PUBLISHER: Acute Market Reports | PRODUCT CODE: 1133555
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1133555
Solar Pumps Market - Growth, Future Prospects and Competitive Analysis, 2022 - 2030
Increasing agricultural activities and government subsidy for farmers across the globe to drive the solar pumps market
The global solar pumps market is poised to reach US$ 1.96 Bn by 2030, expanding at a CAGR of 8.4% during the forecast period from 2022 to 2030. Government subsidies, increase in the number of agricultural activities, rising need for livestock drinking water facility, ease of convenience and low operation & maintenance cost are expected to drive the solar pumps market. Innovation in technology and services such as solar powered drip irrigation system, floating solar system is anticipated to accelerate the growth of solar pumps. However, high initial capital cost, declining underground water level and theft of PV panels are anticipated to hinder the solar pumps market growth.
Increasing Demand from the Agricultural sector to Drive Growth Prospects
An increase in agricultural activities and water requirements for irrigation and livestock purpose is expected to drive the solar pumps market. Government subsidies offered to solar pump manufacturers and farmers in emerging economies of Asia Pacific are expected to boost the solar pump market growth over the next few years. The necessity of clean and continuous water supply to various remote areas create needs for the installation of solar pumps.
Government incentives as a subsidy to farmers and solar pumps manufacturer are creating a significant opportunity for solar pumps. Due to its low operating & maintenance cost, up-front pump cost, and easy installation process solar pumps are highly encouraged over diesel pumps. In 2021, the Cabinet Committee on Economic Affairs (CCEA) approved Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) program with an investment of around US$ 4.69 Bn in India. The aforementioned project includes the installation of 1.75 Mn agricultural and one million grid-connected solar pumps.
Asia Pacific to Dominate, Europe to Witness Strong Growth
In 2020, Asia Pacific is the largest solar pump market withholding a total market share of around 45%. Increasing government subsidies in the form of incentives, tax reduction for agricultural activities is expected to drive the solar pump market. India, Bangladesh, China and Pakistan are major agricultural nations with ample availability of concentrated solar energy. Inadequate power generation capacity and grid infrastructure for irrigation and community water supply facilities in developing countries like India and China are expected to drive the demand for solar pumps.
Europe is second largest region for solar pumps market globally. Germany, the U.K., Italy and France are major countries involved in the use of solar pumps. Increase in number of agricultural activities coupled with livestock water supply is anticipated to have a market penetration over few years.
Key Players & Competitive Landscape:
Some of the leading manufacturers profiled in the study includes CRI Group, Grundfos, American West Windmill & Solar Company, SunEdison, Lorentz, Rainbow Power Co., Ltd., Shakti Solar Pumping System, Tata Power Solar Systems Ltd., Solar Power & Pump Co., LLC, Wenling Jintai Pump Factory and Bright Solar Water Pumps.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Solar Pumps market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Solar Pumps market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE DETAILS
Research Period 2020-2030
Base Year 2021
Forecast Period 2022-2030
Historical Year 2020
Unit USD Million
Segmentation
Pump
DC Surface Suction
AC Submersible
DC Submersible
AC Floating
Application
Agriculture
Drinking Water
Industrial
Others (Municipal, Livestock, Aquaculture)
Region Segment (2020-2030; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
Pre Covid-19 situation
Post Covid-19 situation
Key questions answered in this report:
What are the key micro and macro environmental factors that are impacting the growth of Solar Pumps market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2030.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Solar Pumps market?
Which is the largest regional market for Solar Pumps market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Solar Pumps market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Solar Pumps market worldwide?
Table of Contents
1. Preface
- 1.1. Report Description
- 1.1.1. Purpose of the Report
- 1.1.2. Target Audience
- 1.1.3. Key Offerings
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.3.1. Phase I - Secondary Research
- 1.3.2. Phase II - Primary Research
- 1.3.3. Phase III - Expert Panel Review
- 1.3.4. Assumptions
- 1.3.5. Approach Adopted
2. Executive Summary
- 2.1. Market Snapshot: Global Solar Pumps Market
- 2.2. Global Solar Pumps Market, By Pump, 2021 (US$ Million)
- 2.3. Global Solar Pumps Market, By Application, 2021 (US$ Million)
- 2.4. Global Solar Pumps Market, By Geography, 2021 (US$ Million)
- 2.5. Impact of Covid 19
- 2.6. Attractive Investment Proposition by Geography, 2021
- 2.7. Competitive Analysis
- 2.7.1. Market Positioning of Key Solar Pumps Market Vendors
- 2.7.2. Strategies Adopted by Solar Pumps Market Vendors
- 2.7.3. Key Industry Strategies
3. Solar Pumps Market: Business Outlook & Market Dynamics
- 3.1. Introduction
- 3.2. Global Solar Pumps Market Value, 2020 - 2030, (US$ Million)
- 3.3. Market Dynamics
- 3.3.1. Market Drivers
- 3.3.2. Market Restraints
- 3.3.3. Key Challenges
- 3.3.4. Key Opportunities
- 3.4. Impact Analysis of Drivers and Restraints
- 3.5. See-Saw Analysis
- 3.6. Porter's Five Force Model
- 3.6.1. Supplier Power
- 3.6.2. Buyer Power
- 3.6.3. Threat Of Substitutes
- 3.6.4. Threat Of New Entrants
- 3.6.5. Competitive Rivalry
- 3.7. PESTEL Analysis
- 3.7.1. Political Landscape
- 3.7.2. Economic Landscape
- 3.7.3. Technology Landscape
- 3.7.4. Legal Landscape
- 3.7.5. Social Landscape
4. Solar Pumps Market: By Pump, 2020-2030, USD (Million)
- 4.1. Market Overview
- 4.2. Growth & Revenue Analysis: 2021 Versus 2030
- 4.3. Market Segmentation
- 4.3.1. DC Surface Suction
- 4.3.2. AC Submersible
- 4.3.3. DC Submersible
- 4.3.4. AC Floating
5. Solar Pumps Market: By Application, 2020-2030, USD (Million)
- 5.1. Market Overview
- 5.2. Growth & Revenue Analysis: 2021 Versus 2030
- 5.3. Market Segmentation
- 5.3.1. Agriculture
- 5.3.2. Drinking Water
- 5.3.3. Industrial
- 5.3.4. Others (Municipal, Livestock, Aquaculture)
6. North America Solar Pumps Market, 2020-2030, USD (Million)
- 6.1. Market Overview
- 6.2. Solar Pumps Market: By Pump, 2020-2030, USD (Million)
- 6.3. Solar Pumps Market: By Application, 2020-2030, USD (Million)
- 6.4.Solar Pumps Market: By Region, 2020-2030, USD (Million)
- 6.4.1.North America
- 6.4.1.1. U.S.
- 6.4.1.2. Canada
- 6.4.1.3. Rest of North America
- 6.4.1.North America
7. UK and European Union Solar Pumps Market, 2020-2030, USD (Million)
- 7.1. Market Overview
- 7.2. Solar Pumps Market: By Pump, 2020-2030, USD (Million)
- 7.3. Solar Pumps Market: By Application, 2020-2030, USD (Million)
- 7.4.Solar Pumps Market: By Region, 2020-2030, USD (Million)
- 7.4.1.UK and European Union
- 7.4.1.1. UK
- 7.4.1.2. Germany
- 7.4.1.3. Spain
- 7.4.1.4. Italy
- 7.4.1.5. France
- 7.4.1.6. Rest of Europe
- 7.4.1.UK and European Union
8. Asia Pacific Solar Pumps Market, 2020-2030, USD (Million)
- 8.1. Market Overview
- 8.2. Solar Pumps Market: By Pump, 2020-2030, USD (Million)
- 8.3. Solar Pumps Market: By Application, 2020-2030, USD (Million)
- 8.4.Solar Pumps Market: By Region, 2020-2030, USD (Million)
- 8.4.1.Asia Pacific
- 8.4.1.1. China
- 8.4.1.2. Japan
- 8.4.1.3. India
- 8.4.1.4. Australia
- 8.4.1.5. South Korea
- 8.4.1.6. Rest of Asia Pacific
- 8.4.1.Asia Pacific
9. Latin America Solar Pumps Market, 2020-2030, USD (Million)
- 9.1. Market Overview
- 9.2. Solar Pumps Market: By Pump, 2020-2030, USD (Million)
- 9.3. Solar Pumps Market: By Application, 2020-2030, USD (Million)
- 9.4.Solar Pumps Market: By Region, 2020-2030, USD (Million)
- 9.4.1.Latin America
- 9.4.1.1. Brazil
- 9.4.1.2. Mexico
- 9.4.1.3. Rest of Latin America
- 9.4.1.Latin America
10. Middle East and Africa Solar Pumps Market, 2020-2030, USD (Million)
- 10.1. Market Overview
- 10.2. Solar Pumps Market: By Pump, 2020-2030, USD (Million)
- 10.3. Solar Pumps Market: By Application, 2020-2030, USD (Million)
- 10.4.Solar Pumps Market: By Region, 2020-2030, USD (Million)
- 10.4.1.Middle East and Africa
- 10.4.1.1. GCC
- 10.4.1.2. Africa
- 10.4.1.3. Rest of Middle East and Africa
- 10.4.1.Middle East and Africa
11. Company Profile
- 11.1. Lorentz
- 11.1.1. Company Overview
- 11.1.2. Financial Performance
- 11.1.3. Product Portfolio
- 11.1.4. Strategic Initiatives
- 11.2. CRI Group
- 11.2.1. Company Overview
- 11.2.2. Financial Performance
- 11.2.3. Product Portfolio
- 11.2.4. Strategic Initiatives
- 11.3. Shakti Solar Pumping System
- 11.3.1. Company Overview
- 11.3.2. Financial Performance
- 11.3.3. Product Portfolio
- 11.3.4. Strategic Initiatives
- 11.4. Tata Power Solar Systems Ltd.
- 11.4.1. Company Overview
- 11.4.2. Financial Performance
- 11.4.3. Product Portfolio
- 11.4.4. Strategic Initiatives
- 11.5. SunEdison
- 11.5.1. Company Overview
- 11.5.2. Financial Performance
- 11.5.3. Product Portfolio
- 11.5.4. Strategic Initiatives
- 11.6. Solar Power & Pump Co., LLC
- 11.6.1. Company Overview
- 11.6.2. Financial Performance
- 11.6.3. Product Portfolio
- 11.6.4. Strategic Initiatives
- 11.7. Rainbow Power Co., Ltd.
- 11.7.1. Company Overview
- 11.7.2. Financial Performance
- 11.7.3. Product Portfolio
- 11.7.4. Strategic Initiatives
- 11.8. Wenling Jintai Pump Factory
- 11.8.1. Company Overview
- 11.8.2. Financial Performance
- 11.8.3. Product Portfolio
- 11.8.4. Strategic Initiatives
- 11.9. American West Windmill & Solar Company
- 11.9.1. Company Overview
- 11.9.2. Financial Performance
- 11.9.3. Product Portfolio
- 11.9.4. Strategic Initiatives
- 11.10. Bright Solar Water Pumps
- 11.10.1. Company Overview
- 11.10.2. Financial Performance
- 11.10.3. Product Portfolio
- 11.10.4. Strategic Initiatives
- 11.11. Grundfos
- 11.11.1. Company Overview
- 11.11.2. Financial Performance
- 11.11.3. Product Portfolio
- 11.11.4. Strategic Initiatives
List of Tables
- TABLE 1 Global Solar Pumps Market By Pump, 2020-2030, USD (Million)
- TABLE 2 Global Solar Pumps Market By Application, 2020-2030, USD (Million)
- TABLE 3 North America Solar Pumps Market By Pump, 2020-2030, USD (Million)
- TABLE 4 North America Solar Pumps Market By Application, 2020-2030, USD (Million)
- TABLE 5 UK and European Union Solar Pumps Market By Pump, 2020-2030, USD (Million)
- TABLE 6 UK and European Union Solar Pumps Market By Application, 2020-2030, USD (Million)
- TABLE 7 Asia Pacific Solar Pumps Market By Pump, 2020-2030, USD (Million)
- TABLE 8 Asia Pacific Solar Pumps Market By Application, 2020-2030, USD (Million)
- TABLE 9 Latin America Solar Pumps Market By Pump, 2020-2030, USD (Million)
- TABLE 10 Latin America Solar Pumps Market By Application, 2020-2030, USD (Million)
- TABLE 11 Middle East and Africa Solar Pumps Market By Pump, 2020-2030, USD (Million)
- TABLE 12 Middle East and Africa Solar Pumps Market By Application, 2020-2030, USD (Million)
List of Figures
- FIG. 1 Global Solar Pumps Market: Market Coverage
- FIG. 2 Research Methodology and Data Sources
- FIG. 3 Market Size Estimation - Top Down & Bottom-Up Approach
- FIG. 4 Global Solar Pumps Market: Quality Assurance
- FIG. 5 Global Solar Pumps Market, By Pump, 2021
- FIG. 6 Global Solar Pumps Market, By Application, 2021
- FIG. 7 Global Solar Pumps Market, By Geography, 2021
- FIG. 8 Global Solar Pumps Market, By Pump, 2021 Vs 2030, %
- FIG. 9 Global Solar Pumps Market, By Application, 2021 Vs 2030, %
- FIG. 10 U.S. Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 11 Canada Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 12 Rest of North America Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 13 UK Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 14 Germany Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 15 Spain Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 16 Italy Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 17 France Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 18 Rest of Europe Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 19 China Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 20 Japan Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 21 India Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 22 Australia Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 23 South Korea Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 24 Rest of Asia Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 25 Brazil Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 26 Mexico Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 27 Rest of Latin America Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 28 GCC Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 29 Africa Solar Pumps Market (US$ Million), 2020 - 2030
- FIG. 30 Rest of Middle East and Africa Solar Pumps Market (US$ Million), 2020 - 2030
