Due to the growing expansion of agriculture activities and increasing efforts of governments to promote clean energy to drive the Global Solar Water Pumps Market through forecast period.
According to TechSci Research report, “Solar Water Pumps Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global solar water pumps market was valued at USD484. 46 million in 2021 and is expected to grow at a CAGR of 8.46% to reach USD791.46 million by 2027. Factors such as the large presence of solar manufacturers and the growing awareness of solar water pumping to reduce the dependency on fossil fuels drive the demand for the global solar water pumps market. The other prominent factors driving the growth of the global solar water pumps market are rapid advancements in photo voltaic technology which is lowering the cost of solar water pumps, and government regulations promoting energy production from renewable energy sources. Also, the steps taken by leading authorities to support the flourishing agriculture industry and provide the requisite water supply are expected to bolster the global solar water pumps market growth over the next five years.
However, the high cost of solar water pumps and lack of financing options may hinder the global solar water pumps market growth in the forecast period.
Browse over 277 market data Figures spread through 366 Pages and an in-depth TOC on “Global Solar Water Pumps Market”
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The global solar water pumps market is segmented into type, capacity, application, operation, regional distribution, and competitive landscape.
Based on type, the market is bifurcated into submersible & surface. The submersible segment holds a dominant market share and covers 66.72% of the total market share. The segment is expected to grow at a CAGR of 6.25% over the next five years. The market is driven by the increased reliance on groundwater and the use of submersible pumps for groundwater extraction. Traditional submersibles consume a lot of power and incur huge electricity costs. Solar water submersibles can lower these costs and provide water flow in the required amount. Also, the market players are launching more advanced submersibles of different horsepower to increase their market share in the global solar water pumps market.
Based on application, the market is divided into irrigation, drinking water, industrial & others. The irrigation segment dominated the market in 2021 and held 59.57% of the overall market share. The surge in the government initiatives such as paying subsidies to farmers and the rise in efforts from non-profit organizations to install solar water pumps are driving the segment demand.
On the basis of regional analysis, the Asia-pacific region is expected to grow at a steady CAGR of 5.66% over the next five years, 2022-2027. The growth of the market is attributed to the increased demand from emerging economies such as China, India, and Bangladesh, whose prominent industries are the agriculture sector drives the market demand. Government initiatives such as Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan in India influence the market demand in the region.
Major market players operating in the global solar water pumps market are:
- 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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“The increased awareness about the benefits of using renewable energy sources and the rise in efforts by the leading authorities to harness clean and renewable energy drive the demand for the global solar water pumps market. Countries have geographical advantages such as mountain cliffs and coastline providing the required power for hydroelectric power. The government of South America has released policies and programs, including the natural gas supply and demand scheme, 2022, the new power sector law, 2020, and the first energy-efficient and emissions reduction network, 2021 is expected to propel the growth of South America solar pumps market. Therefore, massive support from the government and the growing popularity of unconventional energy sources are expected to propel the global solar water pumps market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Solar Water Pumps Market – Global Industry Size, Share, Trends, 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 water 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 water pumps market.
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