Global Agriculture Pumps Market to grow at 8.66% CAGR, which is anticipated to reach USD 7.3 billion by 2030

CRI Report has released a report titled “Agriculture Pumps Market – Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” which is anticipated to reach USD 7.3 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 8.66% between 2020 and 2030. According to the report, The main driving force behind the growth of is the increasing adoption of modern irrigation techniques that have been replacing the traditional farming techniques due to the growing food demand and labor costs in developing countries. The government support in adoption of the same is also expected to help the market in growing significantly., increased pressure for food supplies in the world as a result of increasing population, significant savings on smart farming techniques, and government initiatives to adopt advanced agricultural technology. The increasing need for optimal crop production with scarce funds gives it tremendous popularity among farmers.

The market report on global Agriculture Pumps market includes in-depth insights as:

• The estimated value of the market was USD 4.89 billion in the year 2020.
• Region-wise, the market in North America, which held the largest market share of XX% in the year 2019, emerged as a key market for Agriculture Pumps Market.
• Based on application, irrigation emerged as a key segment in the global Agriculture Pumps Market.
• Based on product type, Centrifugal pumps emerged as a key segment in the global Agriculture Pumps Market
• Based on power source, solar emerged as a key segment in the global Agriculture Pumps Market
• Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.

“The increasing population and rising income of farmers globally is expected to drive the growth of this market as farmers are shifting from traditional to modern agricultural techniques such as usage of smart pumps. Smart pumps are controlled with special pump controllers that help in the optimal utilization of resources. Another factor is the growing demand of energy-efficient solar pumps that utilize photovoltaic cells in the generation of electricity. The low maintenance cost of solar pumps and automatic stop and smart functions are the reasons for their growing demand..”, said a lead analyst at CRI Report.

Agricultural pumps are called mechanical systems that are used by creating appropriate pressure heads for the transport of material from one destination to another. They are used to address the requirements of farmers and keep production higher. They are also widely used irrigation of crops requiring enormous amounts of water. A pump is a device that moves water or fluids by mechanical operation. An agricultural pump is a pump designed for agricultural use; it transports water through pipes from sources such as bore-wells, dams, rivers, and storage facilities for various uses such as irrigation, drainage, flood control, water circulation, water waste treatment, and water supply. They are used to maintain greater agricultural productivity and meet farmer’s needs.

On the power source basis, it can be further divided into Electricity-grid Connection, Diesel/Petrol, and Solar. Solar pumps operate on the process of converting solar energy to electricity by thermal energy obtained from sunlight or photovoltaic panels. These pumps do not depend on diesel or electricity and thus improve efficiency and productivity. These pumps do not create problems such as damage to feeders, supply reductions, price increases, etc. More than all other powered pumps that have seen tremendous growth in the global solar pump market, solar pumps have a minimum environmental impact.

Key Players in the Market

• Some of the key players operating in the global Agriculture Pumps market are Wilo SE, The Kirloskar Group, Haicheng surpasuny pump, Grundfos, Falcon Pumps Pvt.Ltd., Sulzer Ltd., KSB SE & Co., The Flowserve Corporation, Cornell pump company, Walrus Pump, The Gorman-Rupp Company and Franklin Electric, Other Prominent Players

Get Valuable Insights into Global Agriculture Pumps Market

In the new report, CRI Report thrives to present an unbiased analysis of the global Agriculture Pump market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented On the basis of type into centrifugal pumps and displacement pumps. On the power source basis, it can be further divided into Electricity-grid Connection, Diesel/Petrol, and Solar. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.