India Submersible Water Pumps Market Set to Reach CAGR Growth Report
Declining groundwater level, rising demand for water along with rapid industrialization to drive India submersible water pumps market through 2024
According to TechSci Research report, “India Submersible Water Pumps Market By Type, By Mode of Operation, By End Use, Competition, Forecast & Opportunities, 2024’’, India submersible water pumps market is forecast to surpass $ 1 billion by 2024, on the back of increasing demand for water supply, declining groundwater levels and growing infrastructure sector in the country. Moreover, the government of India has introduced policies such as ‘Saur Sujal Yojna’ and ‘KUSUM Yojna’ to improve agriculture sector of the country, which is further anticipated to push demand for submersible water pumps in India. India aims to increase its renewable energy capacity to 227GW by 2022, which is expected to augur well with the energy efficient pumps market in the country. Additionally, increasing investments in rural development programmes and electrification schemes launched by the government in irrigation sector are positively influencing India submersible water pumps market.
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On the basis of type, submersible water pumps market is majorly segmented into openwell, borewell and non-clog. Borewell pumps dominates India submersible water pumps market and the segment is anticipated to maintain its dominance during forecast period as well owing to their low operational cost and availability of a wide product range in the market. However, non-clog pump segment anticipated to be the fastest growing segment due to their increasing use in the municipal sector. Among applications, agriculture sector is the largest demand generator of submersible water pumps on account of continuous growth in agriculture production in the country.
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“Rising government investments and initiatives to strengthen the industrial sector, coupled with growing product innovation and technology advancements by pump manufacturers are expected to positively influence the submersible water pumps market in India during forecast period. Additionally, government initiatives such as Ganga Rejuvenation Scheme and Amrut Yojna would further drive the demand for submersible water pumps in India over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Submersible Water Pumps Market By Type, By Mode of Operation, By End Use, Competition, Forecast & Opportunities, 2024’’ has evaluated the future growth potential of India submersible water pumps market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India submersible water pumps market.
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