The solar pump market is growing due to the growing demand for pumps in household and agricultural applications, primarily for water supply on farms and for irrigation, according to a report from Transparency Market Research. In addition, solar water pumps are increasingly preferred in oil and gas hydraulic fracturing activities to reduce the environmental impact of these activities. The rising acquisition of solar power for irrigation and agricultural practices across the globe is the main driver of the solar pump market. A solar pump consists of a pump and a photovoltaic panel which has semiconductors. When this panel is exposed to the sun, it generates current and helps pump water. Solar pumps have a wide range of applications, from home to agriculture and irrigation.
In Nov 2020, KSB Pumps Ltd., a worldwide provider of pumps, valves, and systems, has released the latest product called KSBSol.
The solar water pump market is mainly fueled by government-backed initiatives and subsidies given to consumers for the purchase of solar panels. These government initiatives are supporting the adoption of solar pumps among consumers in the agricultural sector. Governments around the world are actively implementing initiatives to reduce the increase in carbon emissions with the aim of reducing global warming. These initiatives result from the growing dependence on the use of renewable energy sources in all industries to reduce energy consumption costs and the total carbon footprint on the environment. These initiatives are stimulating the demand for solar pumps.
Lack of awareness of solar pumps in rural areas is likely to hamper the growth of solar pump market, to some extent during the forecast period. Many farmers and farmland owners are still unaware of solar technology and its ability to generate electricity. Moreover, the simplicity of availability of electric pumps, coupled with their lower maintenance costs, discourages farmers from switching to solar pumps. Hence, these factors are likely to restrain the growth of the market in the coming years.
The future of solar pumps looks brighter in developing countries, especially in Europe, where much of the economy is focused on agriculture. As the industry moves rapidly into solar or renewable energy, manufacturers remain focused on enhancing the potential of solar pumps in irrigation and related agricultural tasks. Various government efforts to initiate the widespread use of solar pumps that can help promote sustainable development in these countries have also led to a realignment of manufacturers' strategies.
However, it is imperative to note that there are also some challenges associated with incorporating and using solar pumps. A study concludes that the financial situation of small farmers and the accessibility to high-quality products and services remain among the main problems in several countries. In addition, the lack of basic knowledge about the configuration and functions of solar pumps has created challenges in daily operations and maintenance.
Solar Pumps Market Segmented By Capacity
Solar Pumps Market Segmented By Product Type
DC suction dominated the market, accounting for more than 80% of the market in 2020. The increase in the drip irrigation business, especially in developing countries in Asia-Pacific, is predicted to drive pumps. by solar energy during the foreseen period mentioned above. AC submersible pumps are predicted to experience the highest expansion rate during the foreseen period. Escalatingcall for higher-efficiency solar pumps, especially in developing countries of India and Bangladesh, is predicted to drive call for AC submersible pumps during the foreseen period.
Solar Pumps Market Segmented By Application
Agriculture was the dominant application category, accounting for 60% of the total market in 2020. Increased agricultural activities coupled with the water needed for irrigation is predicted to boost the market for solar pumps for this application. Government subsidies to solar pump farmers and manufacturers, especially in developing countries in Asia and the Pacific, are predicted to drive the expansion of the solar pump market during the foreseen period.
Europe Solar Pumps Regional Analysis:
Europe has become the second-largest solar pump region in the world. Countries in this region like Germany, UK, Italy and France are the main consumers of solar pumps. Increased agricultural activities in these regions, as well as a water supply for livestock, are expected to increase market penetration in this region over the next seven years.
Europe Solar Pumps Market Key Players:
The key players in the global solar water pump market include Alpex Solar Pvt. Ltd, American West Windmill and Solar Company, Bright Solar Pvt. Ltd., Claro Energy Pvt. Ltd., Conergy Energy System Pvt., Tata Power Solar systems ltd., and so on. The vendor competition will increase with an increase in technological innovations, service extensions, and Mergers and acquisitions. The global solar pumps market is highly competitive owing to the presence of many well-diversified key players across the globe.
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
2.2 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
3.1 Executive Summary
3.2 Key Inferences
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
5.1.2 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
5.2.3 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
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Product
184.108.40.206 By Application
6.1.4 Market Attractiveness Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Product
22.214.171.124 By Application
6.1.5 Market Share Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Product
184.108.40.206 By Application
7. Strategic Analysis
7.1 PESTLE analysis
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
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.4 Bright Solar
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
a) List of Tables
b) List of Figures