Solar Water Pumps Market to be dominated by Asia-pacific Region Through 2027
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"
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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