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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