BURNABY, Canada, March 16, 2015 /PRNewswire/ --
Escalation in urbanization and industrialization, in conjunction with depleting groundwater, set to drive India water pumps market over the next five years.
According to a recently published report by TechSci Research, "India Water Pumps Market Forecast & Opportunities,2020", the market for water pumps in India is 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 with TechSci Research, a research based global management consulting firm.
"India Water Pumps Market Forecast & Opportunities, 2020" has evaluated the future growth potential of India water pumps market and provides statistics and information on market structure, industry behavior, trends and trade dynamics. The report includes water pumps market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities existing in water pumps market in India.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research