Increasing development in the industrial, residential and agricultural industry along with lower operation and maintenance cost, the demand for global solar pumps market is rapidly escalating. Solar Pump runs on electricity produced by thermal energy or photovoltaic panels. It has a life span of 16 years. These solar pumps are independent of diesel and electricity, therefore, ensuring people in remote areas the long term benefits resulting in higher efficiency and productivity. These pumps are also known as Solar PV water pumping system. They are useful where grid electricity is unreachable and alternate sources do not provide adequate energy.
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Continued growth in agriculture, need for other water intensive industries coupled with growing government support (tax and subsidies benefits) are the primary factors driving the growth in solar pumps market. Due to the shift in industry towards eco-friendly feature, the demand for global solar pumps is growing which is a secondary factor driving the growth of this market.
But still, hefty investment cost, lack of availability of spare parts (on time) and post sales services are the primary issues hindering market growth.
This market is segmented on the basis of product and application.
By product it is categorized into AC Submersible, DC Surface Suction, DC Submersible, and AC Floating. DC suction commanded the market accounting for over 80% of the market in 2014.
Rising drip irrigation activities especially in developing countries of Asia Pacific and the Middle East & Africa is anticipated to drive solar powered DC suction pumps over the aforementioned forecast period. AC submersible pumps are anticipated to witness the highest growth rate over the aforementioned forecast period.
Rising demand for higher efficiency solar pumps especially in developing countries of India and Bangladesh is anticipated to drive the demand for AC submersible pumps over the aforementioned forecast period. AC submersible pumps are particularly designed to pump groundwater from deeper wells or boreholes where DC suction pumps cannot be used.
By application the market is categorized by agriculture and drinking water. Agriculture was the dominant application category accounting for 60% of the total market in 2014.
Rise in agricultural activities along with water required for irrigation is anticipated to propel solar pumps market for this application. Government subsidies to farmers and solar pump manufacturers especially in developing countries of Asia Pacific are anticipated to fuel solar pump market growth over the aforementioned forecast period.
Clean and continuous water supply is essential to remote place of various regions where electricity supply is a problem and operating diesel pumps proves to be economically burdensome. This factor is anticipated to drive solar pumps market over the aforementioned forecast period as these places have huge potential to tap renewable energy in the form of solar.
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By geography, the global Solar Pumps market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific commanded the market and accounting for over 30% of total market volume in 2013.
Rising government subsidies and reduction of fossil fuel import for agricultural activities is anticipated to drive solar pump market in this region over the aforementioned forecast period. Growing agricultural activities along with growing government subsidies in the form of financial incentives is anticipated to drive solar pumps market in Asia Pacific.
Countries in this region like China, India, Bangladesh, and Pakistan are major agricultural regions with abundant availability of solar energy. The Middle East & Africa is also witnessing significant growth over the aforementioned forecast period.
The shift in trend towards decreasing dependency on importing fossil fuels in the form of diesel and butane for their major needs for energy to generate electricity for agriculture and drinking water.
Key players in this market are Lorentz, Grundfos, Shakti Pumps, CRI Pumps, TATA Power Solar Systems Ltd., USL, SunEdison, and Bright Solar.
- DC Surface Suction
- AC Submersible
- DC Submersible
- AC Floating
- Y-o-Y Growth Analysis, By Product
- Market Attractiveness Analysis, By Product
- Market Share Analysis, By Product
- Drinking Water
- Y-o-Y Growth Analysis, By Application
- Market Attractiveness Analysis, By Application
- Market Share Analysis, By Application
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Scope of the report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
- Segment-level analysis in terms product type and Packaged Containers along with market size forecasts and estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic,economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
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- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
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