Analysts forecast the global agricultural pumps market to grow at a CAGR of 4.71% during the period 2017-2021. The latest trend gaining momentum in the market is Increased adoption of solar pumps.
With growing population, most countries are facing the problem of inadequate supply of electricity, due to which farmers have started relying on solar pumps to carry out their daily operations in farmlands.
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The benefit of using solar pumps is that they make the use of photovoltaic cells to generate electricity and are mainly used in the agricultural sector for irrigation purposes. Countries such as Bangladesh, India, and especially those in APAC, are facing the problem of inadequate supply of electricity.
This has led to the use of diesel-powered generators, which are not considered as an economical option. These countries can be seen as potential markets for solar pumps for irrigation purposes.
Apart from this, countries in South America and Africa are the other prominent markets for solar pumps.
Major key players in the global agricultural pumps market: Flowserve, Grundfos, KSB, Sulzer, and Wilo, CORNELL PUMP COMPANY, Zhejiang DOYIN PUMP INDUSTRY, EBARA PUMP, Franklin Electric, Junhe Pumps, Kaiquan Pump, HAICHENG SUPRASUNY PUMP, Xylem, Atlas Copco, General Electric, Halliburton Company, ITT Goulds Pumps, Toyo Denki Industrial, Walrus Pump, Tsurumi Manufacturing, and The Gorman-Rupp Company.
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According to the agricultural pumps market report, one of the major drivers for this market is Development of 3D printed impellers. The global agricultural pumps market has been experiencing a lot of technological development, which has helped vendors enhance their product offerings.
The development of the 3D printed impellers has revolutionized the agricultural industry. Various modeling software is being used by the vendors to design impellers and other components.
Modeling software also helps to reduce the cost of product testing. 3D printed impellers have relatively better performance than conventional impellers.
The increased use of 3D printing for manufacturing impellers has brought a reduction in fabrication cost, thus making impellers relatively affordable for manufacturers of agricultural pumps. There has been a significant improvement in the precision of 3D printing, which has made it more useful in product testing and designing.
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Further, the agricultural pumps market report states that one of the major factors hindering the growth of this market is Volatility in raw material prices. Raw materials used in agricultural pumps include stainless steel, iron, bronze, and copper.
The price of raw materials in the global agricultural pumps market is volatile, which affects the cost of production. Many prominent vendors seek long-term contracts with their supplier to stay immune from fluctuations in raw material costs.
This strategy may not be feasible for small vendors, as they lack sufficient financial resources. Factors that influence the cost of raw materials include inflation, production, and availability.
Major Points from Table of Contents Provided in Global Agricultural Pumps Market 2021:
1: Executive Summary
2: Scope of The Report
3: Research Methodology
5: Market Landscape
6: Market Sizing
7: Five Forces Analysis
8: Market Segmentation by Product
9: Regional Landscape
10: Decision Framework
11: Drivers and Challenges
12: Market Trends
13: Vendor Landscape
14: Vendor Landscape