Solar Pumps Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027

Published Date : Jul 2020 | No. of Pages : 200 Pages | Category :

In terms of revenue, the global solar pumps market is estimated to expand at a CAGR of ~ 12% during the forecast period 2020 to 2027.

The global solar pumps market size is expected to reach over US$ 3.1 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.

Growing Demand for Solar Water Pumps from Agriculture and Water Management Industry 

  • Growth in the use of solar energy for agriculture and irrigation activities across the globe is a major factor driving the demand for solar water pumps. Asia Pacific is anticipated to show rapid growth in the solar water pumps market during the forecast period.
  • Decline in solar equipment prices and encouragement by governments for solar equipment usage, especially in the agriculture sector, are driving the Asia Pacific solar pumps market. Governments in many countries are providing subsidies to farmers and solar equipment manufacturers, which is fueling the demand for solar pumps.
  • Countries such as India, China, and Bangladesh, which are major agrarian economies with ample sunlight, are expected to expand their solar water pumps market.

Growing Awareness about Clean Energy Encouraging the Demand for Solar Water Pumps

  • The solar pumps market in the Middle East & Africa is estimated to expand at a significant rate during the forecast period, owing to extensive agricultural land and the bid 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 market in this region.
  • Many developed countries in North America and Europe are shifting from fossil fuel energy to renewable energy sources. The governments in these regions are promoting renewable energy to reduce the carbon footprint and to avoid climate change. E.g.: the International Solar Alliance is an India and France initiative that was jointly launched on the sidelines of the Paris Agreement and the UN Climate Conference.

Low Technical Knowledge, Lack of Awareness about Solar Equipment, and Availability of Substitute Products Hampering Market Growth

  • Lack of awareness and technical knowledge about solar technology is the key reason for the low demand of solar pumps amongst farmers. Also, limited knowledge about rural markets and consumer preferences result in limited customization of technology, and the inability to comprehend the full potential of the solar pumps market. These factors are causing lower adoption of solar pumps in developing countries.
  • Electrical pumps are more efficient than diesel pumps, and also have lower maintenance costs. They can be easily controlled through automated systems. Additionally, the capital cost of solar pumps is high, and they also require some more inputs, which makes electric pumps more attractive. With increasing electrification, the solar pumps market is expected to be hampered in the coming years.

Key players operating in the global solar water pumps market include

  • ​Bernt Lorentz GmbH
  • Bright Solar Ltd.
  • C.R.I. Pumps Private Limited
  • Dankoff Solar Pumps
  • Greenmax Technology
  • GRUNDFOS
  • Jain Irrigation Systems Ltd
  • PM Pumpmakers GmbH
  • Schneider Electric SE
  • Shakti Pumps (India) Ltd.
  • Tata Power Solar Systems Ltd.
  • ​Waaree Energies Ltd.

Segmentation

Market by Product Type

  • Submersible
  • Surface

Market by Operation

  • AC Pumps
  • DC Pumps

Market by Application

  • Agriculture
  • Drinking Water
  • Municipal Engineering
  • Others

Market by Region

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

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:

  • History Year: 2016-2019
  • Base Year: 2019
  • Estimated Year: 2020
  • Forecast Year 2020 to 2027

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

Research Methodology:

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

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.

Primary Sources

 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:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Featured Research Reports

  • Featured Research Reports

    Air Bearings Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027

    Read more...
  • Featured Research Reports

    Solar Pumps Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027

    Read more...
  • Featured Research Reports

    Sewage Pump Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027

    Read more...
  • Featured Research Reports

    Air Conditioning Systems Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027

    Read more...
  • Featured Research Reports

    Plasma Surface Treatment Machine for Leather Market Size, Share, Growth, Trends, Scope, Regional Insights and Forecast 2020 - 2027

    Read more...