According to a new market research report published by Credence Research, “Solar Pumps Market By Pump Type (DC Surface Suction, AC Submersible, DC Submersible And AC Floating), By Application (Agriculture, Drinking Water, Industrial, Others (Municipal, Livestock, Aquaculture)), and By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global solar pumps market is expected to reach US$ 1.81 Bn by 2027, expanding at a CAGR of 8.4% during the forecast from 2019 to 2027 .
Solar pumps are mostly used in those regions where grid connectivity is not available. Increasing need for effective water supply infrastructure in the agricultural sector, water-intensive industries coupled with growing government benefits such as tax and financial subsidies are the factors driving the solar pumps market growth. In addition, price and tax policies in countries such as China, Bangladesh, Morocco, India, Kenya, Namibia, and Nigeria have fueled the demand for solar pumps.
The solar pumps are used most extensively in the Asia Pacific and the Middle East & Africa, due to its suitable topographic conditions. An increase in the number of industrial, residential and agricultural industries along with its low operation and maintenance cost is expected to drive the market for solar pumps. Government encouragement towards the use of solar energy, especially in agricultural sectors, which is fuelling the demand for solar pumps. In addition, a decline in solar panel cost encourages the growth of solar pumps.
Growing awareness and potential advantages of solar PV technology have encouraged many countries to increase the number of solar water pump installation. For example, India has targeted to deploy around 100,000 units solar pumps by 2020, followed by Bangladesh around 50,000 solar pumps by 2025 and Morocco to install around 100,000 units by 2022.
Asia Pacific is anticipated to be a major region in the solar pumps market during the forecast period. Major agricultural countries such as India, China, and Bangladesh, with ample sunlight, are projected to expand their solar pumps consumption. Governments of China and India are highly supportive towards the installation of solar water pumps, creating a regulatory environment for companies in the Asia-Pacific market. In 2017, the cost of photovoltaic (PV) module have reduced from 62 cents/W to 33 cents/W and is expected to reduce further with the advancement in technology such as thin film, which is anticipated to boost the solar pumps market further.
On July 27th, 2019, the Ministry of New and Renewable Energy (MNRE) have announced to provide 50,000 solar pumps to farmers with an investment of around US$ 23.9 in the state of Haryana in India. This project is expected to create a huge potential for solar pumps across this region.
Some of the leading manufacturers profiled in the study includes CRI Group, Grundfos, American West Windmill & Solar Company, SunEdison, Lorentz, Rainbow Power Co., Ltd., Shakti Solar Pumping System, Tata Power Solar Systems Ltd., Solar Power & Pump Co., LLC, Wenling Jintai Pump Factory and Bright Solar Water Pumps.
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