The market for Solar Pumps Market is expected to reach US$ 1.81 Bn by 2027.
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.
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.
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.
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.
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.
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:
The market for Solar Pumps Market is expected to reach US$ 1.81 Bn by 2027.
The Solar Pumps Market is expected to see significant CAGR growth over the coming years, at 8.4%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Competitive Dashboard,are some of the major players in the global market.