Solar Pumps Market to Reach a Market Value of USD2349.26 Million till 2027
The growing concerns about the
increasing carbon emissions and air pollution are expected to propel the demand
for solar pumps, hence driving the growth of the global solar pumps market over
the forecast period.
According
to TechSci Research report, “Solar Pumps Market -
Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast,
2017-2027”, the global solar pumps market to grow
at CAGR of 5.91% during the forecast period 2023-2027 due to its growing
application in garden fountains, landscaping, livestock drinking water, and
minor irrigation projects, etc. Moreover, to accomplish the sustainable goal,
the governments of several nations have replaced electric, and diesel pumps
with solar pumps as it minimizes the reliance on conventional energy. The
growing government support in the form of tax rebates and subsidies for people
who install solar pumps is strengthening the market growth. For instance, in
India, the Jawaharlal Nehru National Solar Mission plan began in 2014, which
has increased the number of solar pumps built in India, with approximately
130,000 pumps installed. Moreover, solar pumps not only help in reducing carbon
emissions but also help the nation in building a solar economy and minimizing
energy costs for farmers. For instance, one of the sources of air pollution in
North America is irrigation pumps. Therefore, the irrigation pump emissions are
regularly being monitored by the California Environmental Protection Agency,
and they are increasingly promoting the adoption of solar water pumps. Apart
from this, the availability of PV panels at an economical rate, along with the
rapid advancement in PV technology, has prompted many nations to begin
initiatives to fasten its adoption. Moreover, the augmenting demand for solar
pumps in domestic and agriculture applications, primarily to supply water to
farms for irrigation. Additionally, the growing popularity of solar pumps in
oil and gas extraction activities to reduce the expense of extraction
activities is likely to provide a positive outlook to the market. All the
aforementioned factors are expected to bolster the global solar pumps market
over the forecast years.
Browse over 277 market data Figures
spread through 366 Pages and an
in-depth TOC on "Global Solar Pumps Market"
The
global solar pumps market is segmented by type, capacity, application,
operation, competitional landscape, and regional distribution. Based on type,
the market is further segmented into submersible & surface. Among these,
submersible pumps held the largest market share of 66.72% in 2021 and are estimated
to remain dominant in the coming years. These pups are utilized to pump
groundwater from boreholes or deeper wells where surface suction pumps are
ineffective. The escalating demand for high-efficiency solar-powered pumps is
anticipated to augment the segment’s growth, which will eventually drive the
global solar pumps market in the upcoming five years.
By
capacity, the market is bifurcated into below 5 HP, 5-8 HP & above 8 HP.
Based
on the application, the global solar pumps market is fragmented into irrigation,
drinking water, industrial & others. Out of all, the irrigation pump
segment accounted for the dominating market share of 59.57% in 2021. This is
primarily due to the flourishing agricultural industry along with the
increasing government initiatives such as tax rebates and facilitating
subsidies to farmers to encourage the adoption of solar water pumps. In
addition to this, various non-government organizations (NGOs) are increasingly
working towards the adoption and installation of these pumps, which in turn
would supplement the entire market growth.
By
operation, the market is divided between AC Pump and DC Pump. The AC pump
segment is expected to dominate the largest solar pump market share. It is
primarily due to the anti-corrosion nature of AC pumps and their ability to
provide high wear resistance. This pump minimizes the operating costs due to
its high pumping efficiency and longevity. Moreover, it can work continuously
for a long period of time and are highly reliable even in harsh weather
conditions.
A
list of major market players in the global solar pumps market include:
·
Shakti Pumps (India) Ltd.
·
Tata Power Solar Systems Ltd.
·
C.R.I. Pumps Private Limited
·
Oswal Pumps Limited
·
Bernt Lorentz GmbH & Co. KG
·
Aquasub Engineering
·
Greenmax Technology
·
China Samking Solar Pump
·
Lubi Electronics
·
Vincent Solar Energy
·
Tulima Solar Ltd.
·
Grundfos Holding A/S
·
Topsun Energy Limited
·
Jain Irrigation Systems Ltd.
·
Novergy Energy Solutions Pvt. Ltd
·
Adpower FZCO
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“Several innovations towards accomplishing energy
optimization across manufacturing plants and oil and gas extraction activities
have created lucrative growth opportunities for the global solar pumps market.
The Asia-Pacific region recorded the highest market share of 38.91% in 2021 and
is anticipated to grow with an impressive CAGR of 5.66% over the forecast
period. In the region, solar energy is extensively used in the generation of
electricity for standalone systems and rural electrification. Moreover, the
increasing government initiatives in the region, such as the launch of the
Akshay Urja project in India, which focuses on the electrification of rural
areas. These initiatives are projected to bolster the demand for PV energy, as
governments would distribute solar pumps in rural areas. However, the high
installation cost of these pumps is still a challenge for the market.
Therefore, new entrants are advised to enter the market with an affordable
price range in order to establish their brand in the market. Mergers and
acquisitions with key market players can also be viable strategic
recommendations for future brand establishments,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Solar Pumps Market- Global Industry Size, Share,
Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented, By Type
(Submersible & Surface), By Capacity (Below 5 HP, 5-8 HP & Above 8 HP),
By Application (Irrigation, Drinking Water, Industrial & Others), By
Operation (AC Pump & DC Pump), By Region” has evaluated the future growth potential of global
solar pumps market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global solar pumps market.
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