Global Solar Pumps Market Size and Share: Industry Forecast to 2023

Industry Trend Analysis

The global Solar Pumps Market was approximately USD 755 million in the year 2017 and is expected to grow at a significant Compound Annual Growth Rate CAGR during the forecast period. Rising agricultural activities along with water pumping for irrigation derived from renewable energy is anticipated to fuel the global solar pumps market during the forecast years. Nations such as India, China, Bangladesh, Namibia, Pakistan, Nigeria, Morocco, and Kenya have set objectives to trim down fossil fuel imports as well as gain fiscally from it. These areas have plentiful solar energy supply with an immense renewable energy exploration potential. This factor is anticipated to boost global solar pump industry growth during the forecast years. Solar pumps are mainly utilized for drinking water and irrigation purposes. They are utilized in rural and remote areas where off-grid energy in the electricity form is not offered. Utilization of solar energy to propel pumps cuts down the working cost, which is mostly consumed in the diesel form. Strict government regulations to trim down carbon footprints into the environment are predicted to boost the growth of the solar pumps market during the next few years. Solar energy utilized for water pumps does not produce any carbon footprints into the environment and renders a clean energy source. Though, elevated initial cost relative to traditional diesel pumps is anticipated to remain a major challenge for industry participants.
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Product Outlook and Trend Analysis

In 2014, DC suction came out as the major product for solar pumps and reported for around 80% of overall solar pumps market. Rising drip irrigation activities, especially in developing countries of the Middle East and Africa and Asia Pacific, is anticipated to propel solar powered DC suction pumps during the forecast years. AC submersible pumps are anticipated to experience the major growth rate throughout the projected period. Rising demand for advanced efficiency solar pumps especially in emerging countries like Bangladesh and India is projected to fuel the demand for AC submersible pumps during the forecast years. AC submersible pumps are specifically designed to impel groundwater from deeper boreholes or wells where DC suction pumps cannot be employed.

Application Outlook and Trend Analysis

In 2014, agriculture segment was the ruled application section of solar pumps and reported for 60% of the global solar pumps industry. The global rise in agricultural activities along with water needed for irrigation is projected to fuel solar pumps industry for this application segment. Government grants to solar pump manufacturers and farmers especially in developing countries of Asia Pacific region are anticipated to fuel the growth of the global solar pump market during the next few years for agricultural application. Continuous and clean water supply is essential to a remote place of diverse regions where the supply of electricity is an issue and using diesel pumps turns out to be costly. This factor is projected to boost the global solar pumps market during the forecast period since these places have immense prospective to explore renewable energy in the solar form.

Regional Outlook and Trend Analysis

In 2013, Asia Pacific region came out as the leading regional solar pump market and reported for around 30% of overall market volume. Rising government grants and a decline in import of fossil fuel for farming activities is anticipated to boost solar pump market in the region during the forecast years. Growing agricultural activities along with increasing government grants in the financial incentives form are estimated to fuel the growth of the solar pumps market across Asia Pacific region. Economies in this region like India, China, Pakistan, and Bangladesh are key agricultural regions with plentiful solar energy availability. Africa andThe Middle East are also experiencing considerable growth during the forecast years. The modification in the trend towards abbreviating dependency on fossil fuels importing in the butane and diesel form for their main requirement for energy to produce electricity for drinking water and agriculture.

Competitive Outlook and Trend Analysis

Global solar pumps industry is ruled by major international organizations which have an existence over the value chain. The major market players in the global solar pumps market are Lorentz, SunEdison, Grundfos, USL, Bright Solar, CRI Pumps, TATA Power Solar Systems Ltd., and Shakti Pumps among others.

The global solar pumps market is segmented as follows –

By Product

DC Surface Suction
AC Submersible
DC Submersible
AC Floating

By Application

Agriculture
Drinking Water

By Region

North America
U.S
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia Pacific
Rest of the World
Brazil
South Africa
Saudi Arabia
United Arab Emirates
Others

Some of the key questions answered by the report are:

· What was the market size in 2014 and forecast from 2015 to 2023?

· What will be the industry market growth from 2015 to 2023?

· What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?

· What are the major segments leading the market growth and why?

· Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

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