India Submersible Water Pumps To Be $ 1 Billion Opportunity by 2023
According to TechSci Research report, “India
Submersible Water Pumps Market By Type, By Operation, By End Use Industry,
Competition Forecast & Opportunities, 2023’’, submersible pumps market is forecast
to surpass $ 997 million by 2023, on the back of increasing demand for water
supply, declining ground water levels and rising development in the country’s infrastructure
sector. Moreover, in order to strengthen
agriculture sector, the government of India has introduced policies such as ‘Saur
Sujal Yojna’ and ‘KUSUM Yojna’, which are further boosting demand for
submersible water pumps in India. India aims to increase its renewable energy
capacity to 227GW by 2022, which is expected to augur well with the energy
efficient pumps market in the country. Additionally, increasing investments in
rural development programmes and electrification schemes launched by the government
in irrigation sector are creating an upsurge in demand for submersible water
pumps in the country .
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On the basis of type, submersible water pumps market is majorly
segmented into open well, borewell and non-clog. Borewell pumps hold a dominant
share in India submersible water pumps market and the segment is anticipated to
maintain its dominance during the forecast period as well due to their low
operational cost and availability of a wide product range in the market. However,
non-clog pump segment is the fastest growing product type mainly due to their increasing
use in the municipal sector. Agriculture sector accounts for the largest demand
for submersible water pumps in India on the back of continuous growth in agriculture
production in the coming years.
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Rising government
investments and initiatives to strengthen the industrial sector, coupled with growing
product innovation and technology advancements by pump manufacturers are the
other key factors which are expected to positively influence the submersible water
pumps market in the country during the forecast period. “North Region garnered
the largest share in India submersible water pumps market in 2017 owing to the
presence of large and growing agriculture
sector coupled with municipal sector development facilities in the region.
Additionally, government initiatives such as Ganga Rejuvenation Scheme and
Amrut Yojna would further drive the demand for submersible water pumps in India
during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“India Submersible
Water Pumps Market By Type, By Operation, By End Use Industry, Competition
Forecast & Opportunities, 2023” has evaluated the future growth
potential of submersible water pumps market and provides statistics and information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decision. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in India
submersible water pumps market.
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