Increasing agricultural activities and government subsidy 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, increase in the number of agricultural activities, rising need for livestock drinking water facility, ease of convenience and low operation & maintenance cost are expected to drive the solar pumps market. Innovation in technology and services such as solar powered drip irrigation system, floating solar system is anticipated to accelerate the growth of solar pumps. However, high initial capital cost, declining underground water level and theft of PV panels are anticipated to hinder the solar pumps market growth.
Market Synopsis
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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 pumps 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 clean and continuous water supply to various remote areas create needs 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 its low operating & maintenance cost, up-front pump cost and easy installation process the 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.
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Asia Pacific to Dominate, Europe to Witness Strong Growth
In 2018, Asia Pacific is the largest solar pump markets withholding a total market share of around 45%. Increasing government subsidies in the form of incentives, tax reduction 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 second largest region for solar pumps market globally. Germany, the U.K., Italy and France are major countries involved in the use of solar pumps. Increase in number of agricultural activities coupled with livestock water supply is anticipated to have a market penetration over few years.
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Key Players & Competitive Landscape:
Some of the leading manufacturers profiled in the study includes 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 solar pumps market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides all round view of the global solar pumps market based on its pumps type, application, and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| 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 (U.S., 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 (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the global solar pumps market size in 2017 & 2018?
- What is estimated forecast and market projections up to 2027?
- Which is largest regional solar pumps market?
- Which end-use vertical has the largest penetration of solar pumps and related facilities?
- Which are the predominant trends shaping the global solar pumps market?
- Which is the most promising, attractive, and less-explored end-use segment in the global solar pumps market?
- Who are the leading manufacturers in the global solar pumps market?
- What are the premiere strategies adopted by the leading players in the global solar pumps market?
