In terms of revenue, the global solar pumps market is estimated to expand at a CAGR of 12% during the forecast period 2021 to 2027.
The global solar pumps market size is expected to reach over USD 3.5 bn by 2027, the growing demand for solar pumps from the agriculture and industrial sector is expected to boost the growth of the global solar pumps market during the forecast period.
A solar pump is a major solar equipment product. It consists of a pump and a PV panel that has semiconductors. When this panel is exposed to sunlight, current gets generated and it helps pump water. Solar pumps have a wide range of applications, from household to agriculture and irrigation. The solar pumps market is anticipated to grow at a rapid pace during the forecast period, due to an increase in agricultural and irrigation activities, mainly in developing countries in Asia Pacific and the Middle East & Africa.
The solar pumps market is growing due to the rising demand for pumps in domestic and agriculture applications, mainly for supply water in farms and for irrigation. Also, solar water pumps are increasingly being preferred in oil and gas fracking activities to reduce the environmental impact of these activities. The growing adoption of solar energy for irrigation and agriculture activities across the globe is the major driving factor of the solar pumps market. Asia Pacific is anticipated to be a major region in the solar pumps market during the forecast period. India, China, and Bangladesh, which are major agricultural countries with ample sunlight, are projected to expand their solar pumps market. Governments in developing countries are encouraging people to use solar energy, especially in agricultural sectors, which is fuelling the demand for solar pumps. Additionally, a decline in solar equipment prices is encouraging the solar pumps market.
However, lack of technological knowledge and lack of awareness about solar technology, and limited understanding about the rural market for solar equipment, are major factors causing the lower adoption of solar pumps in developing countries. Manufacturers do not have a clear idea about the full potential of the market due to the limited understanding of the rural market. These factors are anticipated to hamper the growth of the solar pumps market during the forecast period. People prefer electrical pumps instead of solar pumps due to lower maintenance costs. Also, these can be easily controlled by an automated system. Additionally, the capital cost of solar pumps is high, and it also requires some more inputs which make the electric pump more attractive and cheaper. The solar pumps market is expected to get hampered during the forecast period, due to increasing electrification across developing countries.
Powering the Bright Future of the Solar Pumps Market Players
The demand for solar pumps is currently based in regions that are on the verge of a solar revolution. As the shift from conventional to solar pumps has been heralded as a better alternative to fossil fuels, influencing the development of zero- or low-carbon irrigated agriculture, manufacturers are likely to experience a period of sustained demand.
Considering the low level of understanding regarding the potential benefits of solar pumps, manufacturers are inclining towards organizing awareness programs on solar water pumping, especially in rural and remote areas in Asia Pacific and the Middle East & Africa. As the unavailability of repair and maintenance services remains a key concern among consumers, solar pump market players are placing their bets on delivering effective and instant services. These factors played an important role in Grundfos’ decision to launch a mobile application – SmArt Serv – to provide service support for all its products. Such game-changing strategies to ease the access of product portfolio as well as aftersales services are likely to provide the added advantage of gaining new customers.
In addition to offering a wide range of solar pumps for agriculture, residential, and industrial applications, a number of market vendors are entering into the manufacturing of pipes and valves to position their brand as a 'one-stop shop' for all electro-mechanical needs.
AC Submersible Solar Pumps Gain Center Stage
Manufacturers are continuously focusing on increasing the production of AC submersible solar pumps, as this category has witnessed significant sales in recent years. With numerous advantages over their unprotected counterparts, i.e. surface solar pumps, submersible solar pumps also continue to experience higher innovations in terms of performance range and operating functions. Although DC pumps operates at higher efficiency without the need of an inverter as compared to AC pumps, the latter variant has been gaining momentum for their low maintenance and cost effectiveness. As 6 in 10 units of solar pumps sold in 2018 were based on an AC power source, manufacturers are specifically working on this category. In addition, lack of service centers in various rural and remotes areas for the repair and maintenance of DC pumps continues to challenge their sales growth.
The future of solar pumps appears to be brighter in developing countries, especially in Asia Pacific, where a large part of the economy is centered around agriculture. As the industry is rapidly entering into a realm of solar or renewable energy, manufacturers remain focused on improving the potential of solar pumps in irrigation and related agricultural tasks. Several government efforts to initiate the widespread use of solar pumps that can aid in advancing sustainable development of these nations have also led to the realignment of the strategies of manufacturers.
Asia Pacific and the Middle East & Africa are estimated to witness significant growth in the solar pumps market, owing to extensive agriculture lands and the quest to reduce the use of fossil fuel energy. Government initiatives toward pollution-free and clean energy are also expected to support the expansion of the solar pumps markets in these regions. The solar pumps markets in North America and Europe are expected to show considerably high growth rates during the forecast period. The rising trend of adoption of renewable energy in developed countries is anticipated to boost the expansion of the solar pumps markets in these two regions.
Key players operating in the global solar water pumps market include
Market by Product Type
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Market by Region
The Solar Pumps market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Solar Pumps market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Solar Pumps market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Solar Pumps market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Solar Pumps market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Solar Pumps capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Solar Pumps by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Solar Pumps market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Solar Pumps market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Solar Pumps market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Solar Pumps industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Solar Pumps market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Solar Pumps market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Solar Pumps market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Solar Pumps market. These factors have benefited the growth of the global market for Solar Pumps. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Solar Pumps. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Solar Pumps are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: