The Global Latin America Irrigation Water Pumpss Market is projected to grow at a CAGR of around 3.06% during the forecast period, i.e., 2022-27. This detailed analysis offers valuable insights into the key growth drivers, geographical dynamics, and emerging trends that are poised to shape the market's trajectory in the coming years.
The major factor attributed to the growth of the market has been rising food security concerns in the countries such as Brazil, Colombia, Chile, Peru, etc. This, in turn, uplifted the production of crops in the region, thus positively impacting the demand for irrigation water pumps. The increasing population, improper irrigation facilities, uncertainty of rain, depleting groundwater table, etc., are some of the prominent challenges faced by farmers, which has caught-up the attention of the regional governments to invest massively in the agricultural sector. For instance:
In 2021, the Mexican government announced investments of nearly USD374 million for the construction of five dam projects in the states of Sinaloa, Nuevo Leon, Jalisco, and Durango.
Under this project, the water stored in dams would be further used for the irrigation of farmlands in Mexico. In parallel to this, in 2019, the government of Colombia announced the “National Irrigation Plan 2022,” with an investment of around USD2.87 billion, owing to producing a healthy yield of crops such as coffee, rice, corn, etc. Hence, the rising propensity of the regional governments towards the health yield of crops as well as for food security concerns is expected to boost the demand for irrigation water pumps in the forecast years.
Moreover, the rising exports of agricultural yields, such as grapes, apples, and coffee from the countries like Brazil, Colombia, Argentina, etc., are necessitating the requirements for irrigation water pumps to produce a healthy yield. Some of the prominent importers of these crops from Latin America are the US, Germany, France, etc. Thus, the growing production of fruit crops in the region is estimated to support the growth of irrigation water pumps in the region during the forthcoming period.
Exploring the Market Dynamics: What’s Driving the Growth of Latin America Irrigation Water Pumps Market?
Growing Development of Commercial Spaces: In Latin America, the construction of commercial buildings, such as airports, railway stations, etc., has been gradually increasing. This is due to the growing domestic as well as business tourism in countries like Brazil, Mexico, etc. Therefore, the ongoing construction as well as the proposed construction projects for airports, railway stations, etc., would increase the installation of fire pumps in the forthcoming years.
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Key Takeaways from the Market Study:
- Historical Data: 2017-20
- Base Year: 2021
- Forecast Period: 2022-27
- CAGR (2022-2027): 3.06%
- Key Players to Watch: Grundfos, Xylem, KSB, Franklin, CRI Pumps, Torishima Pump Mfg. Co., Ltd., Ruhrpumpen, Dorot, Ingersoll Rand, Ebara, Zoeller Pump Company, Others are expected to play a pivotal role in driving market growth through strategic investments, partnerships, and innovation.
Market Segmentation of Latin America Irrigation Water Pumps Industry
The Latin America Irrigation Water Pumps market is segmented as follows:
- By Type
- Submersible Pump
- Surface Pumps
- Others
- By Application
- Pressure Increase
- Water Transfer
- Retention Lagoons
- Others
According to report, the rechargeable segment holds a larger share of the Global Latin America Irrigation Water Pumps Market mainly due to their lower costs.
According to reports, offline retail holds the largest market share.
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Latin America Irrigation Water Pumps Market Geographical Analysis
Mexico
Brazil
Argentina
Colombia
Chile
Peru
Rest of Latin America
According to reports, Latin America holds a prominent share of the Latin America Irrigation Water Pumps Market
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