Report Overview

Increasing demand from the irrigation and growing favorable government policies for the adoption of modern agricultural equipment are projected to propel the expansion of Vietnam agricultural pumps market during forecast period between 2023 and 2029

Vietnam Agricultural Pumps Market - Industry Trends & Forecast Report, 2029

Vietnam agricultural pumps market size was estimated at USD 73.5 million in 2022. During the forecast period between 2023 and 2029, the size of Vietnam agricultural pumps market is projected to grow at CAGR of 8.4% reaching a value of USD 129.27 million by 2029. Major growth drivers for Vietnam agricultural pumps market include the growing Vietnam population have boosted demand for agricultural products. The Vietnamese government has steadily expanded its investment in infrastructure, irrigation, and wastewater treatment in response to increased water demand, as evidenced by increased water use from 2016 to 2018. Likewise, the rapid urbanization has increased the usage of technologically complex equipment in farms. This includes the usage of smart pumps and agricultural pumps, which has resulted in the market's rapid rise. In many cases, farmers are unaware of how a specific piece of equipment works. This misunderstanding could be a stumbling block for the Vietnam agricultural pumps market. Also, there has been an increase in the usage of clean energy, such as solar energy, to power farming water pumps. Many of them make use of IoT and are GSM-based solar pumps. Hence, such aspects are expected to fuel the expansion of the overall market during the period in analysis.

Vietnam Agricultural Pumps Market – Overview

Agricultural pumps are mechanical devices that employ a proper pressure head to move material from one point to another. They are utilized to suit the needs of farmers while maintaining higher agricultural yield. They are also commonly utilized for irrigation of agricultural crops that demand water. Rising farmer demand, which consequently boosts demand for high-quality agricultural pumps, is a key element driving the agricultural pump market's growth. Furthermore, due to limited supply of electricity and the use of diesel-powered generators, as well as greater utilization of renewable energy centrifugal pumps, which can lower pump operation costs to zero, are important factors supporting the growth of the agricultural pump industry.

Vietnam Agricultural Pumps Market

Growth Drivers

Increasing Adoption of Technology Advancements

Traditional farming techniques have gradually given way to smart farming techniques. The rising food demand and rising labor expenses are the primary factors driving up market demand for agricultural pumps. The introduction of modern machinery has not only reduced farmers' effort but has also resulted in a reduction in total time consumed. The usage of innovative technology, such as agricultural pumps, has raised the market need for agricultural pumps.

Restraints

High Initial Cost

Regardless of the numerous benefits of agricultural smart pumps, there are a few critical concerns that may impede the overall development of the agricultural pumps business. Raw material scarcity is a common issue for many pump makers. The lack of enough spare parts for these modern agricultural pumps is a significant limitation on the agricultural pump business. Furthermore, the lack of after-sales services for these pumps, as well as the exorbitant prices, are factors limiting market penetration.

Impact of COVID-19 on Vietnam Agricultural Pumps Market

COVID-19 had a detrimental impact on the Vietnam agricultural pumps market. These pumps are mostly used to pump water (through revolving impellers) in industrial and residential structures. They are also widely utilized in agriculture, municipal water and wastewater treatment plants, electricity production plants, petroleum, and chemical industries, among others. The pumps have various advantages, including ease of operation, consistent delivery, the option to be installed horizontally or vertically, and low maintenance costs. The demand for these products has been temporarily restricted in recent months as a result of business closures around the world. However, demand for centrifugal pumps is expected to rebound.

Vietnam Agricultural Pumps Market

Segmental Coverage

Vietnam Agricultural Pumps Market – By Type

By type, Vietnam agricultural pumps market is bifurcated into Rotodynamic Pumps and Positive Displacement Pumps segments. The positive displacement pumps segment is expected to hold a higher market share, because of increasing investments and efforts to promote and employ these pumps, as well as positive pressure displacement pumps' attributes such as improved control and high efficiency. These pumps generate high pressure while operating at low pressures. Also, positive displacement pumps segment is further sub-divided into rotary pumps and reciprocating pumps.

Vietnam Agricultural Pumps Market – By Power Source

Based on power source, Vietnam agricultural pumps market is divided into Electricity Grid-Connection, Diesel/Petrol, and Solar segments.

Vietnam Agricultural Pumps Market – By End Use

Based on end use, Vietnam agricultural pumps market is split into Irrigation and Livestock Watering segments. The irrigation segment held a higher market share in 2022. The vast majority of the property has been purchased for irrigation purposes. The significant market revenue creation is due to the constant need for agricultural pumps for basic farming practices, as well as the ever-increasing population and resulting growth in food consumption.

Vietnam Agricultural Pumps Market – By Power Range

Based on power range, Vietnam agricultural pumps market is divided into 0.5–3 HP, 4–15 HP, 16–30 HP, 31–40 HP, and >40 HP. The 4–15 HP segment is expected to hold the highest market share. Pumps in this horsepower class can withstand voltage changes ranging from 300 to 440 volts. This market will grow at a rapid pace due to its widespread use in small and medium-sized quantities, which are often used to take water from lakes and reservoirs. Because most agricultural land is fragmented, pumps in this price range are appropriate because they are cost-effective.

Competitive Landscape

Major companies operating in Vietnam agricultural pumps market include Grundfos Vietnam Co., Ltd., KSB Vietnam Co., Ltd., EBARA Vietnam Pump Company Limited, WILO Vietnam Co. Ltd, Hai Duong Pump Manufacturing Joint Stock Company, Intech Pumps, Tsurumi Pump Viet Nam Co., Ltd., Iwaki Pumps Vietnam, Sai Gon Industrial Service, and Xylem Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Type

• Rotodynamic Pumps

• Positive Displacement Pumps

Power Source

• Electricity Grid-Connection

• Diesel/Petrol

• Solar

By End Use

• Irrigation

• Livestock Watering

By Power Range

• 0.5–3 HP

• 4–15 HP

• 16–30 HP

• 31–40 HP

• >40 HP