Market Research Report
Global Solar Water Pump Market 2020-2026
|Global Solar Water Pump Market 2020-2026|
Published: April 23, 2021
Orion Market Research Pvt Ltd
Delivery time: 2-3 business days
Global Solar Water Pump Market Size, Share & Trends Analysis Report by Type (Surface Water Pumps and Submersible Water Pumps), By Applications (Agricultural, Water Supply, Other), By End-User (Small-Scale bases, Large-Scale Based) Forecast Period 2021-2027
The global solar water pump market is expected to grow at a considerable CAGR of 5.8% during the forecast period (2021-2027). Solar water pumps are gaining prominence as they run on electricity generated by solar panels which results in relatively lower emissions. The major factors that are augmenting the growth of the solar water pump market include cohesive government policies, increasing the need for alternative energy sources, and increasing renewable energy generation. The support by the government authorities is witnessed majorly in the emerging economies such as India and China, to shift trend towards solar PV by replacing diesel pumps. For instance, Under the Madhya Pradesh Mukhyamantri Solar Pump Subsidy Scheme, in India (2021), free solar pumps will be provided to the farmers by replacing the diesel pumps. Furthermore, increasing urbanization, the need for clean and potable water, shortage of electricity and fuel, and rising demand for solar pumps in domestic applications are some of the other factors that are estimated to fuel the market growth, during the forecast period.
However, certain factors are affecting the growth of the market. Higher initial investment costs could be a barrier to market growth. Although despite the initial investment costs, once installed, the solar water pumps can be used as an affordable source of electricity to reduce energy bills.
The market is segmented based on type, end-user, and application. By type, the market is segmented into surface water pumps and submersible water pumps. Submersible water pumps hold a significant market share in 2020. The market growth is driven by increasing investments in the construction industry for rapid growth in urbanization and high demand for the submersible pump in the agriculture field for deep well pumping and irrigation system. Some of the submersible water pump providers include Tata Power Solar Systems Ltd., Grundfos Pumps Corporation, KIRLOSKAR BROTHERS LIMITED, and Topsun Energy Ltd. Based on the application segment, the market is segmented into agriculture, water supply, and others. Further, based on the end-user segment, the market is segmented into small-scale based and large-scale based.
Global Solar Water Pump Market Share by Type, 2020 (%)
Source: OMR Global
The global solar water pump market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is fragmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific is estimated to be one of the major markets for the solar water pump. China and India are the two leading countries in the region owing to favorable government initiatives and policies. For instance, under the PM Kusum scheme, the Central Government of India is giving a 30% subsidy. Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme was initiated by the Government of India to increase the income of farmers and provide sources for irrigation and de-dieselize the farm sector.
In addition to this, growth in industrialization and increasing electricity demand in several industries including agriculture are also some of the driving factors contributing towards the growth of the market in the Asia-Pacific. An increase in the need for irrigation systems in countries including Morocco, Nigeria, Namibia, and Kenya, in the African region with favorable weather conditions will contribute to the growth of the market.
Global Solar Water Pump Market Growth, by Region 2021-2027
Source: OMR Global
Market Players Outlook
Key players of the solar water pumps market include Tata Power Solar Systems Ltd., Grundfos Pumps Corp., Bright Solar Ltd., LORENTZ, Shakti Pumps Ltd., C.R.I. Pumps Private Ltd. and SunEdison, Inc. To survive in the market these players adopt different marketing strategies such as mergers, acquisitions, product launches, and geographical expansion, among more.
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