series) includes open well pumps specifically designed to support irrigation.
Key Segments of the Global Agricultural Pumps Market
The agricultural pumps market is divided into several important segments for a detailed analysis:
1) By Tool Type: Includes drilling and fastening tools, demolition tools, routing tools, sawing and cutting tools, material removal tools, and other tool types.
2) By Mode of Operation: Covers electric, pneumatic, and other operational methods.
3) By Distribution Channel: Comprises online and offline sales channels.
4) By Application: Encompasses sectors such as construction, automotive, aerospace, energy, electronics, and other industries.
Further subcategories break down the tool types more specifically:
- Drilling and Fastening Tools include cordless drills, impact drivers, screwdrivers, hammer drills, and nailers.
- Demolition Tools consist of rotary hammers, demolition hammers, and jackhammers.
- Routing Tools cover wood routers and laminated trimmers.
- Sawing and Cutting Tools feature circular saws, jigsaws, reciprocating saws, and band saws.
- Material Removal Tools include grinders, sanders, and planers.
- Other Tool Types encompass heat guns, paint sprayers, and oscillating multi-tools.
This comprehensive segmentation offers a broad understanding of the agricultural pumps market's scope, catering to a variety of uses and operational preferences across industries worldwide.
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