Global Agricultural Pumps Market is expected to reach ~USD 7 Bn by 2028F: Ken Research
The report covers Agricultural Pumps Sector, Agricultural Pumps and Component Manufacturers, Agricultural Water Pumps Market.
Global Agricultural Pumps Market By Geography
The Global Agricultural Pumps market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.
Asia Pacific accounted for the largest segment of the market in 2022, owing to the vast presence of irrigated cropland area in countries like China and India.
According to a report published by the Food and Agriculture Organization of the United Nations in 2020, three of the five top countries in the world with the largest irrigated cropland area fall within the Asia Pacific region, including China, India, and Pakistan. While China and India consist of around 68 million hectares each, Pakistan holds an area of 20 million hectares.
However, when it comes to the largest agricultural land extant, China tops the chart with 500 million hectares (Mha), followed by the United States, Australia (about 400 Mha each), and Brazil (278 Mha). Resultantly, North America and LAMEA are also considered to be significant markets for agricultural pumps.
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Competition Scenario In Global Agricultural Pumps Market
The Global Agricultural Pumps market has ~500 players, including globally diversified players, regional players, and country-niche players having expertise in addressing specific needs prevalent in the land, irrigation, and livestock requirements of a specific region.
Large global players constitute ~5% of the market in terms of the number of competitors, while regional players hold the largest share. Some of the major players in the market include Xylem Inc., Grundfos, Franklin Electric, Flowserve, WILO, Falcon Pumps Pvt. Ltd., Walrus Pumps Co. Ltd., Kirloskar Group, Haicheng Suprasuny Pump, Lindsay Corporation.
What Is The Expected Future Outlook For The Overall Global Agricultural Pumps Market Across The Globe?
The Global Agricultural Pumps market was valued at USD ~billion in 2022 and is anticipated to reach USD ~7 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Agricultural Pumps market is driven by the consistent rise in global population, increased pressure for food on agricultural production/supply system, growing adoption rate of modern and efficient farming techniques and governments across the world proactively supporting the modernization. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
With the increasing collaboration and emergence of new products, the Global Agricultural Pumps market is changing rapidly. For instance, In October 2022, Grundfos, a leading player in the global agricultural pumps market, launched a set of satellite-connected, solar-powered water pumps for livestock farming in association with Myriota, a key player in offering secure, low-power satellite connectivity for the Internet of Things (IoT).
In March 2022, India-based Kirloskar Group, exhibited a range of energy-efficient irrigation pumps at India's largest agricultural fair in Pune. Made for irrigation purposes, these advanced-technology pumps from Kirloskar would consume less energy for high performance and are expected to save farmers' electricity bills by up to 20%.
The Global Agricultural Pumps market is expected to grow steadily at a moderate pace during the forecast period. Multiple factors will drive growth in this segment, including the growing demand for food supply for a consistently surging world population, and the need for cost-efficient smart farming techniques that will save energy and reduce operational costs. The Asia-Pacific region, owing to its vast area of irrigated croplands and the proportionate pressure from a burgeoning population, contributes the most to the demand. Though the market is highly competitive with ~500 players, regional players control the dominant market share and global players also hold a significant market share.
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Key Topics Covered in the Report
Snapshot of the Global Agricultural Pumps Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Agricultural Pumps Market
Historic Growth of the Overall Global Agricultural Pumps Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Agricultural Pumps Industry
Overview, Product Offerings, and Strength & Weakness of Key Competitors
COVID-19 Impact on the Overall Global Agricultural Pumps Market
Future Market Forecast and Growth Rates of the Total Global Agricultural Pumps Market and by Segments
Market Size of Application Segments with Historical CAGR and Future Forecasts
Analysis of the Global Agricultural Pumps Market
Major Production/Supply and Consumption/Demand Hubs within Each Region
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Region
Notable Major Companies Mentioned in the Report
Falcon Pumps Pvt. Ltd.
Walrus Pump Co. Ltd.
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Notable Emerging Companies Mentioned in the Report
Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report
Agricultural Pumps and Component Manufacturers
Agricultural Supply Marketplaces
Government Agricultural Departments
Agri-tech Industry Investors/ VC Funds
Agricultural Pump Raw Material Suppliers
Farmer Support Groups/ Non-Governmental Organization (NGO)
Large Agricultural Farms/ Food Production Companies
Time Period Captured in the Report
Historical Period: 2017-2021
Forecast Period: 2022E-2028F
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