Thailand’s water pump market value to increase to $25.6m by 2021, new study finds
Thailand’s water pump market accounted for $16.7 million (€15m) in 2014 and is projected to reach $25.6 million by 2021, in terms of revenue, according to a new report.
A new report by Persistence Market Research, maintained that factors fuelling the market include low manufacturing costs, expansion of water supply network, massive urbanisation and industrialisation, increasing arable land and land under cereal production.
Thailand is an agriculture-driven country. Growth in the agricultural sector is linked with increasing arable land and land under cereal production is leading to a growing trend of micro irrigation in small farms, which is projected to increase the deployment of centrifugal water pumps.
According to the report, the country is undergoing rapid economic growth and industrialisation. This is also driving demand for water pumps.