Market Definition:
Global solar water pumps market is growing pervasively mainly due to the Solar Water Initiative and the potential of solar water pumps in transforming lives and ways of working. Solar-powered water pumps offer so many possibilities for the development and humanitarian aid, from lighting to internet connectivity to the water provision.
Augmenting demand for access to the clean and safe drinking water, globally, is escalating the market on the global platform. Regions, where solar power is abundantly available, are reducing their dependency on diesel fuel which proves to be an expensive option. And hence, these regions are investing hugely in the solarization of water supply infrastructure to bring drinking water supply sustainably.
Global solar water pumps will reach exponential heights by 2023, registering a 5.6% cagr during the anticipated period (2017 – 2023).
Market Scenario:
Attributing to their wide-spread application areas, solar water pumps witness huge demand, and hence, its market is increasing rapidly. Additional factors supporting the market growth include; rapidly increasing population, industrialization, urbanization and most importantly, the depleting water reserves worldwide.
Improving economic conditions are undoubtedly supporting the market growth, boosting the consumer’s purchasing power. Also, expansion of distribution channels is expected to provide impetus to the market growth during the forecast period.
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On the other hand, in many countries awareness about the benefits of solar water pumps is still low which is expected to impede the market growth. As a result of increasing demand for sustainable water supply, additional funding is being secured which will enable the initiatives to expand the demand in the emerging regions, scaling up the market size.
Global Solar Water Pumps Market – Segments
The MRFR analysis is segmented into three key dynamics for the convenience of understanding;
By Products : DC Surface Suction, AC Submersible, DC Submersible, and AC Floating among others.
By Applications : Agriculture and Drinking Water among others.
By Region : North America, Europe, APAC and the Rest-of-the-World.
Global Solar Water Pumps Market – Regional Analysis
Globally, the Asia Pacific region accounts for the leading market for the solar water pumps. Growing market in some of the APAC countries such as India, China, and Japan, driven by the increasing industrialization, contributes to the market growth majorly. The market is likely to retain its dominance throughout the forecast period, attributing to the burgeoning agriculture sector in the region.
Furthermore, factors such as the rapid agriculture activities in countries such as China, India, Bangladesh, and Pakistan along with the reduced grid connectivity for agricultural activities foster the market for solar water pumps in the region.
The North America market is estimated to increase at a significant pace during the assessment period. Moreover, sectors that are heavily reliant on water, such as pharmaceutical, food & beverages, and water treatment are fuelling the sales in the market.
Europe region is another lucrative market for solar water pumps. The market in the region is growing mainly due to the flourishing food & beverage and water treatment sectors.
The Middle East region is demonstrating enormous potential mainly due to the efforts from the countries in the region for reducing the dependency on their oil and gas market which provides opportunities to a flourishing water treatment market translating into demand for solar water pumps.
Simultaneously, factors such as the increased demand for clean drinking water in countries such as Nigeria, Morocco, Kenya, and Namibia in the African region, is providing impetus to the market growth, driving the demand for the solar pumps in the region. Also, the UN development programs to promote the use of solar energy in the region are fostering the market growth.
Global Solar Water Pumps Market – Competitive Analysis
The market is highly competitive yet consolidated. Mergers & acquisitions, Innovation, brand reinforcement, and partnership remain the key trends for leading players. They strive to develop pumps that can reduce the downtime and maintenance with longer life lowering the total costs. Due to the expected extensions in product, service, and product innovations, the market is soon expected to witness a fierce competition.
Key Players:
Some of the eminent players leading the market include SunEdison, Inc. (US), Lorentz (Germany), CRI Pumps Pvt. Ltd (India), Tata Power Solar Systems Ltd. (India), Solar Power & Pump Co LLC (US), Shakti Solar Pumping System (India), Bright Solar Pvt. Ltd. (India), Wenling Jintai Pump Factory (China), American West Windmill and Solar Company (US), and Grundfos (Denmark).
Industry/ Innovations/ Related News
September 14, 2018 – Patanjali Ayurved (India), one of the largest business empires, announced various plans to launch new solar street lights, solar hybrid inverter and solar water pumps. These plans were revealed during the launch of 60-megawatt solar panel plant, being established to achieve self-sufficiency for the brand’s energy demands.
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