Agricultural Pumps Market Size, Share & Growth Report | 2032

Report Description

The global agricultural pumps market size was USD 4.9 Billion in 2023 and is likely to reach USD 9.6 Billion by 2032, expanding at a CAGR of 7.8% during 2024–2032. The market growth is attributed to the increasing agricultural activities to meet the high food demands of growing population

Agriculture pumps are mechanical devices to move water through pipelines from dams, water tanks, rivers, lakes, wells, or reservoirs to agricultural fields. These are commonly used for irrigational processes. These pumps ensure the crop receive the adequate amount of water to maintain the ideal water levels. These pumps are essential for irrigation and play a crucial role in various agricultural applications.

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The agricultural pumps market refers to the global market for various types of pumps used in agricultural applications. This market encompasses the production, distribution, and sale of agricultural pumps and associated components. Growth in greenhouse farming and high-value crop cultivation is expected to drive the global market during the forecast period.

Impact of Artificial Intelligence (AI) in Agricultural Pumps Market

AI-powered sensors and agriculture drones are being used to monitor soil moisture, temperature, and other environmental factors, enabling farmers to make data-driven decisions about irrigation and crop management. Moreover, the AI analyzes and optimizes the pump performance to reduce the energy reduce the energy consumption and increase the overall efficiency.

Agricultural Pumps Market Dynamics

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Major Drivers

Increasing agricultural activities to meet the high food demands of growing population is significantly driving the global market. More land is being cultivated, leading to higher demand for efficient irrigation systems, which in turn drives the need for agricultural pumps. Additionally, increasing government initiatives to increase the farmer’s income are expected to boost the market. For instance,

• In June 2022, A recent report by the Organization for Economic Co-operation and Development emphasizes the importance of boosting agricultural productivity by 28% by 2030 to achieve the goal of zero hunger. According to projections, global crop production is expected to surge by 87% by 2030, highlighting the need for increased efficiency and output in the agricultural sector.

Existing Restraints

High initial cost of agricultural pumps is expected to restrain the market. The small-scale farmers with limited budgets are constraining to use pump and rather a traditional method. Furthermore, the agricultural pumps require regular maintenance and repairs, consuming time and high cost. This overall hinders the global market.

Emerging Opportunities

Increasing trend towards agriculture automation and smart pumps with IoT technologies for real-time data monitoring is increasing the market demand. Moreover, the increasing adoption of solar pumps in agriculture is expected to offer an eco-friendly opportunity to the market. For instance,

• In October 2023, Shakti Pumps has secured a significant contract to provide 50,000 off-grid solar photovoltaic water pumping systems across Maharashtra, India. The order of photovoltaics is part of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM – KUSUM) program, a government initiative aimed at promoting renewable energy and sustainable agriculture practices. The project, valued at USD 192.4 million, is expected to be completed within a two-year timeframe.

Scope of the Agricultural Pumps Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Regional Analysis

In terms of region, the global agricultural pumps market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominates the global market in 2023 owing to multiple reasons. Asia Pacific is a home to some of the world's largest agricultural industries, including China, India, and Southeast Asia. The increasing demand of agricultural products and organic farming is fueling the regional market. Moreover, the rising government support and advanced product development is driving the regional market. For instance,

• In November 2021, Grundfos, a pioneering company in innovative pump solutions and water technology, is proud to introduce the LC232 Controller in Thailand, a groundbreaking innovation in groundwater intake control. This cutting-edge technology leverages smart technology to provide an effortless user experience, real-time monitoring capabilities, and enhanced connectivity. As a result, farmers and cattle producers anticipate a significant cost savings in maintenance and labor, as well as a longer lifespan for their submersible borehole pumps.

The market in North America is projected to grow at a significant pace in the years to come owing to the large agricultural industries. North America has a large and well-established agricultural industry, with a strong presence of farmers and agricultural businesses. Furthermore, the North America is known for its high-tech agriculture, with a strong focus on precision agriculture, precision irrigation, and precision crop monitoring, boosting the regional.

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Segment Analysis

Type Segment Analysis

Based on type, the agricultural pumps market is divided into centrifugal pumps, positive displacement pumps, submersible pumps and others. The centrifugal pumps segment held the largest share in the global market in 2023 owing to the wide range of applications. Centrifugal pumps are versatile and can be used for a wide range of agricultural applications, including irrigation, drainage, and crop spraying. They are suitable for various crops, soil types, and climate conditions.

The positive displacement pumps segment is anticipated to grow at a substantial CAGR during the forecast period owing to its high-pressure capabilities. Positive displacement pumps are capable of generating high pressures, making them suitable for applications that require high-pressure pumping. It is used in spraying, irrigation chemical injection, and crop dustings.

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Power Source Segment Analysis

On the basis of power source, the global market is segregated into electric-powered pumps, diesel/petrol-powered pumps, solar-powered pumps, and wind-powered pumps. The diesel/petrol-powered pumps segment is anticipated to register a considerable CAGR in over the predicted period due to the flexibility of these pumps. Diesel/petrol-powered pumps are used in a variety of applications, including irrigation, crop spraying, and livestock watering.

The electric-powered pumps segment is projected to register a robust growth rate during the assessment years owing to the increasing adoption of these pumps. Electric-powered pumps are being adopted by farmers and agricultural businesses due to their ease of use, low maintenance, and reduced noise levels, propelling the segment.

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Application Segment Analysis

On the basis of application, the agricultural pumps market is segmented into irrigation, livestock watering, aquaculture, crop protection & pest control, and others. The irrigation segment registers a robust growth rate in 2023 due to its high demand in efficient water management. Irrigation is a critical component of modern agriculture, and the demand for irrigation systems is high due to the increasing need for efficient water management.

The livestock watering segment is expected to expand at a significant growth rate over the projection period due to the wide range of applications of this segment. Applications such as cattle watering, pig farming, poultry farming, aquaculture, and dairy farming needs livestock watering.