The rising population, which is creating a strong pressure on the agriculture sector, and strong government support for the industrial sector are the major factors promoting the growth of the Indian single-cylinder pumpset market. As a result, the industry is expected to generate $223.5 million revenue by 2030, demonstrating a CAGR of 9.3% during the forecast period (2020–2030).
The coronavirus pandemic has had an adverse impact on the Indian single-cylinder pumpset market, on account of the shutting down of industrial facilities. Additionally, distributors and suppliers of pumpsets with single cylinders are facing difficulties with a rise in transportation costs, owing to the increasing fuel cost, along with the shortage of manpower, thereby leading to financial losses.
Below-5 HP Pumpsets To Witness Highest Demand throughout Forecast Period
On the basis of power rating, the Indian single-cylinder pumpset market is classified into below 5 HP, 5.1 HP–10 HP, and 10.1 HP–15 HP single-cylinder pumpsets. Among these, the below 5 HP category is expected to lead the market in the coming years, on account of the increasing adoption of these pumpsets in the agricultural sector for irrigation and livestock watering purposes. Additionally, below-5 HP pumpsets are less costly in comparison to higher-power-rating variants, which is why they witness a higher adoption.
Further, on the basis of fuel type, the Indian single-cylinder pumpset market is bifurcated into diesel and gasoline. Diesel pumpsets are expected to witness the higher demand throughout the forecast period, primarily due to the lower cost of the fuel, along with their higher fuel efficiency. Additionally, diesel has a longer shelf life than gasoline, which makes it the preferred fuel for single-cylinder pumpsets. Owing to such factors, diesel-fueled single-cylinder pumpsets are expected to witness the higher demand throughout the forecast period.
Geographically, the Indian single-cylinder pumpset market in Punjab & Haryana is expected to witness the fastest growth, majorly on account of the increasing agricultural activities in the states, along with a vast availability of unused arable land suitable for cultivation, which can be put to use to meet the rising food demand. With the boom in the population of India, the usage of pumpsets on unused arable land is expected to increase for crop production.
Kirloskar Oil Engines Ltd. Is Leading Player in Market
The Indian single-cylinder pumpset market consists of several players, among which Kirloskar Oil Engines Ltd. ranks as the leading player, primarily on account of its vast presence through a well-established distribution network across the country.
Kirloskar Oil Engines Ltd., Neptune Fairdeal Products Pvt. Ltd., Basant Products (India) Ltd., Apan (India) Exports, Bharat Industries, Gujarat Forgings Pvt. Ltd., Mittal Diesel, Prem Engineering Pvt. Ltd., Kissan Iron Works, and Usha International Ltd. some of the leading players operating in the Indian single-cylinder pumpset market.