Global Solar Pumps Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Solar Pumps Market Overview:

“The global Solar Pumps Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global solar pumps market report has been segmented on the basis of product type, application, and region.

This report is based on synthesis, analysis, and interpretation of information gathered from various sources regarding the target market. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts, with the primary objective being to provide a holistic view of the target market.

In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as current impact, in order to make informed forecasts about the scenarios in the near and distant future.

A solar-powered pump is a pump that runs on electricity that is produced with the help of photovoltaic panels or the emitted thermal energy from sunlight as opposed to diesel run or grid electricity water pumps. Solar pumps are economical owing to low maintenance cost and operation cost. In addition, solar panels have less impact on environment in comparison to pumps powered by an internal combustion engine (ICE). Solar pumps are advantageous where grid electricity is unattainable and alternative sources of energy do not provide adequate energy.

Dynamics:

Rising agricultural activities coupled with increasing water extraction activities for irrigation in agricultural sector across the globe is expected to drive growth of the global solar pumps market over the forecast period. Various countries such as China, India, Bangladesh, Pakistan, Morocco, Kenya, Namibia, and Nigeria have reduced imports of fossil fuel in order to benefit financially from Solar energy. These regions have supply of solar energy in abundance and also possesses huge potential to tap renewable energy. This is expected to increase production of solar pumps, which in turn is expected to drive growth of the global solar pumps market over the forecast period.

Moreover, increasing government support in form of subsidies or financial incentive for installation of solar pumps is expected to drive growth of the global solar pumps. Rising dependency on products based in renewable energy owing to depleting reserves of fossil fuels is also expected to augment growth of global solar pumps market over the forecast period. Increasing applications of solar pumps in remote areas where off grid electricity form in not attainable is also expected to drive growth of the global market over the estimated time period.

Solar pump does not release carbon footprints into the environment, and therefore is a clean source of energy. Stringent government norms to decrease release of carbon is also expected to fuel growth of the global solar pumps market over the estimated time period.

However, high initial cost, as compared to conventional pumps, may impact growth of the global solar pumps market over the estimated time period.

Analysis by Region:

Asia Pacific market accounts for maximum revenue share in the global solar pumps market, owing to increasing government subsidies and reduction in imports of fossil fuel for agricultural activities in the region. Moreover, with the presence of developing economies like India, China, Pakistan, the region possesses major agricultural region with ample availability of solar energy sources.

The Middle East & Africa market is also expected to register significant growth over the forecast period, owing to a shifting trend towards reducing reliance on importing fossil fuels as a main source of energy.

Global Solar Pumps Market Segmentation:

Segmentation by Product Type:

• DC Surface Suction
• AC Submersible
• DC Submersible
• AC Floating

Segmentation by Application:

• Agriculture
• Drinking water

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa