Vietnam Agricultural Pumps Market Size Set to Reach USD 129.3 Million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam agricultural pumps market size at USD 73.5 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Vietnam agricultural pumps market size to grow at a significant CAGR of 8.4% reaching a value of USD 129.27 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Vietnam agricultural pumps market size at USD 73.5 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Vietnam agricultural pumps market size to grow at a significant CAGR of 8.4% reaching a value of USD 129.27 million by 2029. Major growth factors of Vietnam agricultural pumps market include the growing Vietnam population have boosted demand for agricultural products. The Vietnamese government has steadily expanded its investment in infrastructure, irrigation, and wastewater treatment in response to increased water demand, as evidenced by increased water use from 2016 to 2018. Likewise, the rapid urbanization has increased the usage of technologically complex equipment in farms. This includes the usage of smart pumps and agricultural pumps, which has resulted in the market's rapid rise. In many cases, farmers are unaware of how a specific piece of equipment works. This misunderstanding could be an obstacle for the Vietnam agricultural pumps market. Also, there has been an increase in the usage of clean energy, such as solar energy, to power farming water pumps. Many of them make use of IoT and are GSM-based solar pumps. Hence, such aspects are expected to fuel the expansion of the overall market during the period in analysis. However, high costs associated with the installation and maintenance of pump systems are anticipated to restrain the overall market growth.
Vietnam Agricultural Pumps Market – Overview
Agricultural pumps are mechanical devices that employ a proper pressure head to move material from one point to another. They are utilized to suit the needs of farmers while maintaining higher agricultural yield. They are also commonly utilized for irrigation of agricultural crops that demand water. Rising farmer demand, which consequently boosts demand for high-quality agricultural pumps, is a key element driving the agricultural pump market's growth. Furthermore, due to limited supply of electricity and the use of diesel-powered generators, as well as greater utilization of renewable energy centrifugal pumps, which can lower pump operation costs to zero, are key factors supporting the growth of the agricultural pump industry.
Impact of COVID-19 on Vietnam Agricultural Pumps Market
COVID-19 had a detrimental impact on the Vietnam agricultural pumps market. These pumps are mostly used to pump water (through revolving impellers) in industrial and residential structures. They are also widely utilized in agriculture, municipal water and wastewater treatment plants, electricity production plants, petroleum, and chemical industries, among others. The pumps have various advantages, including ease of operation, consistent delivery, the option to be installed horizontally or vertically, and low maintenance costs. The demand for these products has been temporarily restricted in recent months as a result of business closures around the world. However, demand for centrifugal pumps is expected to rebound.
Vietnam Agricultural Pumps Market – By Power Range
Based on power range, Vietnam agricultural pumps market is divided into 0.5–3 HP, 4–15 HP, 16–30 HP, 31–40 HP, and >40 HP. The 4–15 HP segment is expected to hold the highest market share. Pumps in this horsepower class can withstand voltage changes ranging from 300 to 440 volts. This market will grow at a rapid pace due to its widespread use in small and medium-sized quantities, which are often used to take water from lakes and reservoirs. Because most agricultural land is fragmented, pumps in this price range are appropriate because they are cost-effective.
Major players operating in Vietnam agricultural pumps market include Grundfos Vietnam Co., Ltd., KSB Vietnam Co., Ltd., EBARA Vietnam Pump Company Limited, WILO Vietnam Co. Ltd, Hai Duong Pump Manufacturing Joint Stock Company, Intech Pumps, Tsurumi Pump Viet Nam Co., Ltd., Iwaki Pumps Vietnam, Sai Gon Industrial Service, and Xylem Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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