Global Solar Water Pumps Market- By Type ; By Output Range ; By Operation ; By Application ; By Region ; Trend Analysis, Competitive Market Share & Forecast, 2017-2027
発行: Blueweave Consulting & Research Private Limited
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Global Solar Water Pumps Market is Flourishing: Expected to Reach USD 1685.2 Million in 2027
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global solar water pumps market was worth USD 995.0 million in 2020. The market is expected to grow at the CAGR of 8.8% during 2021-2027 (forecast period), earning revenue of around USD 1685.2 million by the end of 2027. The growth can be attributed to the rise in demand for solar water pumps in the agriculture industry and favorable government initiatives for the installation of solar water pumps. Besides this, the rise in infrastructure and rapid urbanization in emerging economies are likely to further propel the growth of the global solar water pumps market during the forecast period.
Increasing demand for Solar Water Pumps in Agriculture is expected to drive the growth of the Global Solar Water Pumps Market during the forecast period
Agriculture involves growing crops, crop cultivation, harvesting, animal raising, forestry and logging, fishing, hunting, and trapping. It uses a significant amount of energy and water in order to improve irrigation methods. Agriculture is one of the most critical sectors globally as it is the most vital sector boosting the economies of several developed and developing countries. According to the World Bank, in 2018, agriculture accounted for 4% of the global GDP and in some emerging economies, it accounted for more than 25% of the GDP.
Besides this, since the global population is expected to grow from 7.6 billion in 2018 to over 9.6 billion in 2050, there will be a significant increase in the demand for food. At the same time, natural resources such as fresh water and productive arable land are becoming increasingly scarce. In addition, the rising pace of urbanization has significant implications for food production and consumption patterns. Hence, the significant increase in global population, coupled with demand for food consumption and production and depletion of natural resources like fresh water and productive arable land, is anticipated to propel the demand for the global solar water pumps market during the forecast era.
High Installation Cost is expected to hamper the growth of the Global Solar Water Pumps Market during the forecast period
The solar pumps require a high installation cost which Impedes the growth of the global solar water pump market. The installation charges of solar water pump systems may range from USD 2000 - USD 4000 depending on the water pumping capacity and power. Solar water pumps have a somewhat high installation cost as well as a high maintenance cost. The parts and tools needed in the production of solar panels and pumps are expensive. They must be maintained on a regular basis in order to perform properly.
Solar water pumps are equipped with solar panels. These are majorly installed in rural areas or places near the agricultural area. Due to the presence of sand in those areas, the sand gets accumulated on the surface of solar panels. Therefore, the accumulation of sand on solar panels decreases their efficiency, thereby leading to less power generation by the solar panels. Therefore, the high installation and maintenance cost of a solar water pump is likely to hinder the growth of the global solar water pumps market during the forecast period.
Submersible Pump segment is the largest in Type Segment
Based on type, the global solar water pump market is segmented into the submersible pump, surface pump, and others. Out of these, the submersible pump segment accounted for the largest market share in 2020 and is likely to dominate the segment during the forecast period as well. This can be attributed to the advantages associated with it such as a high flow system that fills the tanks at a significant speed. Because the motor and pump fitting are particularly effective, these pumps have been verified for long-term technology. Since the solar submersible water pump is also non-polluting and environmentally friendly, these pumps are appropriate for remote regions with limited access to electricity. These are also simple to set up. Hence, the advantages associated with a submersible pump and its easy installation process is likely to drive the growth of the segment in the global solar water pumps market during the forecast period.
Global Solar Water Pumps Market: Regional Insights
Based on region, the global solar water pumps market is grouped into North America, Europe, Asia-pacific, South America and the Middle East, and Africa. Out of these, the Asia-Pacific dominates the overall market. The growth in the market is primarily supported by the growing government initiatives for the installation of solar pumps in the agriculture sector in regions like India, Australia, and others. Besides this, China is the largest manufacturer of solar panels in the world which further boosts the growth of the solar water pumps market in this region. In India, the government gives a 90% subsidy to farmers for installing solar water pumps for agriculture use, which has led to more penetration and adoption of solar water pumps in the region. Hence, the favorable government initiatives for the adoption of solar water pumps in the Asia-Pacific region are likely to propel the growth of the global solar water pumps market during the forecast period.
Impact of COVID-19 Outbreak
COVID-19 pandemic was a global public health emergency that has affected almost every industry. In the first half of 2020, the COVID-19 outbreak has negatively affected the demand for solar water pumps due to the temporary shutdown of manufacturing facilities and industrial activities during the lockdown period. Besides this, due to imposed lockdown farmers were unable to bring their crops to the market on time and were unable to get the right price for them. This resulted in the poor financials of the farmers. Since the initial cost of installing a solar water pump is too high, the farmers were unable to purchase them.
Moreover, the imposed lockdown affected the supply chain as well due to which the distributors were unable to get in touch with the potential customers which affected the market negatively. According to the Global Off-Grid Lighting Association (GOGLA), sales of solar water pumps dropped by 71% around the world with West Africa witnessing increased sales of solar water pumps. The global solar water pump market is predicted to progressively recover towards the end of 2021 and in the next years, thanks to mass vaccination programs taking place around the world, coupled with reopening marketplaces.
Key Market Players: Some of the key market players in the global solar water pumps market are Lorentz, Tata Power Solar Systems Ltd., Bright Solar Limited, Shakti Pumps (India) Ltd., C.R.I. Pumps Private Limited, Grundfos Holding A/S, Symtech Solar Group, Vincent Solar Energy, Lubi Electronics, Oswal Pumps, Aquasub Engineering, Novergy Energy Solutions Pvt. Ltd., Urja Global Limited, SunEdison Infrastructure Limited, and Other Prominent Players.
In January 2021, EESL (Energy Efficiency Services Limited) issued a tender for an off-grid solar photovoltaic pumping system in selected states on a Pan-India basis. It is under the Component-B of MNRE (Ministry of New and Renewable Energy's) PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) program. In total nearly 317,975 solar pumps are expected to be installed across 30 states and 5 union territories.
In October 2020, Lorentz announced the launch of PS2-100. This small pump has set a new benchmark for quality and reliability. It runs directly from solar and easily pumps water throughout the day. The system provides over 20,000 liters of water per day and pumps a 40-meter head. This solution serves a wide range of opportunities in providing drinking water, water for livestock, and irrigation.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global solar water pumps market size & forecast. The report promises to provide recent technology trends of the global solar water pumps market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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*Financial details of unlisted companies will be available as per data availability in final deliverable
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable