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Agricultural Pump Market Segmented: By service type (centrifugal pumps and displacement pumps); By applications (irrigation, agricultural vehicles, agricultural machinery and others) and Region -Analysis of Market Size, Share and Trends for 2014 - 2019 and Forecasts to 2030
[ 170 + Pages Research Report ] Agricultural Pump Market to reach USD 8.11 billion by 2030 from USD 3.96 billion in 2020 at a CAGR of 6.8% in the coming years, i.e., 2021-30.
A pump is a device that moves water or fluids by a mechanical operation. An agricultural pump is a pump designed for agricultural use; it transports water through pipes from sources such as bore-wells, dams, rivers, and storage facilities for various uses such as irrigation, drainage, flood control, water circulation, and water waste treatment, and water supply. They are used to maintain greater agricultural productivity and meet farmers’ needs.
The global Agricultural Pump market grew at USD 3.96 billion in 2020 and is projected to grow at a CAGR of 6.8% during the forecasted period due to the increasing adoption of modern irrigation techniques that have been replacing the traditional farming techniques due to the growing food demand and labor costs in developing countries. The government support in the adoption of the same is also expected to help the market is growing significantly.
source: Fatpos Global
Based on type, it can be divided into centrifugal pumps and displacement pumps. The centrifugal pumps dominate the market and had the highest market revenue in the year 2017. The use of renewable energy centrifugal pumps can decrease the operation cost of pumps to zero boosting the market growth.
On the application basis, it can be further divided into irrigation, agricultural vehicles, agricultural machinery, and others. Irrigation had the highest revenue and is expected to grow the highest in the forecasted period due to its high usage of basic farming techniques.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Increasing population and rising income to increase the market growth
The increasing population and rising income of farmers globally are expected to drive the growth of this market as farmers are shifting from traditional to modern agricultural techniques such as the usage of smart pumps. Smart pumps are controlled with special pump controllers that help in the optimal utilization of resources. Another factor is the growing demand for energy-efficient solar pumps that utilize photovoltaic cells in the generation of electricity. The low maintenance cost of solar pumps and automatic stop and smart functions are the reasons for their growing demand.
High maintenance costs act as a restraint in the agricultural pump market
Agricultural pumps require a high maintenance cost and that is the major restraint in the agricultural pump market. Operations in fragmented landholdings also hinder the growth process of this market.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
North America is estimated to hold a significant share of this market due to the prominent, well-established key players in the region and developments in agriculture over the years. The variable speed technology of the agriculture pump sets in North America offers more energy-efficient features to carry out irrigation. The APAC region is also forecasted to show significant growth in the sector in the forecasted period due to the growing demand for agricultural pump sets in developing economies such as India, China, and Japan.
Source: Fatpos Global
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Agricultural Pump Market segments:-
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