India's Water Pump Market to Grow 12% In Next 5 Years

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India's Water Pump Market to Grow 12% In Next 5 Years

A new report by TechSci Research predicts the water pump market in India to grow 12% by 2020

According to a recently published report by TechSci Research, "India Water Pumps Market Forecast & Opportunities,2020" , the market for water pumps inIndiais expected to witness rapid growth at a CAGR of around 12% during 2015-2020. Market growth is driven by increasing urbanization, leading to high growth in residential and commercial segments. Growing dependency on groundwater and irregularity in monsoon are catalyzing demand for water pumps in the agricultural segment. Government efforts to improve water infrastructure, water supply and sanitation services across the country are expected to further drive the use of water pumps in the country.

Besides agriculture, a significant share to the country's water pumps market is contributed by the industrial sector, where power plants, chemical manufacturing and water & wastewater treatment are the prime application areas. Rapid penetration of desalination plants in industrial sector is consequently boosting the demand for water pumps in this segment. Around 15 desalination plants announced in 2014, would be launched in the country over the next few years. Growing demand for desalinated water is driven by depleting per capita water availability which is motivating India to explore alternate sources of water.

In combination with water treatment industry, water pumps are also gaining traction in power sector. According to the Planning Commission of India, the government targets capacity addition of about 72,000 MW thermal power plants during the 12thFYP, surging demand for water pumps in the country. Magnetic drive based water pumps, EPC (Engineering, Procurement and Construction) based water pumps, and mobile phones used as remote controllers for administering water pumps are some of the innovative products being introduced in Indian market.

"India water pumps market is projected to grow at a CAGR of around 12% during 2015-20. However, this growth is sluggish, given the past growth scenario, primarily due to decline in real estate market. Although, the impact of decline on future growth of water pumps market is only marginal, since recovery is projected in real estate construction sector. In addition, a slight decline is observed in the production of vacuum tower bottom products such as furnace oil and fuel oil. Moreover, despite fair performance of domestic market, imports of low cost Chinese pumps are increasing. Given this scenario India water pumps market is anticipated to grow at a marginally lower rate than growth during the past five years." said Mr.Karan Chechi, Research Director withTechSci Research, a research based global management consulting firm.

Read the Report Here

Source: PRNewsWire

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