Thailand Water Pump Market is Estimated to Witness High Growth Owing to Infrastructure Development and Government Initiatives
The Thailand water pump market is estimated to be valued at US$ 28.7 Mn in 2024, exhibiting a CAGR of 6.74% over the forecast period (2024-2031). Water pumps are widely used in various end-use industries such as agriculture, industrial, and residential sectors. Furthermore, rising development of industries such as food & beverages, chemicals, and pharmaceuticals have accelerated the demand for water pumps in Thailand.
Market Dynamics:
The Thailand water pump market is driven by factors such as infrastructure development activities and government support schemes for rural electrification. The Thai government has initiated several infrastructure projects in sectors such as roads, railways, airports, seaports, and telecommunications. For instance, the Eastern Economic Corridor (EEC) project aims to stimulate growth across industries by improving connectivity. It includes the development of smart cities and special economic zones. In addition, the government launched the Rural Electrification Policy and Master Plan to provide electricity access to all rural households by 2022. This will accelerate the installation of water pumps in farms and communities, thereby fueling the market growth over the coming years.
Growing Agriculture Sector Drives the Demand for Efficient Water Pumping Solutions
With agriculture being a major economic activity, efficient irrigation is crucial. The growing demand for food due to rising population is increasing pressure on farmers to boost agricultural yields. This is driving the need for advanced water pumping solutions that can ensure reliable and cost-effective irrigation of farmlands. Various electric and diesel-powered pumps are being increasingly adopted to pump water from underground aquifers or nearby water bodies to irrigate crops. Leading pump manufacturers are focusing on developing energy-efficient and high-performance pumps tailored to Thailand's agricultural requirements.
Increasing Construction Activity Boosts the Demand for Dewatering Pumps
Along with a steady growth in agriculture, Thailand's construction industry has also been expanding in recent years. Various infrastructure projects relating to road, rail, and building construction are ongoing across the country. This is driving the demand for dewatering pumps that can remove unwanted water from construction sites. Portable diesel powered pumps are commonly used at construction projects to drain water accumulated during excavation or monsoon periods. With the government ramping up infrastructure spending to boost economic growth, the construction sector is expected to remain a key driver of sales for dewatering pumps in Thailand over the coming years.
High Energy Costs Restrain Pump Adoption in Some Sectors
Despite strong demand drivers, pumps requiring high energy inputs like centrifugal pumps face challenges due to relatively high electricity tariffs in Thailand compared to other Southeast Asian nations. This acts as a restraint for pump usage in some sectors that have lower profit margins. Industries like food processing, beverage, textiles, etc. prefer low-energy pumps for cost-saving purposes. Manufacturers are responding by developing innovative pump designs that optimize efficiency while reducing energy consumption. Wider promotion of renewable energy-based pumping solutions can also help address the energy cost issue over the long run.
Fluctuating Agricultural Output Affects Irrigation Investments
Unpredictable weather patterns and occasional flooding have led to fluctuating agricultural output in Thailand in the past decade. This introduces an element of uncertainty for farmers planning long-term irrigation investments involving pump installations. Periods of low crop yields discourage pumping equipment purchases despite their benefits. Government support through subsidies and insurance schemes could help boost farmer confidence for adopting better water management technologies. This will, in turn, promote a steady demand stream for agricultural pumps.
Growing Focus on Water Recycling Opens New Market Avenues
With growing industrialization and urbanization placing increasing pressure on water resources, Thailand is focusing more on water conservation and recycling. Both public and private sectors are undertaking initiatives to reuse treated wastewater for various non-potable applications such as landscaping, cooling, and industrial processes. This opens up opportunities for pump manufacturers to supply filtration, transfer and circulation pumps suitable for recycled water distribution networks. Offering customized solutions catering to non-conventional water usage can help players tap new market segments.
Rising Adoption of Solar Pumps Indicates Strong Renewables Potential
Combining pumps with solar power is gaining traction in Thailand as a reliable and sustainable pumping solution. Installation of solar water pumps for household and irrigation use is being supported through various government schemes. Leading global pump brands have also started marketing solar-ready models. With ample solar radiation availability throughout the year, the renewable energy driven pump segment is seen having strong growth prospects. Major players are anticipated to invest more in their solar product portfolio to take advantage of this green market avenue.
Link - https://www.coherentmarketinsights.com/market-insight/thailand-water-pump-market-3827
Key Developments:
- In January 2024, Wilo SE, a prominent European manufacturer of pumps and pump systems for the building technology, water, and industrial sectors, merged with a technology firm to create innovative solutions for wastewater treatment. This strategic partnership aims to enhance Wilo SE's capabilities in delivering advanced wastewater management technologies, thereby reinforcing its position in the water and industrial sectors. By leveraging the expertise of the newly integrated firm, Wilo SE intends to boost the efficiency and sustainability of wastewater treatment processes, aligning with its commitment to providing intelligent and eco-friendly solutions for customers globally.
- In August 2023, KSB SE & Co. KGaA, a prominent global manufacturer of pumps and valves, introduced a new line of advanced smart pumps equipped with Internet of Things (IoT) capabilities to improve monitoring and performance. These innovative pumps are engineered to gather real-time data on multiple performance indicators, optimizing operational efficiency and facilitating proactive maintenance. By harnessing IoT technology, KSB aims to assist users in optimizing their water management practices, thereby promoting more sustainable and efficient industrial operations. This product launch underscores KSB's dedication to incorporating state-of-the-art technology into its offerings, keeping pace with the growing demand for intelligent solutions in the pumping industry.
- In April 2023, EBARA CORPORATION, a leading global manufacturer of pumps, compressors, and turbines, acquired a regional pump manufacturer to enhance its market presence. This strategic acquisition is in line with EBARA's medium-term management plan, "E-Plan 2025," which focuses on developing new markets globally by introducing high value-added products. By integrating the expertise and customer base of the acquired company, EBARA aims to broaden its footprint in the pump market and deliver innovative solutions to a larger customer base worldwide.
- In September 2022, Pentair plc, a global leader in water treatment and sustainable solutions, expanded its manufacturing facility in Thailand to boost production capacity. This expansion is intended to address the growing demand for innovative water solutions in the region. By enhancing its manufacturing capabilities, Pentair plc aims to increase operational efficiency and better serve its customers with advanced products, reinforcing its commitment to sustainability and water conservation efforts on a global scale.
Key Player:
Grundfos Holdings A/S, KSB SE & Co. KGaA, Xylem Inc., Pentair plc, Ebara Corporation, Wilo SE, Weir Group PLC, Torishima Pump Mfg. Co., Ltd., Tsurumi Manufacturing Co., Ltd., Cat Pumps, Inc., Zoeller Company, Franklin Electric Co., Inc., FLYGT (Xylem Inc.), ITT Goulds Pumps, and Honda Power Equipment
