New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Agricultural Pumps Global Market Report 2023" - https://www.reportlinker.com/p06466639/?utm_source=GNW
, Wilo SE, Shimge Pump Industry Group Co Ltd., Lindsay Corporation, Cornell Pump Company, CNP India Private Limited, Kirloskar Brothers Limited, and CRI Pumps Private Limited.
The global agricultural pumps market is expected to grow from $4.89 billion in 2022 to $5.16 billion in 2023 at a compound annual growth rate (CAGR) of 5.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The agricultural pumps market is expected to reach $6.43 billion in 2027 at a CAGR of 5.7%.
The agricultural pumps market consists of sales of deep-well turbines, submersible pumps, and propeller pumps.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Agricultural pumps are pumps that use rotational motion mechanics to propel water with kinetic energy. By providing the right amount of water to each part of the field to speed up cultivation, they offer exceptional irrigation efficiency.
Asia-Pacific was the largest region in the agriculture pumps market in 2022. The regions covered in the agriculture pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main agricultural pumps types are rotodynamic pumps and positive displacement pumps.Rotodynamic pumps are kinetic devices that continually give energy to the fluid they are pumping through the use of a rotating impeller.
The various power sources are electricity-grid connection, diesel or petrol, and solar with various hp’s that are 0.5-3, 4-15, 16-30, 31-40, and >40. The various end-uses are irrigation and livestock watering.
The rapidly growing agriculture sector is expected to propel the growth of the agricultural pumps market going forward.The agriculture sector is a sector of the economy that produces crops and livestock in addition to agricultural engineering, equipment, fertilizer, and other farming-related items.
An agriculture pump provides the right amount of water to each part of the field to speed up cultivation.For instance, in June 2022, according to the report published by the Organization for Economic Co-operation, and Development a France-based intergovernmental organization, agricultural productivity would need to increase by 28% in the next decade to achieve the zero-hunger target.
Further, global crop production is estimated to increase by 87% by 2030. Therefore, the rapidly growing agriculture sector is driving the agricultural pumps market.
Product innovations are the key trends gaining popularity in the agricultural pumps market going forward.Major companies operating in the agricultural pump market are developing innovative technologies to strengthen their position in the market.
For instance, in September 2021, Kirloskar Brothers Ltd., an India-based pump manufacturing company, launched the NEO Series 4-inch Borewell Submersible Pumps. These new Borewell Submersible Pumps come in a variety of designs. They have been created to successfully meet the needs of the home, community, and rural water supply markets, including the agricultural, building, and construction industries.
In January 2021, Franklin Electric Co. Inc., a US-based manufacturer and distributor of products and systems focused on the movement and management of water and fuel, acquired Blake Group Holdings for an undisclosed amount. This acquisition allows Headwater to expand its presence across the US. Blake Group Holdings is a US-based provider of peak-performance water and thermal energy solutions and equipment.
The countries covered in the agriculture pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The agricultural pumps market research report is one of a series of new reports that provides agricultural pumps market statistics, including agricultural pumps industry global market size, regional shares, competitors with a agricultural pumps market share, detailed agricultural pumps market segments, market trends and opportunities, and any further data you may need to thrive in the agricultural pumps industry. This agricultural pumps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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