The Global Solar
Pumps Market is valued at USD1648.29 million in 2021 and is anticipated to
project robust growth in the forecast period with a CAGR of 5.91% owing to increasing
electricity tariffs, emphasis on clean energy, etc.
A solar pump is
a pumping mechanism that is powered by solar panels and runs on solar energy.
The pump is not powered by fossil fuels or additional electricity. A water
storage tank, electrical wires, a breaker/fuse box, a DC water pump, a solar
charge controller (MPPT), and a solar panel array are all included in the
system. Solar pumps have a lower environmental impact than pumps powered by IC
engines or grid energy. One or more solar panels, a controller, and a pump are
the main components of a PV solar-powered pump system. Solar panels make up a
large portion of the platform's cost (up to 80%). The size of the PV system is
related to the pump's size, the volume of water required, and the amount of
solar radiation available.
Attention on Low Carbon Emissions
reductions in renewable energy technology are expediting the shift to cleaner,
more sustainable energy systems, which has already started. Compared to 2010,
the price of solar photovoltaic (PV) systems is 82 percent lower in 2019.
Additionally, the price of concentrated solar power facilities has decreased by
47% since 2010. Solar energy increases environmental sustainability, and disaster
resilience, and aids in the battle against climate change. To meet the goals
for low carbon emissions and to ease the burden of phasing out coal quickly. There
has been an upsurge in the usage of clean, renewable energy. Renewable energy
costs can occasionally be competitive and, in some cases, unsubsidized
renewable energy has the potential to be less expensive than brand-new
conventional generators. These and other elements are fuelling the expansion of
the Global Solar Pumps Market.
Renewable Energy Initiatives by the Government
The market for
solar pumps is benefiting from ongoing improvements that aim to achieve energy
optimization across manufacturing facilities. For instance, the Ministry of New
& Renewable Energy (MNRE) in India offers farmers’ subsidies under the
off-grid and Decentralized Solar PV Applications Program of up to 30% of the
benchmark cost of the solar pumps. According to the scheme, more than 1.85 lakh
solar pumps have been built in the nation. Additionally, the Indian government
has launched a program to help farmers install solar pumps at grid-connected
solar power plants. Another initiative in Asia Pacific region includes the
setup of a 4-kilowatt peak solar irrigation system in Bangladesh, costing
roughly USD8400, with a five-year return on investment due to diesel savings
and yield gain. All of these activities are fueling the Asia Pacific Solar Pumps
Market's expansion, hence the growth of the global market.
Products Will Be More Popular
environmentally friendly alternative to other irrigation equipment like diesel
pumps is solar pumps. For instance, the government in some African countries
are making strong efforts to reduce rising carbon emissions in order to combat
climate change. Such initiatives are the result of businesses placing a greater
emphasis on renewable energy sources in an effort to reduce energy expenses and
their overall carbon impact. These activities have increased demand for solar
pumps. Additionally, as the pumping head rises, the discharge rate from a solar
pump falls off linearly.
There has been a
growing focus on green economy in many region such as North America, where
using solar energy not only benefits the environment by lowering air pollution,
but it also benefits the region’s solar economy and lowers energy costs for farmers.
For many large cities in countries in North America, significant air pollution
is a big concern due to the location and local weather conditions. For
instance, irrigation pumps are one of the causes of air pollution. The
California Environmental Protection Agency constantly monitors irrigation pump
pollution. With financial incentives, the Air Resources Board has attempted to
persuade producers to transition from diesel to electricity, but high energy
prices have been and remain a deterrent. In spite of that as government
initiatives and environmental concerns gain traction, solar pumps are
anticipated to become a common source of income for many people in the future. Therefore,
encouraging the demand for solar pumps.