Solar Pumps Market Poised for Healthy Recovery As COVID-19 Pandemic Recedes, Says TMR

Solar Pumps Market Poised for Healthy Recovery As COVID-19 Pandemic Recedes, Says TMR
Solar Pumps Market
Solar Pumps Market is projected to expand at a CAGR of 12% during forecast period due to rising demand for pumps in domestic and agriculture applications, mainly for supply water in farms and for irrigation

Global Solar Pumps Market: Introduction

Transparency Market Research delivers key insights on the global solar pumps market. In terms of revenue, the global solar pumps market is estimated to expand at a CAGR of ~ 12% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in the solar pumps market report.

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.

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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.

Global Solar Pumps Market: Prominent Regions

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.

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Global Solar Pumps Market: Key Players

The global solar pumps market is fragmented by global and regional players. Key players operating in the global solar 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., and Waaree Energies Ltd. Market players are investing in R&D activities so as to incorporate new technologies for product upgrade and to expand their market share. 

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.

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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.

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