Water Pumps Market to Grow with a CAGR of 14.29% through 2029
Increasing
Demand for Domestic & Industrial Water and rising Government Initiatives
& Investments are likely to drive the Market in the forecast period.
According to
TechSci Research report, “India Water Pumps Market – Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2029”, the India Water Pumps Market is
experiencing a surge in demand in the forecast period.
A significant driver of the water pumps
market in India is the ongoing modernization of the agricultural sector and the
expansion of irrigation practices. Agriculture remains a cornerstone of the
Indian economy, with a substantial portion of the population dependent on
farming for livelihoods. As farmers increasingly adopt advanced irrigation techniques
to enhance crop yields and mitigate the impact of erratic rainfall patterns,
the demand for efficient water pumps rises.
The Green Revolution initiated the shift
towards modern agricultural practices in the 1960s, and today, there is a
continuous push for technological upgrades. Water pumps play a pivotal role in
ensuring a consistent and reliable water supply for crops, especially in
regions where rainfall is insufficient. Government initiatives and subsidies
further incentivize farmers to invest in high-performance water pumps, driving
market growth. The nexus between agricultural development and the water pumps
market underscores the critical role these devices play in sustaining food
production and economic livelihoods in India.
Government initiatives aimed at
improving rural water management constitute another key driver of the water
pumps market in India. With a focus on providing clean and accessible water to
rural communities, various schemes and programs have been implemented to
address water scarcity challenges. The Pradhan Mantri Krishi Sinchai Yojana
(PMKSY) and the Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) are examples of
such initiatives that seek to enhance irrigation infrastructure and
electrification in rural areas.
These programs often involve subsidies
and support for the installation of water pumps, enabling farmers to adopt
modern irrigation practices. By promoting efficient water utilization and
management, the government plays a crucial role in driving the demand for water
pumps in rural regions. As these initiatives align with broader goals of
sustainable development and improved living standards, they contribute
significantly to the growth and expansion of the water pumps market across
India.
Browse over XX Market
data Figures spread through XX Pages and an in-depth TOC on "India Water Pumps Market.”
The India Water
Pumps Market is segmented into type, application, pumps type and region.
Based on type, Centrifugal
segment dominated the India Water Pumps market with a market share of 93.19% in
2023.
Centrifugal
pumps are very versatile for long term usage. They are used to pump water of a
wide range of viscosities, from thin liquids like water to thick liquids like
sewage. They are relatively low-maintenance. They have few moving parts, which
makes them less likely to break down. These factors are driving the centrifugal
segment growth in the India Water Pumps Market.
The Indian
government has been steadily increasing infrastructure spending in recent
years. For financial year 2023, the budget allocated for infrastructure
projects was around INR 7.5 lakh crore (approximately USD 92 billion). This
significant investment indicates a continued focus on infrastructure
development.
India is
focusing on industrialization, thereby supporting the growth of centrifugal
pumps. For instance, initiatives like Make in India, Digital India, and Startup
India have given the much-needed thrust to the Electronics System Design and
Manufacturing (ESDM) sector in India.
Additionally, as
of June 2023, India heavily relies on thermal power sources for generating
electricity, with a total installed capacity of 237.26 GW, accounting for more
than 56% of the country's electricity generation capacity.
Hence, it is
recommended that the key market players in the India Water Pumps market
concentrate on the Centrifugal pumps segment to capitalize on favorable market
prospect.
Based on application,
Agriculture segment dominated the India Water Pumps market with a market share
of 26.06% in 2023.
In agriculture,
water pumps are used to lift water from canals and rivers. Water pumps are used
to pressurize water and distribute it through sprinkler heads, which evenly
spray water over crops. Thus, the growing demand for food and the increasing
need to irrigate crops in arid and semi-arid regions are driving the growth of
the India water pumps market. Additionally, the increasing adoption of smart
and solar-powered water pumps is expected to further boost the market growth in
the coming years.
India is one of
the major players in the agriculture sector worldwide and it is the primary
source of livelihood for ~55% of India’s population. India is the world’s 2nd
largest producer of food grains, fruits and vegetables and the 2nd largest
exporter of sugar. Owing to this, a large number of pumps are required in the
sector.
Thus, the India
Water Pumps market players are advised to focus on this Agriculture segment to
capitalize on lucrative market opportunities.
Major companies
operating in the India Water Pumps Market are:
- Kirloskar Brothers
Limited
- C.R.I. Pumps Private
Limited
- Crompton Greaves Consumer Electricals Limited
- KSB Limited
- Sulzer Pumps India Private Ltd.
- Taro Pumpsets
Private Limited
- WILO Mather and Platt Pumps
Private Limited
- Grundfos Pumps India Private
Ltd.
- Shakti Pumps (India)
Limited
- WPIL Limited
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“The India Water
Pumps Market is expected to rise in the upcoming years and register a
significant CAGR during the forecast period. The Indian water pumps market is propelled by robust
government-led agricultural reforms, emphasizing modernization and irrigation
expansion. Initiatives like the Pradhan Mantri Krishi Sinchai Yojana (PMKSY)
provide financial incentives, driving the demand for advanced water pumps among
farmers. As agriculture remains a linchpin of the economy, these strategic
reforms align with the nation's goal of enhancing crop productivity and
securing sustainable water management. Consequently, the market witnesses a
surge in demand for high-efficiency water pumps, reflecting the synergistic
relationship between government policies and the growth trajectory of the
Indian water pump industry. Therefore, the Market of Water Pumps is expected to
boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“India Water Pumps Market By Type (Centrifugal & Positive Displacement), By
Application (Agriculture, Building Services, Water & Wastewater, Power, Oil
& Gas, Lift Irrigation, and Others), By Pump Type (Submersible Pumps,
Multistage Pumps, End Suction Pumps, Positive Displacement Pumps, Split Case
Pumps, Engineered Pumps), By Region, By Competition”, has evaluated
the future growth potential of India Water Pumps Market and provides
statistics & information on Market size, structure and future Market
growth. The report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the India Water Pumps Market.
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