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 single-cylinder pumpset market in Indian 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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Since it is not always practical to have an electricity connection in the middle of the farm, pumps connected to an engine are widely used in the nation. Apart from feeding itself, India is also looking forward to augmenting its agricultural exports. The Agricultural Export Policy of the Ministry of Commerce and Industry envisions exporting agricultural products worth $60 billion by 2022. This is creating the requirement for additional land fit for cultivation, which is why pumpset sales are increasing in the country; water being one of the most-important resources for agriculture.
Engines fueled by diesel are more popular in the Indian single-cylinder pumpset market than those running on petrol (gasoline). Diesel engines are not only more fuel-efficient than gasoline engines, but diesel is also itself cheaper than gasoline. This brings down the overall operating cost of the pumpset, which is a boon for India, where most of the farmers do not have high incomes. With the decreasing farming area per person, farmers have less land to grow on, thus, less produce to sell, which is why cost-saving in any form possible is only going to help them.
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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