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Global Agricultural Pumps Market is valued approximately USD 3.9 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.6 % over the forecast period 2020-2027.
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Agricultural Pumps are utilized in farming sector to transport water through pipes from sources such as dams, storage facilities, water tanks, bore wells and rivers. These pumps aid the farmers need for water and achieve higher agricultural production. Rising global population has fostered demand for higher food production driving the market growth. Further, the increasing arable land for farming and growing crop cultivation increases the demand for agricultural pumps. For Instance: in India food grain production rose from 251.54 million tons in 2015-16 to 275.11 million tons in 2016-17, while the cultivated area also increased from123.22 million hectares in 2015-16 to 129.23 million hectares in 2016-17. Increase in use of solar pumps for irrigation purposes in developed and developing countries, owing to short supply of electricity and the practice of diesel powered generators, is a major factor that is expected to fuel the global agricultural pump set market. Strategic moves made by market players would further augment the market growth. As in January 2020, Franklin Electric acquired Valley Farms Supply Inc for USD 9.0 billion. While in November 2019 WILO USA LLC’s subsidiary American- March Pumps acquired J-Line Pump Co. This acquisition strengthen the player’s footprint and also expand the product portfolio supporting the market growth. However, high maintenance costs and inadequate supply of electricity for operations impedes the growth of the market.
The regional analysis of global Agricultural Pumps market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to the growing agricultural practices in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income, rising population would create lucrative growth prospects for the Agricultural Pumps market across Asia-Pacific region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
By Power Source:
By End-Use:
By Region:
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