The report "Agricultural Pump Market by Type (Rotodynamic Pumps, Positive Displacement Pumps), Power Source (Electricity-grid Connection, Diesel/Petrol, Solar), HP, End-Use (Irrigation, Livestock Watering), and Region – Global Forecast to 2025", size is estimated to be valued at USD 4.2 billion in 2020. It is projected to reach a value of USD 6.1 billion by 2025, growing at a CAGR of 7.6% during the forecast period. Factors such as increasing land being brought under irrigation, rising adoption of modern agricultural practices in developing countries, government support in the adoption of new agricultural equipment and technology, increased rate of mechanization, and the advent of big data in agricultural farms are some of the factors that are driving the growth of the market. However, the operation of pumps in fragmented landholdings and high maintenance costs are some of the factors hindering the growth of this market.

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The market for agricultural pumps in the range of 4-15 hp is projected to account for the largest share during the forecast period

Based on hp, the market has been classified into 0.5 -3, 4-15, 16-30, 31-40, and > 40. The demand for pumps in the range of 4-15 hp is the highest due to their growing adoption in small and medium-sized landholdings. They are used to withdraw water from sources, such as reservoirs and lakes.

The availability of subsidy for solar pumps driving the growth of the market

Solar pumps are being provided at subsidized rates to the farmers across countries in China, India, and the Middle East. Due to this, the market for solar pumps would be growing at the fastest rate during the forecast period.

The rising demand from the irrigation sector to drive the agriculture pumps market

By end-use, the market is segmented into irrigation and livestock watering. The agricultural sector makes use of pumps, majorly for application in irrigation. With the growing area being brought under irrigation, the market for pumps for use in irrigation is growing. With the meat consumption growth across the regions, the need for agriculture pumps in the livestock watering sector is also growing.

Asia Pacific is projected to hold the largest market share during the forecast period

Asia Pacific is the largest share of the global agricultural pumps market due to the presence of some of the major agricultural crop producers, such as China, India, and South Korea, which have large population sizes that demand various varieties of crop products to meet their consumption requirements. This has led to an increase in the land being brought under cultivation, which leads to the growing demand for agricultural pumps.

This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the agricultural pumps market. It consists of the profiles of the leading companies such as Xylem Inc. (US), Grundfos (Denmark), Kirloskar Brothers Limited (India), KSB SE (Germany), Valmont Industries (US), Jain Irrigation Systems (India), Franklin Electric (US), WILO (Germany), Shakti Pumps Ltd (India), and Shimge Pump Industry Group Co., Ltd (China).

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Recent Developments:

1. In January 2020, Franklin Electric acquired Valley Farms Supply, Inc. (Lansing, Michigan) for USD 9.0 million. Valley Farms is a professional groundwater distributor operating three locations in the State of Michigan and one in the State of Indiana. Valley Farms has approximately USD 28.0 million of consolidated annual sales.
2. In November 2019, WILO USA LLC, a subsidiary of WILO SE, through its newly-established subsidiary, American-Marsh Pumps LLC, acquired the assets of US manufacturer J-Line Pump Co. d/b/a American-Marsh Pumps. The acquisition of American-Marsh Pumps strengthens its footprint in the US and expands the product portfolio for its customers in the Water Management, Industry, and Building Services segments.