Pumps are the primary component for any infrastructure project during renovation and in homes and the wide application of these machines is fueling the growth of the Indian pump industry.
According to the latest Arizton market research report, the Indian pump industry to be valued at over USD 3 billion by 2026, growing at a CAGR of approximately 7% during the forecast period.
Indian Pump industry Growth
Pumps are the primary component for any infrastructure project during renovation and in homes and the wide application of these machines is fueling the growth of the Indian pump industry. The infrastructure sector is a core driver of the Indian economy, and the sector is highly responsible for driving India's overall growth. A critical decline in groundwater levels ranging from 75% to 85% has been recorded in Northern India. Decreasing the amount of ground water has become one of the major driving force for the Indian pump industry. In India agriculture is the largest segment that is creating lucrative opportunities and demand in the Indian pump industry.
Demand for Solar Pump
The demand for solar pumps in irrigation is growing, especially in India, as it has cost benefits and reduces reliance on electricity in many areas. Solar energy-driven pump sets are an emerging alternative to electrical and diesel pump systems, especially in agricultural sector. The various industrialization and urbanization policies by the Government of India is creating new business avenues for many vendors operating in the Indian pump industry. Government has initiated numerous schemes to facilitate the construction of grid-connected solar power plants and solar pumps in India, boosting the need for advanced solutions in the Indian pump industry. For instance, in July 2018, the Gujarat Government announced that Suryashakti Kisan Yojana is expected to supply solar panels to farmers to produce renewable and low-cost electricity. Such policies and initiatives will boost the growth of the industry over the next few years.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product, end-users, and geography
- Competitive Landscape – 8 Key Company Profiles and 26 Other Prominent Vendors
Indian Pump Industry – Geographic Analysis
Consumers in South India are now becoming more aware of star ratings and are accepting star-rated pumps. Consumers have high expectations for pump sets within the limits of their buying power to get a hassle-free experience for the sets they purchase. The Indian pump industry is expected to grow in Karnataka as the State Government supplies electricity to farmers at subsidized rates and there has been high demand in industrial sector for pumps. The pump market in UP has been growing due to private dealers’ investment in eastern UP, high competition among domestic vendors, and growth in agriculture sector. Private dealers in eastern UP have thrived in the market along with the higher demand for pumps.
The Indian pump industry consist of many domestic and international players, there are specialized vendors that represents single industries, lines of pumps, and geographic regions. The Indian pump industry is highly competitive for the small vendors and large vendors who have diversified product portfolios and large R&D platforms. In the Indian pump market, the growing competition in the local market for aftermarket products is related to high design and personalized products. Some of the competitors are larger as they have stronger financial resources or a more experienced management team that have stronger engineering capabilities in executing technically complex projects.
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