Pumps Market in India 2016-2020
About Pump Market
The global pump market is projected to grow at a CAGR of 5.47% during the forecast period, and is likely to reach $55.32 billion by the end of 2020. Though the global growth of the market is expected to be robust, the factors that fuel this growth will vary from region to region. In emerging economies such as India and China, growth in the pump market will primarily be the result of rapid industrialization as investments in the water infrastructure and power generation sectors grow. In the developed countries, improving manufacturing output will enable the growth of process manufacturing industries. In the US, improving economy and the boom in hydraulic fracking (fracturing) in the country’s oil and gas sector will accelerate the demand for pumps.
Technavio’s analysts forecast the pumps market in India to grow at a CAGR of 9.66% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the pumps market in India for 2016-2020. To calculate the market size, the report considers the demand for pumps from various end-users. The average price of pumps has been taken into consideration for estimating the market revenue.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Pumps Market in India 2016-2020
Technavio recognizes the following companies as the key players in the pumps market in India: C.R.I. Pumps, Flowserve, Grundfos, Kirloskar, KSB, and Texmo Industries.
Other Prominent Vendors in the market are: Best Pumps, Falcon Pumps, Sam Turbo Industry, Sulzer, Jyoti, Shakti Pumps, WPIL, Falcon Pumps, Best Pumps, Sam Turbo, and V-Guard.
Commenting on the report, an analyst from Technavio’s team said: “Emergence of intelligent pump systems and micro disc pump technology will be a key trend for market growth. An intelligent pump can control and regulate the flow or pressure of the fluid. This type of pump can adjust to process changes and pump system changes, and has a fault-tolerant design. Many manufacturers are expected to adopt these intelligent pump systems because they reduce the total cost of ownership without compromising performance parameters. For instance, Grundfos iSOLUTIONS uses pump intelligence to ensure pumps, control and protection, drives, communication, and measurement units work together as one integrated system, with energy-efficient operations.”
According to the report, increasing demand for energy-efficient pumps in agriculture sector will be a key driver for market growth. In India, the agriculture sector is the major end-user of pumps that accounts for nearly 30% share of the overall market. The BEE has collaborated with state and central governments to promote the use of BEE star rated pumps, as the high-energy efficiency of these pumps result in significant cost and energy savings. These energy-efficient agriculture pumps, on an average, cost $50, which is comparatively more than their non-rated counterparts or pumps. As cost remains as the major factor for selection of pumps among small and medium farmers, there are many large and regional players offering non-star rated products for much lesser rate when compared with star-rated pumps.
Further, the report states that poor quantity and quality of electricity supply will be a challenge for the market. Irregular supply of electricity in India not only hampers the installation of pumps but also encourages sales in the unorganized sector. The voltage level required to operate high-quality pumps is higher compared to the actual voltage level of electricity in most agricultural regions in the country. Therefore, players from the unorganised sector are taking advantage of this situation and providing pumps that can operate at full potential in low-voltage levels. However, pumps offered by the unorganized sector are highly inefficient in terms of energy efficiency, leading to national level losses in the overall power consumption.
C.R.I. Pumps, Flowserve, Grundfos, Kirloskar, KSB, Texmo Industries, Best Pumps, Falcon Pumps, Sam Turbo Industry, Sulzer, Jyoti, Shakti Pumps, WPIL, Falcon Pumps, Best Pumps, Sam Turbo, V-Guard.