Technavio’s latest market research report on theglobal agricultural pumps market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the global agricultural pumps market 2017-2021 under their industrial automation library. (Graphic: Business Wire)
One of the key factors resulting in the growth of the global agricultural pumps market is the development of 3D printed impellers. Various modeling software are being used by the vendors to design impellers and other components. Modeling software helps to reduce the cost of product testing.
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The three emerging market trends driving the global agricultural pumps market according to Technavio research analysts are:
- Increased adoption of solar pumps
- Increasing mergers and acquisitions
- Emergence of renewable energy submersible pumps
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Increased adoption of solar pumps
The growing population in most countries has resulted in inadequate supply of electricity. APAC countries such as Bangladesh, and India, are facing the problem of inadequate supply of electricity. This has led to the use of diesel-powered generators, which are not an economical option. These countries could be potential markets for solar pumps for irrigation purposes. The benefit of using solar pumps is that they make the use of photovoltaic cells to generate electricity and can be easily used in the agricultural sector for irrigation purposes.
According to Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for automation, “Apart from the initial cost of procurement and installation, solar pumps have low maintenance cost. Many of the solar pumps that are available in the market are equipped with an automatic start and stop function that prevents the motor from running dry. Solar pumps also have a switch that allows changing between solar power and grid power.”
Increasing mergers and acquisitions
Owing to the stiff competition in the market and high volatility of raw material prices, most of the prominent vendors in the global agricultural pumps market are opting for long-term contracts. Another major trend is the increase in mergers and acquisitions to expand business operations and tackle the competition. This strategy has allowed several players to increase their product portfolio and market share. However, failure in achieving the goal of mergers and acquisitions will badly affect operations and revenue stream.
Emergence of renewable energy submersible pumps
The use of renewable energy submersible pumps reduces the cost of pump operation to zero because renewable energy integration makes them self-reliant. Renewable energy submersible pumps facilitate the ease of transferring water to off-grid remote areas with maximum efficiency. These pumps come with variable speed operations that allow the speed to be set as per requirement. These pumps are operated using renewable energy such as wind or solar power and come with a generator as a backup source of power. These pumps have an easy installation process and require the least maintenance when compared with other pump types.
“Renewable sources of energy reduce the operating cost to a minimal and when integrated with power generation plants, they require low maintenance. In terms of features, renewable submersible pumps are no different than normal submersible pumps. Various features include dry-running protection, overvoltage and under-voltage protection, built-in electronics, and reliable water transport,” says Raghav.
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