How Is Agriculture Sector Supplementing India Single-Cylinder Pumpset Market Growth?

The rising pressure on the agriculture sector, on account of the burgeoning population; and increasing government support for the industrial sector are expected to drive the Indian single-cylinder pumpset market at a 5.3% CAGR during the forecast period (2020–2030). According to P&S intelligence, the market was valued at $1,126.8 million in 2019 and it is projected to reach $1,834.3 million by 2030. Currently, the market is dominated by Kirloskar Oil Engines Ltd., owing to its well-established distribution network across the nation.

The rising pressure on the agriculture industry, on account of the surging population, fuels the Indian single-cylinder pumpset market growth during the forecast period. According to the World Population Prospects 2019, the population of India is estimated to rise from 1.36 billion in 2019 to 1.45 billion by 2050. The vast population pool will generate high demand for cash crops, horticulture crops, and food crops, owing to which the usage of pumpsets on arable land is surging at a rapid pace. Additionally, strong government support to the agriculture sector will also support the market growth. 

The increasing government support for the industrial sector is also driving the market growth. The pumpsets are widely used in the oil and gas, power generation, metal and mining, and water and wastewater management industries. In recent years, these industries have witnessed notable growth, due to the surge in investments and strong government support. For instance, government initiatives, such as Ujwal DISCOM Assurance Yojana, Integrated Power Development Scheme, and , Deen Dayal Upadhyay Gram Jyoti Yojana, are fueling the growth of the market for pumpsets in the country.

Geographically, Uttar Pradesh accounted for the largest share in the Indian single-cylinder pumpset market in 2019, due to the rising demand for these systems in the industrial and agriculture sectors. As the economy of this state is mostly dependent on agriculture, it generates the significant demand for single-cylinder pupmsets. Whereas, the market in Punjab & Haryana is expected to showcase the fastest growth in the forecast years, owing to the large-scale agriculture activities, which require groundwater for irrigation purposes. 

Thus, the spurring demand for agricultural produces and the expanding industrial sector will facilitate the market growth throughout the forecast period.

Source: www.psmarketresearch.com

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