The South Asian region remains highly competitive on a global level due to low manufacturing costs. This is anticipated to provide a boost for global manufacturers to set up manufacturing facilities in this region and also help local manufacturers flourish.
New York, NY -- (SBWIRE) -- 01/07/2016 -- Thailand is among the most dynamic economies in the world, rising rapidly due to the growing tourism industry and the infrastructural development that goes hand in hand with it. Despite this, Thailand remains a country driven primarily by agriculture. Seeking a balance between the highly industrialized and the impoverished agricultural regions of Thailand has been a major aim of the government of Thailand. This is benefiting the Thailand water pumps market handsomely.
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Water pumps are a crucial component of water distribution systems, and Thailand's rising emphasis on water distribution has helped the market for water pumps rise at a high CAGR over recent years. According to Persistence Market Research, a leading market analysis firm, the Thailand water pumps market is rising at a steady CAGR of 6.30% from 2015 to 2021. The market was, according to PMR analysts, worth US$16.7 mn in 2014 and is expected to rise to US$25.6 mn by the end of the aforementioned forecast period.
Centrifugal Pumps Dominate Thailand Water Pumps Market
Of the two types of water pumps analyzed in the Thailand water market, centrifugal pumps comfortably overshadow positive displacement pumps, with the former accounting for 70% of the Thailand market. Centrifugal water pumps offer several benefits such as uniform discharge, minimal loss of water during transportation, low installation cost, and ease of maintenance thereafter. The rising water and wastewater industry—and several applications related to it, such as rainwater harvesting and water recycling—primarily uses centrifugal water pumps, which will benefit the market segment during the forecast period.
Among centrifugal water pumps, submersible water pumps currently dominate the Thailand water pumps market. However, rising demand from agro-industrial applications and food production is expected to help the monobloc water pumps segment in the forecast period. The segment accounted for 36.5% of the Thailand centrifugal water pumps in 2014.
Central and Eastern Thailand Dominates Thailand Water Pumps Market
By geography, the Thailand water pumps market is divided into central and eastern Thailand, northern Thailand, southern Thailand, and northeastern Thailand. Among these, the rapid rise of Bangkok as a major industrial and commercial center has propelled the demand for water pumps from central and eastern Thailand. Despite its recent industrialization, Thailand's GDP is already dominated by the industrial sector, which accounted for a 39.2% share in 2014. Due to Bangkok being the nexus of industrial activities in Thailand, the central and eastern Thailand market for water pumps is expected to retain its lead in the Thailand water pumps market.
In the northern and northeastern region, lack of arable land has stalled the development of agriculture. Despite this, the widening water distribution in the region will help the Thailand water pumps market in the coming years.
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Industrial Activities to Dominate Demand for Water Pumps in Thailand
Due to its high share in the national GDP of Thailand, the industrial end-use application segment will remain dominant in the Thailand water pumps market. However, the traditional role of Thailand as an export-centric economy and the rising use of water pumps in agricultural activities will propel the latter in the forecast period. The agricultural end-use segment of the water pumps market in Thailand is expected to rise by 40 BPS during the forecast period.
Within the industrial sector in Thailand, food and beverages and power are the dominant applications of water pumps. The country's expanding power generation scenario has led to high demand for water pumps in power plants, which is expected to remain a major end-use segment of the Thailand water pumps market in the coming years.
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