Increasing utilization of agricultural pumps for irrigation and several agricultural activities is propelling the demand for the agricultural pumps market.
Market Size: USD 4.21 billion in 2020, Market Growth: CAGR of 7.9%, Market Trends: Increasing adoption of solar pumps in many countries
According to the report generated by Reports and Data, the global agricultural pumps market is estimated to upsurge from USD 4.21 billion in 2020 to USD 7.6 billion by 2028, registering a CAGR of 7.9% during the projected timeframe. Many farmers worldwide are shifting from conventional farming techniques to modern techniques is an essential factor surging the growth of the agricultural pumps market.
Agricultural pumps are devices used for transporting material from one place to another using appropriate pressure. The various benefits of utilizing agricultural pumps, such as the high potential for remote and automated control, lower maintenance, and less time consumption, are opening new opportunities for the market players.
The growing demand for advanced irrigation techniques and mounting investments and government emphasis on adopting modern agricultural equipment are the essential factors boosting the market for agricultural pumps. The rising requirement for food is also increasing the demand for the agricultural pumps market.
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However, the high investments associated with these pumps and the lack of after-sale services are the significant drawbacks
hampering agricultural products’ market growth. Additionally, the uncertainty of the spare parts of the agricultural pumps might limit the expansion of the global agricultural pumps market.
The COVID-19 pandemic has disrupted the global market on a vast scale. The stringent social distancing norms and lockdown regulations has led to the downfall of the agricultural pumps industry. The workload has been reduced to stop the virus from spreading more, and the manufacturing has slowed down in general.
Further key findings:
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For this study, Reports and Data has segmented the global agricultural pumps market based on Type, Power Source, End-use, Horsepower, and Region:
Based On Type: (Revenue, USD billion, 2021 – 2028)
Rotodynamic pumps
Positive displacement pumps
Based On Power Source: (Revenue, USD billion, 2021 – 2028)
Based On End-use: (Revenue, USD billion, 2021 – 2028)
Based On HP: (Revenue, USD billion, 2021 – 2028)
Based On Region: (Revenue, USD billion, 2021 – 2028)
Table of content:
Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research
Chapter 2. Executive Summary 2.1. Market Outlook 2.2. Segmental Outlook 2.3. Competitive Insights
Chapter 3. Drip Irrigation Market Variables, Trends & Scope 3.1. Market Introduction 3.2. Penetration & Growth Prospect Mapping 3.3. Industry Value Chain Analysis 3.3.1. Sales/Retail Channel Analysis
Chapter 4. Consumer Behavior Analysis 4.1. Consumer Trends and Preferences 4.2. Factors Affecting Buying Decision 4.3. Consumer Product Adoption 4.4. Observations & Recommendations
Continued….
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