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 .
Market Insights
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.
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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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Increasing Demand from the Agricultural sector to Drive Growth Prospects
An increase in agricultural activities and water requirements for irrigation and livestock purpose is expected to drive the solar pumps market. Government subsidies offered to solar pump manufacturers and farmers in emerging economies of Asia Pacific are expected to boost the solar pump market growth over the next few years. The necessity of clean and continuous water supply to various remote areas create needs for the installation of solar pumps.
Government incentives as a subsidy to farmers and solar pumps manufacturer are creating a significant opportunity for solar pumps. Due to its low operating & maintenance cost, up-front pump cost and easy installation process the solar pumps are highly encouraged over diesel pumps. In 2019, the Cabinet Committee on Economic Affairs (CCEA) approved Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) program with an investment of around US$ 4.69 Bn in India. The aforementioned project includes the installation of 1.75 Mn agricultural and one million grid-connected solar pumps.
Asia Pacific to Dominate, Europe to Witness Strong Growth
In 2018, Asia Pacific is the largest solar pump markets withholding a total market share of around 45%. Increasing government subsidies in the form of incentives, tax reduction for agricultural activities is expected to drive the solar pump market. India, Bangladesh, China and Pakistan are major agricultural nations with ample availability of concentrated solar energy. Inadequate power generation capacity and grid infrastructure for irrigation and community water supply facilities in developing countries like India and China are expected to drive the demand for solar pumps.
Europe is second largest region for solar pumps market globally. Germany, the U.K., Italy and France are major countries involved in the use of solar pumps. Increase in number of agricultural activities coupled with livestock water supply is anticipated to have a market penetration over few years.
Key questions answered in this report
- What was the global solar pumps market size in 2017 & 2018?
- What is estimated forecast and market projections up to 2027?
- Which is largest regional solar pumps market?
- Which end-use vertical has the largest penetration of solar pumps and related facilities?
- Which are the predominant trends shaping the global solar pumps market?
- Which is the most promising, attractive, and less-explored end-use segment in the global solar pumps market?
- Who are the leading manufacturers in the global solar pumps market?
- What are the premiere strategies adopted by the leading players in the global solar pumps market?
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