Agriculture Pump Market Assessment, By Type [Rotodynamic Pumps, Positive Displacement Pumps], By Power [0.5-3 HP, 4-15 HP, 16-30 HP, 31-40 HP, >40 HP], By Material Type [Iron, Bronze, Aluminum, Stainless Steel, Others], By Power Source [Electricity Grid C

Agriculture Pump Market Assessment, By Type [Rotodynamic Pumps, Positive Displacement Pumps], By Power [0.5-3 HP, 4-15 HP, 16-30 HP, 31-40 HP, >40 HP], By Material Type [Iron, Bronze, Aluminum, Stainless Steel, Others], By Power Source [Electricity Grid Connection, Diesel/Petrol, Solar], By Application [Irrigation, Livestock Watering], By Region, Opportunities and Forecast, 2017-2031F

Global agriculture pump market is projected to witness a CAGR of 7.2% during the forecast period 2024-2031, growing from USD 5.12 billion in 2023 to USD 8.93 billion in 2031. Agriculture pumps are mechanical devices used in farms to draw or transfer water through pipelines from diverse sources such as dams, borewells, water tanks, rivers, lakes, and other storage facilities. They are commonly used for irrigation, ensuring crops receive adequate water, especially in areas with erratic rainfall patterns. Furthermore, agriculture pumps are used in aquaculture and livestock farming to maintain ideal water levels for aquatic species and cattle health.

Several types of agricultural pumps are available in the market, including rotodynamic and positive displacement pumps. Each kind is developed with special features and capabilities to fulfill the various needs and situations in agricultural settings. With their versatility and dependability, these pumps substantially contribute to the productivity and sustainability of modern farming techniques. Massive investment by manufacturers will open new opportunities for the agriculture pump market.

The rapidly growing agriculture sector, the rising adoption of modern irrigation techniques, and the increase in government support toward adopting modern agricultural equipment are several factors fueling the growth of the agriculture pump market. Furthermore, the increasing adoption of solar pumps for irrigation purposes and the use of diesel-powered generators provide an opportunity to drive the demand of the agriculture pump market. Additionally, rising farmers' incomes are expected to raise the demand for high-quality agricultural pumps, boosting the agriculture pump market.

For example, in June 2022, a report published by the Organization for Economic Co-operation and Development highlighted the need for a 28% increase in agricultural productivity over the next decade to achieve zero-hunger targets, with global crop production estimated to rise by 87% by 2030.

Technical Advancements in Pump Manufacturing

Technical improvements in pump manufacturing points are expected to drive the growth of the global agricultural pump market. Pump manufacturers develop more efficient and dependable agricultural pumps due to the advancement of digital technology and rapid integration of Artificial Intelligence and Internet of Things into traditional production processes. These sophisticated pumps operate better, last longer, require less maintenance and expenditure on replacement.

Furthermore, new pumps are developed using environmentally friendly ways, helping to promote sustainable agriculture practices by maximizing water utilization and eliminating waste. Furthermore, the trend toward agricultural automation, as well as the development of smart pumps equipped with sensors and IoT technologies for real-time data monitoring and decision-making, contribute to the increase in demand. It is anticipated that the demand for agriculture pumps will continue to climb, propelling significant growth in the market, as farmers realize the benefits of precision agriculture, including enhanced crop quality, lower resource consumption, and increased overall efficiency.

For instance, in September 2023, Xylem, Inc. introduced its Versijet Series with a new four chamber model, offering higher pressure capabilities, greater ambient temperature resistance and longer pumping life. The added capacity opens the door to market applications that need spraying or on-demand pumping in high temperature circumstances, making the pump appropriate for use in heavy-duty applications in agriculture, farming, and construction.

Increasing Adoption of Solar Pumps

Solar-powered pumps are innovative and environment-friendly substitutes that use the sun's energy to create electricity to run the pumps. It lowers the operating costs related to conventional energy sources and greenhouse gas emissions. Farmers are adopting eco-friendly technology as environmental consciousness grows, which is driving the demand for solar-powered agricultural pumps. Furthermore, solar-powered pumps improve agricultural productivity while preserving resources by providing dependable irrigation solutions in isolated and off-grid areas. Therefore, the demand for solar-powered pumps in agriculture is expected to rise due to the global push towards sustainable farming techniques as well as the reliability and cost-effectiveness of these pumps, propelling the growth of the global agriculture pumps market.

For example, in October 2023, Shakti Pumps secured a contract to provide 50,000 off-grid solar photovoltaic water pumping systems across Maharashtra. The order comes under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM – KUSUM) program and the project is valued at USD 192.4 million to be completed within 2 years.

Increased Investment in the Agricultural Sector

Rising investments in agricultural infrastructure majorly drive the global demand for agriculture pumps. These vital instruments enable an effective water supply, which is necessary for agriculture to succeed. Agricultural pumps are gaining more demand due to the modernization of agriculture brought by improvements in infrastructure and technology, which calls for adopting effective water distribution systems.

Furthermore, governments worldwide are implementing favorable policies to encourage farmers to embrace modern farming methods, such as using agricultural pumps. In addition, there is an increasing need due to the current global transition towards smart irrigation systems, which is fueled by the need to conserve water and increase crop yields. Furthermore, many developing nations have a great deal of potential for expanding their irrigation systems, which could lead to a rise in the use of agricultural pumps.

For example, in November 2023, The Environment Secretary of the United Kingdom announced USD 48.5 million in grants and competitions as part of the government's USD 180.9 million commitment in CY2023 to help farmers promote innovation, increase production, and enhance animal welfare.

Rotodynamic Pumps to Dominate the Market

Rotodynamic pumps work by continually imparting energy into the fluid using a rotated blade or impeller. Diesel/petrol engines, solar energy, and grid electricity can power these pumps. Rotodynamic pumps dominate the market due to their benefits, which include durability, simplicity, and efficiency. As these pumps can easily manage enormous amounts of water, they are highly sought after for irrigation applications. Farmers worldwide choose them for their comparatively simple maintenance requirements, which allow them to oversee their irrigation systems effectively. Due to their sturdy design and dependable operations, rotodynamic pumps have become an essential tool in contemporary agriculture, guaranteeing ideal water distribution and crop growth.

For instance, in March 2023, The HI 30.1 Specification for general purpose rotodynamic pumps was published by the Hydraulic Institute, a body comprised of pump manufacturers, engineering procurement, and construction companies. It provided users with clearer and more accurate specifications and reassurance that industry experts had thoroughly tested the contents.

Asia-Pacific Dominate the Agriculture Pump Market

Asia-Pacific is dominating the global agriculture pump market, owing to the increasing agricultural practices in the region. It is the perfect location for agricultural growth because of the wide expanse of rich soil and pleasant environment. In addition, many households in the region rely heavily on agriculture for their major source of income, with a focus on agricultural production. Cultivators in the Asia-Pacific have been farming for generations. Their skill, knowledge, and commitment have contributed to the development of the agriculture sector.

Farmers are progressively implementing contemporary farming techniques to improve farming methods further and raise crop yields. In addition, the government associations of Asia-Pacific have been aggressively promoting sustainable agriculture and raising production by establishing policies and initiatives to boost irrigation techniques and modernize farming equipment. These efforts have contributed to the overall growth and development of the agriculture pumps market in the region.

For instance, in October 2021, Grundfos Holdings A/S launched the LC232 Controller in four Asian markets, including Indonesia, Thailand, Australia, and New Zealand. The smart control unit is designed for borewell pumps and enables wireless access and control through the Grundfos Go Remote App.

Future Market Scenario (2024 – 2031F)

The rising global population and large dependency on agriculture production are primary factors expected to drive demand for agricultural pumps globally.

Increasing adoption of solar powered pumps for irrigation purposes in developed and developing countries is expected to propel the global agriculture pump market.

Technological advancement in pump manufacturing and the rising income of farmers is driving the demand of high-quality agriculture pumps, which in turn is expected to boost the global agriculture pumps market in the future.

Key Players Landscape and Outlook

In the agricultural pump industry, new product launches are a prominent trend. Major manufacturers are concentrating on creating innovative technologies to strengthen their positions in the market. In this rapidly evolving business, collaborations and emerging technologies are expected to intensify competitiveness and drive further growth in the market.

In June 2023, Nordson Corporation, a US-based developer of precision dispense technology, announced an agreement to acquire ARAG Group, an Italy-based manufacturer and supplier of precision farming systems. The strategic acquisition enables the company to expand its presence in Europe and enhances its capabilities and strengths in the growing precision agriculture market.