Solar Water Pumps Market: Overview
A solar water pump runs on the electricity generated by solar panels. These pumps are not connected to the grid and they release lower amount of emissions compared to conventional pumps. Solar pumps are highly economical in areas where grid electricity is not available. Components of solar water pumps include solar panels, a controller, and a pump. The size of the PV system determines the operating capacity of the pump.
Solar Water Pumps Market: Drivers & Restraints
Stringent government regulations to reduce carbon emissions released into the atmosphere is a major factor driving the solar water pumps market. Favorable government incentive schemes to promote the installation of solar water pumps are also fueling the market. Furthermore, from the viewpoint of protection of the environment, a majority of manufacturers are shifting from conventional pumps toward solar water pumps. Recently, KSB Pumps Ltd., a leading international supplier of pumps, valves, and related systems, has launched a new product called KSBSol. It is a submersible solar power pump set with high energy efficiency and reliability.
Solar Water Pumps Market: Key Segments
The solar water pumps market can be segmented based on product, application, and region. In terms of product, the solar water pumps market can be divided into submersible water pumps and surface water pumps. The submersible water pumps segment is expected to expand at a prominent CAGR during the forecast period. These pumps are specially designed to pump groundwater from deeper wells or boreholes, where surface pumps cannot be used. However, the surface water pumps segment is also expected to witness significant growth during the forecast period, primarily due to increasing drip irrigation activities in developing economies in Asia Pacific and Middle East & Africa.
In terms of application, the global solar water pumps market can be segmented into agriculture, drinking water, and others. The agriculture segment is expected to expand at the maximum CAGR during the forecast period. In order to support and encourage large-scale deployment of solar pumps in the near future, the Government of India are providing farmers with interest-subsidy along with reduced capital-subsidy. Also, Several NGOs, through combined investments by farmers, have taken initiatives to install solar pumps in different parts of India. This factor drives the solar power pumps market in the country.
Solar Water Pumps Market: Regional Outlook
In terms of region, the global solar water pumps market can be divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific dominates the global solar water pumps market. The solar water pumps market in the region is expected to expand at a prominent CAGR during the forecast period. China, India, Japan, Bangladesh, and Indonesia are major contributors, in terms of revenue, to the solar water pumps market in Asia Pacific. Extensive agriculture activities and less electric grid connectivity for these activities drive the solar water pumps market in the region. Moreover, supportive government schemes for farmers and solar pump manufacturers are fueling the solar water pumps market in the region.
Middle East & Africa is another major region of the global solar water pumps market. MEA witnesses the maximum penetration of sunlight across the world. Recently, in Morocco, the Ministry of Energy, Mining & Sustainable Development invested US$ 233 Mn to promote the use of solar energy to power water pumps for irrigation. The move is intended to help farmers reduce energy costs and use less butane gas in farming operations. Such factors augment the solar water pumps market in Middle East & Africa.
Solar Water Pumps Market: Key Players
Key players operating in the global solar water pumps market are Lorentz, SunEdison, Inc., CRI Pumps Pvt. Ltd, Solar Power & Pump Co LLC, Tata Power Solar Systems Ltd., Shakti Solar Pumping System, WENLING JINTAI PUMP FACTORY, Bright Solar Pvt. Ltd., Grundfos, and American West Windmill and Solar Company.
This post was originally published on The Market Plan