The Thailand water pump market comprises various product types including submersible pumps, self-priming pumps, vortex pumps, and centrifugal pumps which find applications in agriculture, domestic, and industrial sectors. Water pumps help in transferring water efficiently over long distances and varying heights. The agricultural sector accounts for the largest share of water pump usage in Thailand owing to the significant dependence on irrigation. Thailand has a tropical climate and is one of the world's largest rice exporters which has propelled the need for stable water supply in farms throughout the year.
The Thailand Water Pump Market is estimated to be valued at US$ 28.7 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Thailand water pump market are Grundfos, KSB SE & Co. KGaA, Franklin Electric, WILO SE, Xylem Inc., Ebara Corporation, Sulzer Ltd., Flowserve Corporation and Baker Hughes Company.
The agricultural sector in Thailand accounts for over 40% of the country's GDP and nearly 70% employment, giving rise to growing demand for efficient irrigation systems. Furthermore, the government has implemented several projects and schemes to enhance water management which is augmenting sales of water pumps.
The Thailand Water Pumps Market Growth is witnessing increased expansion into rural areas through partnerships with distributors and dealers. Leading players are focusing on developing innovative IoT-enabled pumps to cater to smart irrigation needs and expand their footprint in international markets through partnerships with local players.
Market Drivers
One of the key drivers for the Thailand water pump market is the strong growth of the agricultural sector. Thailand is the world's largest exporter of rice and ranks among the top producers of cassava, rubber, and maize. In order to ensure reliable irrigation and increase crop yields, farmers are increasingly adopting sophisticated water pumps. Furthermore, initiatives by the government to promote precision agriculture through modernization of irrigation infrastructure have also propelled market growth.
The current geopolitical situation is impacting the growth of the Thailand Water Pump Market. With rising economic and political tensions between major global powers, international trade and cooperation has become more complex. This threatens to disrupt supply chains and access to important raw materials for the water pump industry. Manufacturers in Thailand will need to diversify their sourcing strategies and look towards developing stronger domestic and regional partnerships to insulate themselves from potential trade conflicts or sanctions. Greater self-reliance through local production of key components can help insulate the market from political uncertainty overseas. At the same time, exploring bilateral trade deals with neighboring ASEAN countries can open new opportunities for growth.
Currently, the central region of Thailand accounts for the largest share of the water pump market in terms of value. Major urban centers like Bangkok, Nakhon Ratchasima and Nonthaburi have seen rapid industrialization and infrastructure development which drives significant demand for water pumps from various end-use industries located in these areas. The agricultural sector, which is concentrated in the central plains, also contributes to pump requirements for irrigation. However, the northern region is poised to be the fastest growing market for water pumps during the forecast period. Ongoing government initiatives to boost agricultural productivity and encourage industrial investments in provinces like Chiang Mai, Lampang and Phitsanulok are expanding the pump infrastructure in this region. Rising incomes and growing population in northern Thailand will further support the market growth.
The southern region of Thailand has been experiencing increased investments in tourism-led development activities along its coastline in provinces like Phuket, Krabi and Surat Thani. This has led to higher demand for water pumps from the construction, hospitality and real estate industries catering to the booming tourism sector. As the government continues prioritizing the blue economy, industries like aquaculture, fishing and port facilities are evolving in the south. Sustained investments to improve water management in support of these industries will drive steady opportunities for water pump suppliers over the forecast period.
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