Latin America Irrigation Water Pumps Market Research Report: Forecast (2022-2027)

Market Definition

Machines are primarily used for the to & fro movement of things during irrigation. Irrigation pumps are used to pump water from a lower to a higher level, where it then streams through channels to the areas that support irrigation or to elevate it to the required pressure head so that it can be splashed on the fields via pipelines (sprinkling). These are either mechanical, electrical, or pneumatic pumps.

Latin America has a very prominent agriculture sector and is also one of the main revenue-generating sectors for many economies in the region, such as Chile, Peru, and Mexico, amongst many others, which have been the primary reason for the continuous demand for irrigation water pumps across the region.

Market Insights

The Latin America Irrigation Water Pumps Market is projected to grow at a CAGR of 3.06% during the forecast period, 2022-27. The major factor attributed to the growth of the market has been rising food security concerns in the countries such as Brazil, Colombia, Chile, Peru, etc. This, in turn, uplifted the production of crops in the region, thus positively impacting the demand for irrigation water pumps. The increasing population, improper irrigation facilities, uncertainty of rain, depleting groundwater table, etc., are some of the prominent challenges faced by farmers, which has caught-up the attention of the regional governments to invest massively in the agricultural sector. For instance:

• In 2021, the Mexican government announced investments of nearly USD374 million for the construction of five dam projects in the states of Sinaloa, Nuevo Leon, Jalisco, and Durango.

Under this project, the water stored in dams would be further used for the irrigation of farmlands in Mexico. In parallel to this, in 2019, the government of Colombia announced the “National Irrigation Plan 2022,” with an investment of around USD2.87 billion, owing to producing a healthy yield of crops such as coffee, rice, corn, etc. Hence, the rising propensity of the regional governments towards the health yield of crops as well as for food security concerns is expected to boost the demand for irrigation water pumps in the forecast years. 

Moreover, the rising exports of agricultural yields, such as grapes, apples, and coffee from the countries like Brazil, Colombia, Argentina, etc., are necessitating the requirements for irrigation water pumps to produce a healthy yield. Some of the prominent importers of these crops from Latin America are the US, Germany, France, etc. Thus, the growing production of fruit crops in the region is estimated to support the growth of irrigation water pumps in the region during the forthcoming period.

Market Segmentation

Based on Type:

• Submersible Pump
• Surface Pumps
• Others

Among them, Surface Pumps held a significant share of the Latin America Irrigation Water Pumps market during the historical period and are predicted to have the same effect in the forthcoming years. The prime reason behind its consistent demand in the agricultural sector has been its diversified usage, such as pumping potable water from rivers, dams, ponds, or tanks to the desired location across the region.

Along with this, the rising development of canals, dams, artificial ponds, etc., in Latin American nations is expected to fuel the demand for irrigation water pumps in the forecast years. Furthermore, the region's growing preference for renewable energy resources is expected to shoot up the demand for solar surface water pumps for irrigation in the coming years.     

Regional Landscape

Geographically, the Latin America Irrigation Water Pumps Market expands across:

• Mexico
• Brazil
• Argentina
• Colombia
• Chile
• Peru
• Rest of Latin America

Of all the regions across Latin America, Brazil witnessed considerable growth in the Latin America Irrigation Water Pumps market during the historical period in line with the government initiatives to support the irrigation facilities of the country. In addition, the burgeoning investments in irrigation facilities by the government of Brazil supported the major production of coffee, wheat, rice, etc., thus facilitating the demand for irrigation water pumps.

Moreover, sustaining crop productivity and production growth has always been a major challenge in the country. Therefore, to overcome this challenge, the government announced an irrigation project for Rio Grande do Norte state in 2022, which would include 113km of water adductors, a pumping station, four elevated pumping stations, and a water treatment station. Hence, the rising government irrigation plans would amplify the growth of the market during the forecast period, 2022-27.

Market Dynamics:

Key Driver: Governments Irrigation Plans to Support the Market Growth

In Latin America, the production of coffee, rice, wheat, corn, etc., has been persistently growing in line with the increasing exports to the countries such as the US, Japan, Germany, etc. Due to this, the government of the countries such as Colombia, Peru, etc., have been implementing various irrigation plans to boost crop production. Hence, the rising government irrigation projects are predicted to drive the irrigation water pumps in the forecast years.   

Possible Restraint: Heading High Installation Cost of Irrigation Water Pumps to Restrict the Market Growth

The high expenses of the installation of water pumps in the region are anticipated to slow down the demand for irrigation water pumps in the forecast years. Further, the assembly cost of overall setup in the crop areas has also been restricting the deployment of water pumps, especially in developing countries such as Bolivia, Guyana, etc. Thus, negatively affecting the growth of the Latin America Irrigation Water Pumps market.

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Latin America Irrigation Water Pumps Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Latin America Irrigation Water Pumps Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Latin America Irrigation Water Pumps Market based on the competitive landscape?
5. What are the key results derived from surveys conducted during the Latin America Irrigation Water Pumps Market study?