Agricultural Pump Market

Global Agricultural Pump Market Size (2024 to 2029)

The global agricultural pump market is expected to be valued at USD 5.23 billion in 2024 and reach USD 7.58 billion by 2029, growing at a CAGR of 7.7% from 2024 to 2029. 

Agricultural pumps are known as mechanical devices that are used to transport materials from one place to another, creating an adequate pressure height. They are used to meet the needs of farmers and maintain increased agricultural production. They are also widely used for irrigation of agricultural crops that require water in large quantities.

Global Agricultural Pump Market Drivers and Restraints:

With the world's population increasing, the growing demand for food is a matter of concern. This growing population will bring the need to replace traditional farming techniques with smart farming. The growing adoption of smart pumps will be one of the main factors that will drive the growth of the global agricultural pump market in the coming years. Smart pumps are controlled with the help of pump controllers, and their adoption contributes to the optimal use of resources. Adopting these pumps can also help overcome challenges such as fluctuating power supply and difficulty accessing pumps installed on uneven terrain. These advantages will drive the preference for smart pumps, which will later drive the growth of the global agricultural pump market. The increasing adoption of solar pumps is one of the main trends that will gain traction in the agricultural pump market in the coming years.

Solar pumps use photovoltaic cells to generate electricity and find applications in the agricultural sector for irrigation purposes. Most solar pumps are equipped with an automatic start-stop function, which protects them from dry running. In addition, solar pumps also have a low maintenance cost. With several countries around the world facing challenges related to inadequate energy supply, these benefits will increase the preference for solar pumps among farmers, increasing the growth prospects of this market for agricultural pumps. The lower availability of spare parts, the higher number of capital costs, and the lack of after-sales services are some of the main factors, among others, that will act as restrictions and will further challenge the growth of the global Agricultural Pump Market during the forecast period.

Impact of covid-19 on Agricultural Pump Market:

No sector has escaped the impact of the Covid-19 pandemic. Its impact on agriculture is complex and varied in various segments that make up the agricultural value chain. Even among different segments, its effect differs significantly. This impact will reverberate throughout the economy and will last more than a few months. The problems in agriculture today are mainly related to the availability of labor and the inability to access product markets due to transportation problems, as well as market functioning. Lack of labor availability has hampered operations in many areas. The parts of agriculture that have the luxury of implementing harvesting technology, such as rice and wheat, are relatively more isolated because they often do not have to rely on large numbers of labor.

Agricultural producers are particularly affected, with yields of products that vary from a third of the usual or total loss. In several areas, interstate commerce in cash crops or proximity to urban areas provides better market access and prices. This is often due to individual farmer initiatives and not to direct state support. This is usually the case for crops such as onion, cotton, mango, inner peach, flowers, and vegetables. Lack of access mean and increased labor costs that farmers face big losses and therefore permit crops to rot in the fields.

REPORT COVERAGE:

This research report on the global agriculture pump market is segmented and sub-segmented into the following categories.

Global Agricultural Pump Market – By Type:

• Axial Flow
• Mixed Flow
• Centrifugal
• Other Segments

Among these, centrifugal pumps are the most popular pumps and recorded the largest share of revenue and volume in 2017. However, the mixed flow segment will experience the highest CAGR during the outlook period due to lot of advantages. Therefore, this growth of mixed-flow pumps will positively influence the growth of the global market for agricultural pumps.

Global Agricultural Pump Market – By Downstream:

• Farm Vehicles
• Farm Machinery
• Irrigation
• And More

In these subsequent applications, irrigation recorded the highest revenues and volume share in 2017. In addition, this segment is expected to grow with the highest growth rate during the predicted period due to the paramount importance of the pumps for basic agricultural techniques. Therefore, these trends are expected to drive the global market for agricultural pumps in the future.

Global Agricultural Pump Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The agricultural pump market has been studied in regions of Europe, North America, Asia-Pacific, and the rest of the world. The North American agricultural pump was further segmented into the United States, Canada, and Mexico. The European Agricultural Pump market has been ranked in the United Kingdom, Germany, France, Italy, Spain, and the rest of Europe. The Agricultural Pump market in the rest of the world has been segmented into South America, the Middle East, and Africa.

Among all the regions, the Asia-Pacific had the largest share of revenue and volume in 2017, followed by Europe. In addition, the Asia-Pacific agricultural pump market is expected to grow at the highest CAGR during the forecast period due to large agricultural production and the increasing scale of economies. China was the largest market to dominate the Asia-Pacific area, with almost 45% revenue share. With increasing economic development, especially in the developing economies of India and China, the agricultural pump market is expected to experience significant growth during the outlook period.

KEY MARKET PLAYERS:

The agricultural pump market is concentrated with key players like Shimge Pump Industry Group Co., Ltd, Xylem Inc., Shakti Pumps Ltd, WILO, Franklin Electric, Jain Irrigation Systems, Valmont Industries, KSB SE, Kirloskar Brothers Limited, and Grundfos.                              

RECENT DEVELOPMENTS IN THE MARKET:

• In June 2018, Annovi Reverberi Group announced the acquisition of a 95% stake in Ace Pump Corp. The Annovi Reverberi Group is also the Italian manufacturer of diaphragm pumps for agricultural applications, pressure washers, and piston pumps for industrial applications.
• In June 2019, The Maharashtra State Electricity Distribution Company started supplying solar pumps to farmers in the Vidarbha region as part of the Mukhyamantri Saur Krishi Yojana pump.
• In June 2017, Kirloskar Oil Engines Ltd (KOEL) ventured into pump manufacturing by acquiring a controlling stake in La-Gajjar Machineries (LGM). KOEL announced that it has signed a definitive agreement to acquire a 76% stake in Ahmedabad-based La-Gajjar Machineries (LGM) at a valuation of 7.89 times EBITDA for the year ending March 2018.