About Agricultural Pumps
Agricultural pumps have two major components, namely impellers and diffusers. Fluid entering inside the impeller, along the rotating axis, flows radially outward through the diffuser, toward the discharge pipe. Agricultural pumps, in a broader sense, can be segmented into centrifugal and positive displacement pumps. Positive displacement pumps work on a principle, which involves trapping a specific quantity of fluid at the inlet and forcing the fluid to move to the discharge pipe. A centrifugal pump relies on the conversion of rotating kinetic energy into hydrodynamic energy to pump fluid. Submersible pumps remain entirely submerged inside the liquid required to be pumped and are a type of centrifugal pumps. These pumps require relatively low energy to push the liquid toward the surface and ensure prevention of cavitation.
Technavio’s analysts forecast the global agricultural pumps market to grow at a CAGR of 4.71% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global agricultural pumps market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Agricultural Pumps Market 2017-2021
Technavio recognizes the following companies as the key players in the global agricultural pumps market: Flowserve, Grundfos, KSB, Sulzer, and Wilo.
Other Prominent Vendors in the market are: 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.
Commenting on the report, an analyst from Technavio’s team said: “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. 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.”
According to the 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.
Further, the 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.
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.