Thailand's Water Pumps Market to Register Healthy Growth due to High Demand from Agriculture Sector
Published On : Sep 18, 2015
The rising demand for water pumps can be considered an outcome of rapid urbanization, industrialization, and the worsening condition of water management across the globe. Scarcity of drinking water is one of the most pressing issues faced by many countries across the globe. Since governments from across the globe are increasingly focusing on the implementation of rules and regulations regarding the reuse and recycling of water used in numerous industries as a way to tackle the issue of water shortage, the demand for water pumps market has increased significantly in the last couple of years.
Water pumps are one of the most important machines used across industries and households. The market for water pumps in the South Asian country Thailand has significantly expanded in the past few years. Factors such as low manufacturing costs, rising area of arable land and land under cereal production, and massive industrialization and urbanization have allowed the Thailand market to achieve a flourishing growth in the past few years. The market was valued at US$16.7 mn in 2014. Expanding at a 6.3% CAGR between 2015 and 2021, the market is expected to rise to US$25.6 mn by 2021.
Positive growth prospects and highly competitive nature of the water pumps market in the South Asian country, mainly due to the low manufacturing costs, is expected to give a good boost to the Thailand market for water pumps in the coming years. Competitive production prices in Thailand will help the global water pumps market thrive in two ways: firstly, the scenario will prompt global manufacturers in setting up facilities in the region and secondly, local manufacturers will gain better development opportunities and make the market more sophisticated.
Submersible Pumps Dominate the Market
Two main types of water pumps in the Thailand market are monobloc pumps and submersible pumps. Of these, the market segment of submersible pumps accounts for nearly 63% of the market in the current scenario; monobloc pumps account for the rest of the market’s demands. However, the demand for monobloc pumps is expected to gain momentum in the coming years owing to their rising demand in various applications in the agro-industrial and food production sectors.
Applications in Agriculture Sector Provides Market its Major Share of Revenues
Thailand’s agriculture sector is the backbone of its economy since it generates the major portion of the country’s GDP. As such, it is a major driver of many industries, including the water pumps industry. Currently, the agriculture sector is the largest consumer of Thailand’s water pumps market. This end-use segment of the Thailand water pump market is also expected to remain the dominant market segment over the next few years.
Demand for water pumps from the industrial sector, however, is expected to grow at the fastest pace over the coming years. Other end-use segments expected to generate substantial revenues for the water pumps market of the country include power plants, heavy industries, drinking water facilities, and municipal wastewater treatment plants.
Key Players in Thailand’s Water Pumps Market
Some of the key businesses in Thailand’s water pumps market include Kirloskar Brothers Limited, KSB AG, Ebara Corporation, and Grundfos. Some global players such as Flowserve Corporation, Sulzer Ltd. and Grundfos are also active in the Thailand water pumps market.
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