Market Research Report
Global Solar Water Pumps Market Size - Segmented by Product (DC Surface Suction, AC Submersible, DC Submersible AC Floating), By End User (Agriculture, Drinking Water Industrial), and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||704747|
|Published||Content info||139 Pages
Delivery time: 2-3 business days
|Global Solar Water Pumps Market Size - Segmented by Product (DC Surface Suction, AC Submersible, DC Submersible AC Floating), By End User (Agriculture, Drinking Water Industrial), and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: July 1, 2018||Content info: 139 Pages||
The solar water pump market is estimated to witness a high growth rate during the forecast period, 2018-2023. Solar water pumps are increasingly used in the regions where grid electricity is not available. Use of solar energy to drive the pumps cut down the operating cost, which is majorly consumed in the form of diesel. Also, stringent government regulations to reduce carbon footprints have been one of the major reasons for the increasing adoption of solar water pumps. Government in countries, such as China, India, Bangladesh, Pakistan, Morocco, Kenya, Namibia, and Nigeria have introduced financial subsidies, tax policies, price policies, and funding activities that have driven the solar water pump market. The potential for solar water pump can be identified from the fact that in countries, like Bangladesh, which are heavily dependent on diesel-based water pumps can save 450 million liters of diesel and reduce emissions by one million ton of CO2 annually, if 50,000 solar irrigation pumps are installed.
Government Regulations and Incentives Driving the Solar Water Pumps Market
The installation costs of solar water pumps are usually high and the investment payback period is found to be 4-6 years. Government subsidies to farmers, as well as solar pump manufacturers, especially in emerging economies of Asia-Pacific are expected to drive the solar water pump market in the forecast period. For example. in India where the government has introduced a budget scheme in which the farmer has to pay only 10% cost of solar water pumps. The PV module costs have declined from 62 cents/W in 2015 to 33 cents/W in 2017, and is expected to further decrease with technological advancements in the coming years, and help to reduce the payback period and support the growth of the market.
Asia-Pacific Holds the largest Share in Solar Water Pumps Market
Asia-Pacific has emerged as the one of the largest solar pump market. The massive increase in power consumption in developing countries, such as China and India, with inadequate power generation capacity and grid infrastructure for irrigation and community water supply facilities, solar water pumps have a good chance of replacing the conventional pumps. Increasing awareness of the potential benefits of this technology has compelled a number of countries to accelerate the deployment of solar water pumps. For example, Bangladesh has set a target to deploy 50,000 solar pumps by 2025, India, 100,000 by 2020; and Morocco, 100,000 by 2022.
Bangladesh - A Huge Market Potential
The farmers in Bangladesh had to spend Tk 2,000 for irrigating one third of an acre of land with conventional diesel or electric water pumps every season. The increasing power demand and need for safe drinking water has led to the deployment of solar water pumps in the country. Infrastructure Development Company Ltd. (IDCOL), a financing company in Bangladesh, tried and tested ownership model, wherein microfinance has been used as a tool to enhance rural household's ability to afford capital-intensive solar home systems- is being applied to solar pumping solutions. IDCOL has set itself a target to deploy 50,000 solar irrigation systems by 2025. Under the proposed agreement, IDCOL provides a combination of grant and credit to partner organizations to install and operate pumps.
Key Developments in the Solar Water Pumps Market
January 2018: Lorentz installed a PS1800 C-SJ5-12 system in the village temple and school in Chok Na Sam, Thailand, which provides 30m3 of water per day
Solar Water Pumps Market Major Players
C. R. I Pumps Pvt Ltd
Solar Power & Pump Company LLC
Tata Power Solar Systems Ltd.
Shakti Pumps (India) Ltd.
Wenling Jintai Pump Factory Limited
Bright Solar Limited
Reasons to Purchase Solar Water Pumps Market Report
Current and future solar water pumps market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter's five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market share, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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