The global agriculture pumps market size was valued at USD 1.99 billion in 2017 and is anticipated to grow in the forecast period. With the ever-increasing population across the world, the demand for food will rise significantly in coming years. Due to this, the demand for agriculture pumps which are used for irrigation and other agricultural activities, will increase and eventually, drive the global agriculture pumps market.
At a compound annual growth rate of 9.5%, the size of the worldwide Agriculture Pumps market is projected to reach $2,873.9 Million in 2030.
In many developed economies, traditional farming techniques are been replaced by the smart farming due to growing food demand and growing labor costs. Hence, there has been a rise in demand of smart pumps which is the primary factor to drive the global agriculture pumps market. Smart pumps can be controlled with pump controllers and are helpful in optimum utilization of resources. Other advantages of smart pumps include overcoming challenges such as fluctuating power supply and difficulty in accessing pumps in remote terrain locations.
Growing adoption of solar pumps is one the key trend that will gain traction in the overall agriculture pumps market during next few years. They utilize photovoltaic cells to generate power and are used in various applications in agriculture. Most of them have an automatic power supply switch which prevents them from running dry. With many countries still facing the problem of electricity shortage, the benefits of solar pumps will augment the growth of global agriculture pumps market in the forecast period.
On the basis of type, the global agriculture pumps market is bifurcated into centrifugal, mixed-flow, axial-flow and other market segment. Among these, centrifugal pumps are the most popular pumps and had a highest market revenue as well as volume share in 2017. However, the market for mixed-flow type of pumps are anticipated to grow with the highest CAGR in the forecast period owing to their numerous advantages. Hence, this growth of mixed-flow pumps will have a positive influence on the growth of global agriculture pumps market.
Based on the downstream industry, the global agriculture pumps market is segmented into irrigation, agricultural machinery, agricultural vehicles and others. Within these downstream applications, irrigation had the highest revenue as well as volume market share in 2017. Also, this segment is expected to grow with the highest growth rate in the forecast period owing to the prime importance of pumps for basic farming techniques. Thus, these trends are expected to drive the overall agriculture pumps market in the future.
Geographically, the global agriculture pumps market is segmented into four regions- North America, Europe, Asia-Pacific and rest of the world. Among these regions, the Asia-Pacific region had the highest revenue as well as volume share in 2017 followed by Europe. Also, the Asia-Pacific agriculture pump market is expected to grow at the highest CAGR in the forecast period owing to the large agriculture production and growing scale of economies. China was the single-largest market to dominate the Asia-Pacific region holding almost 45% revenue share. With the rise in economic development, particularly in developing economies of India and China, the agriculture pumps market is expected to witness significant growth during the forecast period.
The competitive landscape of global agriculture pumps market consist of global as well as some regional players including General Electric Company, Grundfos, Weir Group PLC, Kirloskar Brothers Limited, LSM Pumps, Shanghai Kai Quan Pump (Group) Co. Ltd., Pentair, Watson-Marlow, Inc., Torishima Pump Mfg. Co. Ltd., Weatherford International Inc, Franklin Electric, Saudi Pump Factory and others.
Agriculture Pumps Market Scope
|Revenue forecast in 2030
|$ 2,873.9 Million
|CAGR of 9.5% during 2020-2030
|by Solar water pumps, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Grundfos (Denmark), Xylem Inc (US), KSB SE & Co. (Germany), Flowserve Corporation (US), Lindsay Corporation (US), Valmont Industries (US), and Jain Irrigation Systems (India) Kirloskar Brothers Limited (India), Shimge Pump Industry Group Co., Ltd (China).
Key segments of the global agriculture pumps market
Type Overview (USD million)
Downstream industry Overview,(USD million)
- Agricultural machinery
- Agricultural vehicles
Regional Overview, (USD million)
- North America
- Asia Pacific
- Rest of the world