Solar pumps also are known as Solar PV water pumping system are anticipated to witness a rapid growth during the eight-year assessment period. The pump generally works on electricity produced by thermal energy which is collected from sunlight or else photovoltaic panels, a process of transferring solar energy into electricity. These pumps are not reliant on diesel or electricity, therefore, make sure individuals in distant areas to gain the benefit that consecutively will then bring about better effectiveness and productivity. These pumps are also liberated from issues such as feeder damage, supply cut, price hikes etc. Moreover, the solar pump offers minimal environmental impact than any other powered pumps that have observed a huge growth in the worldwide market of solar pumps.
Agriculture Segment to Remain the Most Lucrative in the Global Solar Pumps Market
Global solar pumps market to reach up from a value of US$ 822 Mn in 2017 to a value beyond US$ 2,000.0 Mn during the forecast period 2017-2027. Solar pumps is projected to grow at a stellar CAGR of 11.7%
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The key factors fueling the growth of the global market are
- Assenting development in agriculture
- Rising government aid on tax along with subsidies benefits
- Demand for further water-intensive manufacturing
- Demand for places where grid electricity is inaccessible and alternate sources, particularly wind do not supply satisfactory energy.
- Change in industry focus towards environmental aspects
The overall market is like to be hampered by the following factors:
- High investment cost
- After sales services
- Availability of spare parts on time
The overall solar pump market is categorized by product type, by application type and by region.
Forecast by product type
Based on product type, the overall market is sub-segmented into DC submersible, floating pump set or direct current surface pump, alternating current AC floating and AC surface or submersible pump set.
Forecast by application type
Based on the application type, the overall market can be sub-categorized into agriculture purpose, drinking water and others (oil, chemical & gas). The agriculture purpose segment is expected to be the lucrative market and is set to witness the highest growth during the forecast period, 2015-2025.
Forecast by region
The overall market is studied across into seven prominent regions, namely
- Latin America (Mexico. Brazil)
- North America (U.S., Canada)
- Eastern Europe (Poland, Russia)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- The Middle East and Africa (GCC, S. Africa, N. Africa)
The APAC region among other regions is anticipated to be witness a rapid growth along with retaining the maximum market shares in the overall market. The government is setting up several policies in countries such as Japan, China and India to support the agriculture growth. The region is likely to grow to manifold a CAGR during the assessment period.
Key Market Players
A number of prominent market participants in the worldwide solar pumps market include
- TATA Power Solar Systems
- Bright Solar
- Shakti Solar Pumping Systems
- Jain Irrigation