New York, Sept. 4, 2015 (GLOBE NEWSWIRE) -- Persistence Market Research (PMR) in its recent report titled, "Thailand Market Study on Water Pump", projects that the Thailand water pump market is expected to grow at a healthy CAGR of 6.3% during the forecast period.
In terms of revenue, the Thailand water pump market accounted for US$16.7 Million in 2014 and is projected to reach US$25.6 Million by 2021.Factors fuelling the market include low manufacturing costs, expansion of water supply network, massive urbanization and industrialization, increasing arable land and land under cereal production. Thailand is an agriculture-driven country. Growth in the agricultural sector, linked with increasing arable land and land under cereal production is leading to growing trend of micro irrigation in small farms, which is projected to increase deployment of centrifugal water pumps.
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Similarly, the country is undergoing rapid economic growth and industrialization and is also poised to emerge as a substantial market. It plays a crucial role as its one of the manufacturing hubs for water pumps. Deployment of monobloc pumps is increasing due to the growing trend of family farming, which is carried out on small agricultural plots and requires low HP centrifugal pump for micro irrigation. Pumps for domestic and agriculture application offer minimal product differentiation in terms of cost and quality. Similar buyer trends apply to both end-user segments.
On the basis of pump type, the submersible water pump segment is estimated to be the most dominant segment, with 63.5% of the overall Thailand water pump market share in 2015, followed by monobloc water pump segment with 36.5%share. Growth of the monobloc water pumps segment over the forecast period is expected to be driven by increasing demand for application in agro-industrial and food production purposes.
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As of 2014, Thailand is among the world's top ten countries in terms of water consumption for agro-industrial and food production. Central & Eastern Thailand region was the largest market in terms of revenue contribution, accounting for 30.2% of the overall Thailand water pump market in 2014. The Bangkok area is one of the most prosperous parts of Central & Eastern Thailand and is a dominant contributor to the national economy, with the infertile Northeast being the poorest in similar terms. Southern Thailand market is projected to lose 80 BPS during the forecast period. The region is part of a narrow peninsula, with a distinctive climate and terrain. Its economy is based on rice cultivation and rubber production. Mountainous terrain and absence of large rivers are conspicuous features of this region.
By end-use application, the agriculture segment is projected to continue its dominance throughout the forecast period. Agriculture application segment is expected to gain 40 BPS during the forecast period as a major portion of the country's GDP is generated from agricultural activities. However, the industrial segment is forecasted to register the highest CAGR by 2021.Growth of the market in East Asia is mainly driven by increased adoption of water pumps in power plants, for development of new infrastructure, in heavy industry, municipal wastewater treatment plants, irrigation and drinking water facilities.
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Key players in the Thailand water pump market include Grundfos, KSB AG, Kirloskar Brothers Limited, Ebara Corporation. Global players like Grundfos, Sulzer Ltd, Flowserve Corporation focus on research and development initiatives to introduce innovative products to attain sustainable advantages over the competition. In addition, these players also focus on expanding their regional presence through mergers and acquisitions.
Water pump manufacturers in Thailand usually sell their products via distributors, who account for approximately 80% sales share as compared to 20% share via direct sales. Global and regional players in Thailand water pump market focus on entering into long-term tie-ups with engineering, procurement, and construction (EPC) companies and distributors. Chinese players have tie-ups with retailers to enhance customer reach.
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Source:Persistence Market Research