Global Solar Pumps Market by Application (Agriculture And Drinking Water), by Product (AC Submersible, DC Submersible And AC Floating, DC Surface Suction) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Industry Insights

In 2014, the global market for solar pumps was 120 786 units. The global market for solar pumps is expected to grow due to increased agricultural activities and water extraction for irrigation using renewable energy.

Market growth is expected to be driven by increased government subsidies in the form financial incentives for solar pumps. The market for solar pumps will also be driven by an increasing dependence on renewable energy-based products due to the depletion of fossil fuel reserves.

India's demand for solar pumps will be boosted by increasing government subsidies, including financial incentives to farmers and manufacturers. The Ministry of New and Renewable Environment (MNRE), meanwhile, has set a goal to install 1,000,000 solar pumps by 2020-21. This will help to increase the number of solar pumps in the country.

The U.S. is expected to continue to see an increase in agriculture and livestock water consumption as a driving force for solar pump demand. This country holds a dominant market share in North America for solar pump demand and will continue to do so in the future.

China, India and Pakistan have set goals to reduce their dependence on fossil fuels while also maximizing the financial benefits. These countries have a large solar energy supply and a high potential for renewable energy tapping. This will boost the market for solar pumps over the forecast period.

Solar pumps are used primarily for agricultural and water supply. These pumps are often used in remote areas where electricity or off-grid power is not possible. Solar energy is used to drive pumps, reducing the operating costs. Diesel is the main fuel consumed.

Over the next seven year, the market for solar pumps is expected to grow due to stringent government regulations that aim to reduce the carbon footprint. The solar energy used to power water pumps doesn't emit any carbon dioxide into the atmosphere, and is a renewable source of energy.

The market for solar pumps will be boosted by government subsidies, including financial incentives to farmers. The market's main challenge will be the high initial cost of solar pumps compared to traditional diesel pumps.

Product Insights

The most popular product in solar pumps was DC suction. It accounted for more than 80% of total solar pumps market revenue in 2014. Over the forecast period, solar-powered DC sucction pumps will be driven by increasing drip irrigation activities in emerging economies like Asia Pacific and Middle East & Africa.

The fastest growth rate for AC submersible pumps is expected over the forecast period. The forecast period will see a rise in demand for AC submersible pump, especially in emerging countries like India and Bangladesh. AC submersible pumps can be used to pump groundwater from deep wells and boreholes that are not accessible by DC suction pumps.

DC submersible pumps are extremely efficient and require little maintenance. In comparison to AC submersible pump installations, DC submersible pumps require fewer solar panels. This means that DC submersible pumps require lower initial investment than AC. These factors will likely increase the market demand for DC submersible pump in the future.

Application Insights

The dominant segment for solar pumps was agriculture, accounting for 60% of total solar pumps market revenue in 2014. This application is expected to grow in the future due to an increase in agriculture activities and increased water requirements.

In the coming seven years, solar pump market growth will be fueled by government subsidies for farmers and solar pump producers in emerging economies like Asia Pacific.

In remote areas where electricity is not available, a reliable water supply is essential. Diesel pumps can be costly and require constant water supply. This is likely to be a driving factor in the market for solar pumps over the forecast period. These places offer huge potential to tap into renewable energy in form of solar.

In many developing countries, government-sponsored programs are implemented to ensure long-term drinking water supply. Solar pumps are a better option than diesel-operated pumps because they require less maintenance.

Regional Insights

Asia Pacific was the largest market for solar pumps and accounted to over 30% of global market volume in 2014. The solar pump market will be driven by increasing government subsidies and decreasing fossil fuel imports for agricultural activities over the forecast period.

The Asia Pacific solar pumps market is expected to grow due to growing agricultural activities and increasing government subsidies through financial incentives. This region is home to many countries, including India, Pakistan, Bangladesh, China, and India. There are also large areas of agricultural production that can take advantage of the abundant solar energy available.

Europe was the second largest region for solar pumps worldwide. This region is home to major solar pump consumers such as France, the U.K., Italy and Germany. Over the next seven year, this region will see an increase in agricultural activity and a better supply of livestock water.

Over the forecast period, significant growth is also expected in Africa and the Middle East. There is a shift in trend away from importing fossil fuels such as diesel and butane to meet their primary energy needs, which allows them to produce electricity for drinking water and agriculture.

Market Share Analysis for Solar Pumps

Multinational corporations with a presence throughout the value chain dominate the global market for solar pumps. The major players in the global market for solar pumps include Lorentz and SunEdison as well as Grundfos, USL and Bright Solar. CRI Pumps and TATA Power Solar Systems Ltd. are other companies.

To increase their market share, some companies in the solar pump industry are collaborating with government agencies and institutions. Shakti Pumps, for example, became a channel partner of MNRE in September 2013. This was under the scheme "Off-Grid & Decentralized Solar Applications". This would allow the company to increase its distribution network and market penetration in India.

The report covers segments

This report predicts revenue growth and volume growth at the global, regional and country levels. It also provides analysis of industry trends for each sub-segment from 2012 to 2022. Grand View Research has divided the global market for solar pumps based on product, region, and application.

• Product Outlook (Revenue in USD Millions; Volume, Units; 2012-2022)

  • DC Surface Suction

  • AC Submersible

  • DC Submersible

  • AC Floating

• Application Outlook (Revenue USD Million; Volume, GW; 2012-2022)

  • Agriculture

  • Drinking water

• Regional Outlook (Revenue USD Million; Volume, GW; 2012-2022)

  • North America

    • The U.S.

  • Europe

  • Asia Pacific

    • China

    • India

  • Central & South America

  • Middle East & Africa

Up Market Research published a new report titled “Solar Pumps Market research report which is segmented by Application (Agriculture And Drinking Water), by Product (AC Submersible, DC Submersible And AC Floating, DC Surface Suction), By Players/Companies USL, Bright Solar Other companies include CRI Pumps, Grundfos, SunEdison, Lorentz, TATA Power Solar Systems Ltd, Shakti Pumps among others”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Solar Pumps Market Report Segments:

The market is segmented by Application (Agriculture And Drinking Water), by Product (AC Submersible, DC Submersible And AC Floating, DC Surface Suction).

Solar Pumps Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Solar Pumps Market

Overview of the regional outlook of the Solar Pumps Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Solar Pumps Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Solar Pumps Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Agriculture And Drinking Water

                1. AC Submersible

                2. DC Submersible And AC Floating

                3. DC Surface Suction

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Solar Pumps Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
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• Understanding Competition Scenario
• Product & Brand Management
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Reasons to Purchase the Solar Pumps Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.