December 15, 2021 04:48 ET | Source: Research and Markets Research and Markets
Dublin, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The "India Electric Water Pump Market (2020-2026): Market Forecast by Types, by Operation, by Regions and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The Indian Electric Water Pump Market witnessed moderate growth during the period 2016-2019 underpinned by rapid growth in the residential & commercial sector. This was owing to the ongoing urbanization of multiple cities in India, along with rising demand from agriculture as a result of the agricultural initiatives taken by the Government to strengthen the irrigation infrastructure in rural parts of the country.
The rising construction of water/sewage treatment plants is another major factor driving the growth of the electric water pump market in India. Despite the decline in market revenues during 2020 as a result of the COVID-19 pandemic, recovery is expected in market revenues post-2020, with the gradual opening of economic activities and restart of construction projects.
The Indian Electric Water Pump Market size is projected to grow at a CAGR of 4.6% during 2020-2026. The major demand generating sector for electric water pumps in India has been the agriculture and construction sector that comprises both real estate and urban development.
Rising government concern for rural electrification and strengthening irrigation infrastructure would bode well for the electric water pumps market in India over the coming years. Increasing investments in the urban infrastructure with an aim to develop several smart cities, along with several upcoming projects for treating wastewater and sewage would further propel the demand for electric water pumps during the forecast period.
Based on Types, the agricultural sector has captured the majority of the market revenue share in 2019, and the segment is expected to dominate the overall market in the forecast period as well since the water supply is the foremost requirement in the agriculture domain for producing water-intensive crops.
The residential and commercial sector is anticipated to generate huge demand for electric water pumps in terms of volume across the country in the forthcoming period on the back of multiple construction projects in the implementation and conceptualization stage such as the industrial park project in Orissa, textile park project in Uttar Pradesh, Mahindra industrial park project in Gujarat and several other such projects.
Key Attractiveness of the Report:
The report provides a detailed analysis of the following market segments:
Residential and Commercial, By Type:
For more information about this report visit https://www.researchandmarkets.com/r/iqnxxp
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