Posted On: 2021-01-06
The agriculture sector acquires the largest revenue share in the Electric Water Pump Market in India - 6Wresearch
Owing to an increased demand for electric water pumps in the agriculture sector on account of the high usage of water pumps for different irrigation activities and other agriculture processes, the India electric water pump market witnessed moderate growth during the period 2016-2019. The increasing demand for electric water pumps in the agriculture, manufacturing, residential & commercial and wastewater/sewage treatment sectors is the primary factor driving the electric water pump market revenues in India. However, the outbreak of the COVID-19 pandemic is anticipated to bring a slowdown in market during the year 2020 as a result of a halt in the business operations, manufacturing units and the stringent lockdown imposed across the country. Recovery is expected in market revenues post-2020, with a gradual opening of economic activities and restart of the construction activities and the manufacturing sector.
According to 6Wresearch, the India Electric Water Pump Market size is projected to grow at a CAGR of 4.6% during 2020-2026F. On account of the lowering water table and booming construction sector in the country, higher growth is expected in the Indian electric water pump market over the coming years. Additionally, the increasing focus of government on the development of desalination and wastewater treatment plants, along with numerous government initiatives for the development and strengthening of irrigation infrastructure in rural parts of the country, would further drive the demand for electric water pumps in India during the forecast period. The rising urbanization and the establishment of several residential and commercial buildings in the country would foster the demand for electric water pumps in urban India over the coming years.
According to Rahul Dubey, Research Associate, 6Wresearch, “The agriculture sector held the position of the dominant contributor towards India electric water pump market revenues, on account of the higher use of water pumps in agriculture sector for multiple purposes including irrigation and pumping out water from several water resources. The growing need for submersible pumps in agriculture sector due to depleting water resources and reducing groundwater table along with government initiatives for fostering growth in the agriculture sector would propel the demand for electric water pumps over the coming years.
Special electric water pumps market revenues are expected to witness faster growth over the forthcoming period as a result of rising demand for these pumps from the increasing development of sewage and water treatment plants across the country.” Rahul further added.
According to Anmol Dhanju, Research Associate, 6Wresearch, “Retail and reseller segment acquired the position of the major contributor towards the India electric water pump market revenues during the year 2019 and the same trend is anticipated to persist during the forecast period as well, as people enjoy instant gratification by physically checking the quality of the product and also checking the different options available with the retailers and resellers.”
According to Bhawna Singh, Research Associate, 6Wresearch, “The rapid rise in population and growing urbanization in India has created a huge demand and supply gap of residential and commercial buildings in the country. The demand for the office sector with commercial leasing activity has reached 69.4 million square feet in the country. The increasing population and rapid expansion in real estate development, both residential & commercial, would propel the demand for electric water pumps in urban India over the coming years.”
“India Electric Water Pump Market (2020-2026F)” report provides an in-depth analysis with 47 figures and 51 tables, covered in 201 pages. The report estimates and forecast the India Electric Water Pump Market by Types, Sales Channels, Regions and Key States. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.