Increasing development in the industrial, residential and agricultural industry along with lower operation and maintenance cost, the demand for Asia pacific solar pumps market is rapidly escalating. Solar Pump runs on electricity produced by thermal energy or photovoltaic panels. It has a life span of 16 years. These solar pumps are independent of diesel and electricity, therefore, ensuring people in remote areas the long term benefits resulting in higher efficiency and productivity. These pumps are also known as Solar PV water pumping systems. They are useful where grid electricity is unreachable and alternate sources do not provide adequate energy.
Asia Pacific Solar Pumps market size was around USD XX million in 2019. It is expected to grow at a CAGR of XX% to reach USD XX billion by 2024.
Continued growth in agriculture, need for other water-intensive industries coupled with growing government support (tax and subsidies benefits) are the primary factors driving the growth in the solar pumps market. Due to the shift in the industry towards eco-friendly features, the demand for Asia pacific solar pumps is growing which is a secondary factor driving the growth of this market.
But still, hefty investment cost, lack of availability of spare parts (on time) and post-sales services are the primary issues hindering the market growth.
This market is segmented on the basis of product and application. By product, it is categorized into AC Submersible, DC Surface Suction, DC Submersible, and AC Floating. DC suction commanded the market accounting for over 80% of the market in 2014. Rising drip irrigation activities, especially in developing countries of the Asia Pacific and the Middle East & Africa, is anticipated to drive solar-powered DC suction pumps over the aforementioned forecast period. AC submersible pumps are anticipated to witness the highest growth rate over the aforementioned forecast period. Rising demand for higher efficiency solar pumps especially in developing countries of India and Bangladesh is anticipated to drive the demand for AC submersible pumps over the aforementioned forecast period. AC submersible pumps are particularly designed to pump groundwater from deeper wells or boreholes where DC suction pumps cannot be used. By application, the market is categorized by agriculture and drinking water. Agriculture was the dominant application category accounting for 60% of the total market in 2014. The rise in agricultural activities along with water required for irrigation is anticipated to propel the solar pumps market for this application. Government subsidies to farmers and solar pump manufacturers especially in developing countries of Asia Pacific are anticipated to fuel solar pump market growth over the aforementioned forecast period. Clean and continuous water supply is essential to remote places of various regions where electricity supply is a problem and operating diesel pumps proves to be economically burdensome. This factor is anticipated to drive the solar pumps market over the aforementioned forecast period as these places have huge potential to tap renewable energy in the form of solar.
By geography, the Asia Pacific Solar Pumps market has been categorized into India, China, Korea, Japan, and others. The Asia Pacific commanded the market and accounting for over 30% of total market volume in 2013. Rising government subsidies and reduction of fossil fuel import for agricultural activities is anticipated to drive the solar pump market in this region over the aforementioned forecast period. Growing agricultural activities along with growing government subsidies in the form of financial incentives is anticipated to drive the solar pumps market in the Asia Pacific. Countries in this region like China, India, Bangladesh, and Pakistan are major agricultural regions with abundant availability of solar energy.
Major Key Players :
Key players in this market are Lorentz, Grundfos, Shakti Pumps, CRI Pumps, TATA Power Solar Systems Ltd., USL, SunEdison, and Bright Solar.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Product
5.1.1 Introduction
5.1.2 DC Surface Suction
5.1.3 AC Submersible
5.1.4 DC Submersible
5.1.5 AC Floating
5.1.6 Y-o-Y Growth Analysis, By Product
5.1.7 Market Attractiveness Analysis, By Product
5.1.8 Market Share Analysis, By Product
5.2 Application
5.2.1 Introduction
5.2.2 Agriculture
5.2.3 Drinking Water
5.2.4 Y-o-Y Growth Analysis, By Application
5.2.5 Market Attractiveness Analysis, By Application
5.2.6 Market Share Analysis, By Application
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Product
6.1.3.3 By Application
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Product
6.1.4.3 By Application
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Product
6.1.5.3 By Application
6.2 China
6.3 India
6.4 Japan
6.5 South Korea
6.6 Australia
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 SunEdison
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Lorentz
8.3 Grundfos
8.4 Bright Solar
8.5 USL
8.6 TATA Power Solar Systems Ltd.
8.7 Shakti Pumps
8.8 CRI Pumps
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
