The global Agricultural Pump Market was estimated at USD 4.2 billion in 2019 and is anticipated to reach an extent of USD 6.1 billion with an annual expansion of 7.7% throughout the calculated period (2020-2025).
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.
In June 2018, Annovi Reverberi Group has 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 has started supplying solar pumps to farmers in the Vidarbha region, as part of the Mukhyamantri Saur Krishi Yojana pump.
In June 2017, Kirlokar Oil Engines Ltd (KOEL) has 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.
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. Also, 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 pump. 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.
The global Agricultural Pump market can be divided based on type and downstream Industry.
Depending on the type, the global market branches into axial flow, mixed flow, centrifugal, and 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.
Based on the downstream industry, the global market for Agricultural Pumps is segmented into 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.
Impact of covid-19 on Agricultural Pump Market
No sector has escaped the impact of 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.
The global 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 in 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.
Xylem Inc. had the largest portion of the Agricultural Pump Market in terms of sales and revenue in 2020.
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.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Agricultural Pump Market, By Type
6.1.4 Market Size Estimations & Forecasts (2019-2024)
6.1.5 Y-o-Y Growth Rate Analysis
6.1.6 Market Attractiveness Index
6.2 Agricultural Pump Market, By Downstream Industry
6.2.1 Agricultural Vehicles
6.2.2 Agricultural Machinery
6.2.3 Irrigation Systems
6.2.4 Market Size Estimations & Forecasts (2019-2024)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Downstream Industry
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Type
7.3.3 By Downstream Industry
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Downstream Industry
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Type
7.5.3 By Downstream Industry
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Type
7.6.3 By Downstream Industry
8. Key Player Analysis
8.1 Shimge Pump Industry Group Co., Ltd
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Xylem Inc
8.3 Shakti Pumps Ltd
8.5 Franklin Electric
8.6 Jain Irrigation Systems
8.7 Valmont Industries
8.8 KSB SE
8.9 Kirloskar Brothers Limited
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures