The global agricultural pump market size was valued at over USD 4.14 billion in 2019 and projected to reach USD 7.02 billion by 2027, growing over a rate of over 6.56% CAGR during the forecast period, 2020-2027. The key factors are the rise in government support toward the adoption of modern agricultural equipment. Additionally, the surge in demand for hydraulic centrifugal agricultural pumps across the globe, subsidy programs by government, and growing adoption of innovative agricultural equipment to save time and human efforts will augment the growth of the agricultural pump market. The upsurge in farmers' income in developing countries drives the demand for the high quality of agricultural pumps and is likely to boost the growth of the agricultural pump market. With the vigorous development of the global economy, pump products have been rapidly popularized. At the same time, the pump R&D, production, and manufacturing industries have also developed quickly. Further, the increasing usages of big data in the agricultural sector for the intelligent pump system across the globe will trigger the robust growth of the global agricultural pump market share.
Moreover, the increasing demand for mixed agricultural pumps and axial agricultural pumps across different end-use applications and agricultural sectors will positively impact the agricultural pump market. The most essential and indispensable agricultural machinery, agricultural water pumps, developing countries in Africa, South America, Southeast Asia, and other places are in the stage of universal application and vigorous promotion. There is significant room for future market growth. The developing countries' agricultural water pump manufacturing technology is relatively mature, products are cost-effective, and export prospects are extensive.
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Type Market Overview in the Global Agricultural Pump Market
Based on the type, the global agricultural pump market classified into rotodynamic pumps (centrifugal, mixed flow, axial flow) and positive displacement pumps (rotary and reciprocating pumps). The rotodynamic pumps segment estimated to dominate the agricultural pump market by 2027. The centrifugal works by rotating the impeller to cause centrifugal movement of water and the high-speed rotation of the impeller generates it throws water out to achieve the purpose of lifting water.
Power Source Overview in the Global Agricultural Pump Market
Based on the power source, the global agricultural pump market segregated into electricity-grid connection, diesel/petrol, and solar. The solar segment will be the fastest-growing segment in the forecast period. It is attributable to the solar pumps that utilize photovoltaic cells to generate electricity, and it is used in the agricultural sector for irrigation purposes. Additionally, the solar pumps are equipped with automatic start and stop function, which protects them from running dry and has low maintenance costs.
Horsepower Overview in the Global Agricultural Pump Market
Based on the horsepower, the global agricultural pump market segmented into 0.5 -3, 4-15, 16-30, 31-40, and > 40. The 4-15 segment accounted for a larger market share in 2019. It is projected to lead the market by 2027, due to its design to withstand wide voltage fluctuations, extensive usage in the continuous supply of water in farming, and minimum possible diameters for easier setting into the borewell.
End-Use Overview in the Global Agricultural Pump Market
Based on the end-use, the global agricultural pump market bifurcates into irrigation and livestock watering. The irrigation segment will capture the highest CAGR in the forecast period. It is attributable to agricultural pump used in the agriculture industry to draw or transport water through pipes from various sources such as bore wells, rivers, dams, water tanks, and storage facilities, and provide the need of farmers and maintain higher agricultural production.
Regional Overview in the Global Agricultural Pump Market
By geography, the global agricultural pump market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific accounted for the maximum revenue share in 2019. Due to the growing land being brought under irrigation, government support provides subsidies for solar and electric pumps and rapidly swelling use of agricultural pumps in applications like mixing or blending, nurse tanks, and bulk transfer.
Global Agricultural Pump Market: Competitive Landscape
Companies such as Xylem Inc., Grundfos, Shakti Pumps Ltd, Valmont Industries, Jain Irrigation Systems, Lindsay Corporation, Shimge Pump Industry Group, Franklin Electric, Zhejiang Doyin Pump industry Co. Ltd, Mahindra EPC Ltd, Leo Group Pumps, CNP Pumps India Pvt Ltd, Flowserve, KSB SE, WILO, Mono Pumps, Texmo Pumps, National Pump Company, Weir Pumps, and Pentair Pumps are the key players in the global agricultural pump market.