Solar Pumps Market By Pump Type (DC Surface Suction, AC Submersible, DC Submersible, AC Floating), By Application (Agriculture, Drinking Water, Industrial, Others) - Growth, Future Prospects, And Competitive Landscape, 2019 - 2027

Increasing agricultural activities and government subsidies for farmers across the globe to drive the solar pumps market

The global solar pumps market is poised to reach US$ 1.81 Bn by 2027, expanding at a CAGR of 8.4% during the forecast period from 2019 to 2027. Government subsidies, an increase in the number of agricultural activities, a rising need for livestock drinking water facilities, ease of convenience, and low operation & maintenance cost are expected to drive the solar pump market. Innovation in technology and services, such as solar-powered drip irrigation systems and floating solar systems, is anticipated to accelerate the growth of solar pumps. However, high initial capital costs, declining underground water levels, and theft of PV panels are expected to hinder the solar pump market growth.   

Market Synopsis

Increasing Demand from the Agricultural sector to Drive Growth Prospects

An increase in agricultural activities and water requirements for irrigation and livestock purpose is expected to drive the solar pump market. Government subsidies offered to solar pump manufacturers and farmers in emerging economies of Asia Pacific are expected to boost the solar pump market growth over the next few years. The necessity of a clean and continuous water supply to various remote areas creates the need for the installation of solar pumps.

Government incentives as a subsidy to farmers and solar pumps manufacturer are creating a significant opportunity for solar pumps. Due to their low operating & maintenance cost, up-front pump cost, and easy installation process, solar pumps are highly encouraged over diesel pumps. In 2019, the Cabinet Committee on Economic Affairs (CCEA) approved Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) program with an investment of around US$ 4.69 Bn in India. The aforementioned project includes the installation of 1.75 Mn agricultural and one million grid-connected solar pumps.

The Asia Pacific to Dominate, Europe to Witness Strong Growth

In 2018, Asia Pacific was the largest solar pump market withholding a total market share of around 45%. Increasing government subsidies in the form of incentives and tax reductions for agricultural activities is expected to drive the solar pump market. India, Bangladesh, China, and Pakistan are major agricultural nations with ample availability of concentrated solar energy. Inadequate power generation capacity and grid infrastructure for irrigation and community water supply facilities in developing countries like India and China are expected to drive the Demand for solar pumps.

Europe is the second largest region for the solar pump market globally. Germany, the UK, Italy, and France are significant countries involved in the use of solar pumps. An increase in the number of agricultural activities coupled with livestock water supply is anticipated to have a market penetration over a few years.

Key Players & Competitive Landscape:

Some of the leading manufacturers profiled in the study include CRI Group, Grundfos, American West Windmill & Solar Company, SunEdison, Lorentz, Rainbow Power Co., Ltd., Shakti Solar Pumping System, Tata Power Solar Systems Ltd., Solar Power & Pump Co., LLC, Wenling Jintai Pump Factory and Bright Solar Water Pumps.

Historical & Forecast Period

This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The research study on the solar pumps market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides an all-around view of the global solar pump market based on its pump type, application, and geography. Key segments covered in the report are as follows:

ATTRIBUTE DETAILS

• Research Period  2017-2027  
• The base Year     2018  
• Forecast Period   2019-2027  
• Historical Year    2017  
• Unit                   USD Billion  

  Segmentation  Pump Type Segment (2017–2027;       US$ Bn)

• DC Surface Suction
• AC Submersible
• DC Submersible
• AC Floating

  Application Segment (2017-2027: US$ Bn)

• Agriculture
• Drinking Water
• Industrial
• Others (Municipal, Livestock, Aquaculture)

 Geography Segment (2017–2027; US$ Bn)

• North America (the US, Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa, Latin America)

Key questions answered in this report.

• What was the global solar pump market size in 2017 & 2018?
• What are the estimated forecast and market projections up to 2027?
• Which is the largest regional solar pump market?
• Which end-use vertical has the enormous penetration of solar pumps and related facilities?
• Which are the predominant trends shaping the global solar pump market?
• Which is the most promising, attractive, and less-explored end-use segment in the global solar pump market?
• Who are the leading manufacturers in the global solar pump market?
• What are the premiere strategies adopted by the top players in the global solar pump market?

Frequently asked questions :