The Thailand Water Pump Market, By Product Type (Centrifugal Water Pump and Monobloc Water Pump), By Pump Capacity (Small/Mini Pumps (Up to 3 HP, 3-5 HP) and Medium Size Pumps (5-10 HP, 10-15 HP, 15-20 HP, 20-30 HP)), By End-Use Application ( Industrial, Domestic and Agriculture) and By Region (Northern Thailand, North Eastern Thailand, Central & Eastern Thailand, Southern Thailand) Forecast to 2027”, is expected to be valued at US$ 37.0 million by 2027, exhibiting a CAGR of 6.2% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Water pumps are one of the most crucial devices used for various purposes. Over the years, water pump has evolved significantly with rising use in various sectors including commercial as well as residential. There are two major types of water pumps namely centrifugal pump and positive displacement pump. Centrifugal pumps are deployed for medium head and discharge. Water pumps are operated by different sources of energy including electric, fuel engines, or wind power. Although both water pumps are used to move water, centrifugal places use a rotating impeller to pressurize the discharge flow.
The Thailand water pump market was valued US$ 22.9 Mn in 2019 and expected to reach US 37.0 Mn by 2027.
Growing expansion of land under cereal production is expected to boost the Thailand Water Pump market growth over the forecast period
Thailand is categorized as an emerging country with a majority of population involved in the agriculture industry. Growth of domestic agriculture sector is linked with rising land under cereal production and arable land and also growing micro-irrigation in small farms. As a result of this, the demand for centrifugal pumps below 30HP has increased significantly. According to the International Monetary Fund (IMF) land under cereal production and arable land in Thailand increased by 1.5% to 168,593.7 hectares in 2014 as compared to that in 2013. Hence, these factors are expected to propel the Thailand water pump market growth in the near future.
High growth of construction industry and rising disposable income can provide excellent growth strategies
The construction industry in Thailand has witnessed massive growth in the recent past, with rising public as well as private infrastructure. Moreover, disposable income across Thailand is rapidly increasing with consumers spending a substantial amount on infrastructure. Market players can capitalize on these untapped opportunities and enhance their market potential.
Price sensitivity in Thailand is expected to hinder the Thailand water pump market growth over the forecast period
The presence of a large number of Chinese manufacturers in Thailand that are offering a low-priced centrifugal water pump is the major restraining factor. For instance, centrifugal water pumps sold by Chinese manufacturers cost 25% to 30% lesser than similar offerings from global and regional brands in Thailand. Thus, these factors are expected to hamper the Thailand water pump market growth in the near future.
Major companies in the market are focused on merger and acquisition activities, in order to enhance the market position and gain competitive advantage. Following acquisitions were recorded in 2013 including Xylem Inc. acquire PIMS Group, Dover Corporation acquired Finder Pompe S.r.l., DXP Enterprise acquired Alaska Pump and Supply, Inc. Furthermore, in 2014, Sulzer Ltd. acquired 75% of Saudi Pump Factory.
Thailand is a hub of Chinese players wherein they sell centrifugal water pumps at relatively lower prices. As a result of this, many global players in the market are focused on price differentiation, in order to target price-sensitive customers. Furthermore, this trend is expected to continue during the forecast period.
Key players operating in the Thailand water pump market are Grundfos, Venz Industrial Co., Ltd., Sulzer Ltd., Hung Pump Group, KSB AG, Nanfang Pump Industry Co. Ltd., Kirloskar Brothers Limited, Shanghai Kaiquan Pump Group Co Ltd, Flowserve Corporation, and Ebara Corporation.