New York, USA, June 21, 2021 (GLOBE NEWSWIRE) -- A recent report by Research Dive states that the global agricultural pumps market is predicted to gain significant revenue in the forecast period.
Market Analysis
The rising population all over the world has pushed the demand for agricultural produce. To add further the process of urbanization has added to use of technologically advanced equipment in the farms. This includes the use of smart pumps and agricultural pumps that has ensured the rapid growth of the market.
In many instances, famers aren’t aware about the way a certain piece of equipment functions. This gap of understanding could be a source of restraint for the global agricultural pumps market.
On the other hand, there has been an increase in the use of clean energy in the form of solar energy to power the water pumps in farmlands. Many of them use IoT and are also GSM based solar pump, which are expected to add to the growth of the market.
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Segmental Analysis
Centrifugal Pumps Sub-segment to Hold the Highest Market
By type, the centrifugal pumps sub-segment is expected to gain the highest market share. The use of centrifugal pumps has contributed to the rapid growth of the market due to the pump being light weight. The process of installation is also easier compared to other and is also available in several size variants. The centrifugal pump can also be used to cool the machine using oil and gas, and also pump fluids. This is expected to boost the growth of the market.
Irrigation Sub-segment to Dominate the Market
By application, the irrigation sub-segment is predicted to dominate the market. Irrigation plays an extremely important role in ensuring that the crops get the right amount of water supplied to them regularly. As per the Food and Agriculture Organization of the United Nations, farmlands need to be supplied with freshwater regularly and it has led to a 70% withdrawal of the freshwater using various methods. This has added to the increased growth rate of the market.
Asia-Pacific Region to Majorly Contribute to the Global Market
The agrarian countries comprised of China, India, and more belonging to the Asia-Pacific region are some of the largest contributors to the growth of the market. The availability of fertile land and enhancements in the farming process has in turn boosted the growth of the market. Furthermore, the governments have also placed multiple incentives both financial and non-financial to help the market grow further.
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Key Players of the Market
As per the report, some of the noteworthy key players working on helping the market grow further are listed below:
- WILO SE
- Whisper Pumps
- KSB SE & Co
- Cornell Pump Company
- Flowserve Corporation
- Wastecorp Pumps
- Sulzer
- Franklin Electric South Africa (PTY) Ltd
- V-Guard Industries Ltd
- HaichengSuprasuny Pump Co, Ltd
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. For instance, in May 2021, KSB Group, a pioneer in production of pumps and valves launched a new variant of submersible pumps termed as the ‘AmaDrainer 3.’ This series of pumps is fitted with several features such as, it is lightweight, making it easier to handle and can also be fitted into narrow spaces. This equipment is also built with top quality plastic casing that also avoids any chances of corrosion. The pump also has the power to extract water from rivers or reservoirs while supplying it to other areas.
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