Pumps in India: Key market research findings
- Need for energy-efficiency drives market growth
- Agriculture segment accounts for a majority of the market’s revenue
- Key vendors – C.R.I. Pumps, Flowserve, Grundfos, Kirloskar, KSB, and Texmo Industries
Technavio’s market research analysts predict the pumps market in India to grow at a CAGR of around 10% between 2016 and 2020. The growth of the market is fueled by the rise in the demand for energy-efficient pumps in the agricultural sector. The BEE has collaborated with state and central governments to promote the use of BEE star rated pumps, as these pumps have a relatively high-energy efficiency and can result in significant cost and energy savings. These energy-efficient agriculture pumps, on an average, cost $50, which is more than their non-rated counterparts or pumps. As cost remains as the major factor for the 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.
The new market research report from Technavio presents a breakdown and analysis of the pumps segments based on the end-user.
“Emergence of intelligent pump systems and micro disc pump technology is expected to revolutionize the pump market in India. An intelligent pump can control and regulate the flow or pressure of the fluid and can adjust to process changes and pump system changes due to its fault-tolerant design. Many manufacturers are expected to adopt these intelligent pump systems because they reduce the total cost of ownership without compromising on performance parameters,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
By 2020, the agriculture segment will continue its dominance over the pumps market in India by accounting for almost 35% of the overall market revenue. The agriculture pump market in India is dominated by 5 and 7.5 hp pumps. Factors such as household income, consumption rate, increase in agriculture exports, and growth in the food processing industry facilitate the growth of the agriculture sector in India. Furthermore, trends such as the use of information technology and growth in organic farming are expected to contribute to the growth of this market segment during the forecast period.
The key vendors in the pumps market in India include C.R.I. Pumps, Flowserve, Grundfos, Kirloskar, KSB, and Texmo Industries. Initially, most of the pumps were imported from European countries, and later many small indigenous vendors set up their manufacturing units in India. More than 800 vendors entered the market over the last 80 years and are still active in manufacturing pumps. Many large global vendors such as KSB, Grundfos Holding, and Flowserve are also present in this market. Growing demand for pumps in India, coupled with low manufacturing cost makes the country an attractive market for global pump manufacturers.
A more detailed analysis is available in the Technavio report, Pumps Market in India 2016-2020.
We can customize reports by other regions and specific segments upon request.
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