India Submersible Water Pumps Market Set to Reach $ 1 Billion Mark by 2024
Declining groundwater level, rising
demand for water along with rapid industrialization to drive India submersible
water pumps market through 2024
According to TechSci Research
report, “India Submersible Water Pumps Market By Type, By Mode of Operation, By End Use,
Competition, Forecast & Opportunities, 2024’’, India submersible water pumps
market is forecast to surpass $ 1 billion by 2024, on the back of increasing demand
for water supply, declining groundwater levels and growing infrastructure
sector in the country. Moreover,
the government of India has introduced policies such as ‘Saur Sujal Yojna’ and ‘KUSUM
Yojna’ to improve agriculture sector of the country, which is further anticipated
to push 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 positively influencing India
submersible water pumps market.
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On the basis of type, submersible water pumps market is
majorly segmented into openwell, borewell and non-clog. Borewell pumps dominates
India submersible water pumps market and the segment is anticipated to maintain
its dominance during forecast period as well owing to their low operational
cost and availability of a wide product range in the market. However, non-clog pump
segment anticipated to be the fastest growing segment due to their increasing use
in the municipal sector. Among applications, agriculture sector is the largest
demand generator of submersible water pumps on account of continuous growth in agriculture
production in the country.
“Rising government investments and initiatives to strengthen the
industrial sector, coupled with growing product innovation and technology
advancements by pump manufacturers are expected to positively influence the submersible
water pumps market in India during forecast period. Additionally, government initiatives
such as Ganga Rejuvenation Scheme and Amrut Yojna would further drive the
demand for submersible water pumps in India over the next five years.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
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“India Submersible Water
Pumps Market By Type, By Mode of Operation, By End Use, Competition, Forecast
& Opportunities, 2024’’ has evaluated the future
growth potential of India 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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