January 03, 2019: Adroit Market Research published a study titled, “Global Agriculture Pumps Market Size 2017, By Type (Centrifugal, Mixed-flow, Axial-flow and others), By Downstream industry (Irrigation Systems, Agricultural Machinery, Agricultural Vehicles and others), and By Region and Forecast 2018 to 2025”. The report consists of global agriculture pumps market trends such as such as drivers, restraints and opportunities. Porter’s Five Forces analysis, PESTEL analysis, and value chain analysis are the analytical tools utilized in the published study in order to gain a better understanding of the global agriculture pumps market. The global agriculture pumps market study provides the market estimates in terms of revenue (USD million) and volume (Thousand units), for a total period of 2015 to 2025. The historic market figures have been provided from 2015 to 2017 and forecast figures from 2018 to 2025. The global agriculture pumps market 2018 gives a holistic view encompassing production, consumption, import and export for key regions and countries.
The global agriculture pumps market is expected to reach USD 3.13 billion in 2025 and register a CAGR of 5.7% during the period of 2018 to 2025. Growth in agricultural sector due to growing food demand has propelled the growth of global agriculture pumps market. Also, the rising demand of smart and solar pumps in developed markets drive the overall agriculture pumps market.
With the advent of smart farming, the traditional farming techniques are been replaced due to high labor costs and increasing food demand. Smart pumps require low maintenance and can be operated in remote terrain locations without any difficulty. Other advantages of smart pumps are effective utilization of resources and handling the voltage fluctuation in power supply. Therefore, the rising demand of these smart pumps will fuel the growth of global agriculture pumps market during the forecast period.
Based on the type of pump, the global agriculture pumps market is segmented into centrifugal, mixed-flow, axial-flow and other segment. Centrifugal type of pumps dominated the market, followed by axial-flow and mixed-flow type in 2017. However, the market for mixed-flow type pumps is expected to grow with the highest CAGR during the forecast period, owing to its numerous advantages. On the basis of downstream industry, the global agriculture pumps market is bifurcated into irrigation, agricultural machinery, agricultural vehicles and others. In 2017, irrigation segment had the highest market share followed by agricultural machinery and vehicles.
Geographically, the agriculture pumps market is segmented into four regions- North America, Europe, Asia-Pacific and rest of the world. Within these regions, Asia-Pacific region had the highest revenue as well as volume market share in 2017. Also, the market in this region is expected to grow with the highest CAGR during the forecast period. China and India contributed majorly in the Asia-Pacific owing to the rise in economic development and overall growth in agricultural sector.
Some of the key players in the global agriculture pumps market are 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. These major players have always looked forward to implement eminent strategies through partnerships, agreements, collaborations and business expansions. Also, the agriculture pumps market is highly fragmented comprising of both global and regional players present across the key regions of North America, Europe, Asia-Pacific and rest of the world. The products supplied by major producers have higher brand value and thus, could be considered as barrier for new entrants in the smart polymers market.
Key segments of the global agriculture pumps market
Type Overview, 2015-2025 (USD million) (thousand units)
Downstream Industry Overview, 2015-2025 (USD million) (thousand units)
- Agricultural machinery
- Agricultural vehicles
Regional Overview, 2015-2025 (USD million) (thousand units)
- North America
- Asia Pacific
Rest of the world