The population of India, which is already the second-highest in the world, rose to 1.36 billion in 2019 from 1.35 billion in 2018, and it will further increase to 1.7 billion by 2050, says the United Nations (UN). This is putting immense pressure on the agrarian community to feed the rising number of mouths, which hasn’t been easy considering the rapid urbanization taking place in the country. As cities are growing and rural lands are transforming into urban zones, farmlands are giving way to buildings and roads.
Additionally, for a long time, most of the farmers in India have depended on seasonal rains, but with time, irrigation is being practiced to grow crops round the year. As a result of all these factors, the market for Indian single-cylinder pumpset is forecast by P&S Intelligence to grow from $1,126.8 million in 2019 to $1,834.3 million by 2030, at a 5.3% CAGR between 2020 and 2030. Pumps are an important tool to draw water from underground sources and irrigation canals and route them to fields.
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Apart from agriculture, pumpsets are used in many sectors, such as water & wastewater management, oil & gas, power generation, and metal & mining. All these sectors are growing on account of the government support in the form of the allowance for foreign involvement, policy framework, and direct and indirect investment. For instance, 100% foreign direct investment is now allowed in oil & gas upstream (exploration & production) and downstream (refining) operations.
Moreover, under the Make in India initiative, the government hopes to transform the country into a global manufacturing hub. Thus, as industries grow, so will the demand for single-cylinder pumpsets, both during the construction of the facilities, as well as once they are functional. Water is required in almost all industries, which reflects a rapidly rising demand for pumpsets in the future. As a downside, industrialization leads to the discharge of massive volumes of effluents into waterbodies.
Hence, with the demand for agricultural products rising in India, the sale of single-cylinder pumpsets will grow too.
Read More: https://www.psmarketresearch.com/market-analysis/india-single-cylinder-pumpset-market-outlook
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