Global Solar Water Pumps Market – Overview
A Solar Water Pump is a device, which runs on the electricity generated by photovoltaic panels. Solar water pumps are not connected with the grid and result in very less emission compared to conventional pumps. Solar water pumps are increasingly used in regions where grid electricity is unavailable and alternative sources such as wind do not provide enough power for operations. Solar pump components consists of solar panels, a controller and a pump while the size of the PV system determines the operating capacity of the pump.
According to a recent study report published by the Market Research Future, The global market of Solar Water Pumps is booming and expected to gain prominence over the forecast period. The Global Solar Water Pumps Market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, double digit CAGR of 2.4% during the estimated period (2017 – 2023).
Stringent government regulations to reduce carbon footprints into the atmosphere is the factor driving the growth of the solar pumps market. Solar energy used for water pumps does not emit any carbon footprints into the atmosphere and provides a clean source of energy. Additionally supportive government incentive schemes to farmers and solar pump manufacturers is also fuelling the growth of the market. However, high initial investment is the factor may restrict the growth of the market.
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ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (The Netherlands), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A. (France), Petrochina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd (Japan) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Solar Water Pumps Market.
Global Solar Water Pumps Market – Competitive Analysis
Global Solar Water Pumps Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Solar Water Pumps manufacturers strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of Solar Water Pumps for every application.
SunEdison, a leading manufacturer and provider of solar technology and solar energy services, has launched the SunEdison Solar Water Pump, a high performance solar PV-based water pump specially designed for agriculture. The solar pumps intended for use in rural environments, feature rugged structural design and are available in 3HP (horsepower), 5HP, 7.5HP and 10HP variants.
Pune-based KSB Pumps Ltd., a leading international supplier of pumps, valves and related systems, has launched a new product called KSBSol which is a submersible pumpset with high energy efficiency and reliability suitable to run using Solar power.
Solar Water Pumps Market – Segmentation
Global Solar Water Pumps Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
On the basis of product, market is segmented into DC Surface Suction, AC Submersible, DC Submersible, AC Floating. Increasing drip irrigation activities in emerging economies of Asia Pacific and the Middle East & Africa is expected to drive the solar powered DC suction pumps market. AC submersible pumps are expected to witness the highest growth during the forecast period. AC submersible pumps are specially designed to pump groundwater from deeper wells or boreholes where DC suction pumps cannot be used.
On the basis of End User, market is segmented into Agriculture, Drinking Water. Agriculture sector dominates the end user segment of the market. Increasing the agricultural activities along with the increase in use of water for water based agricultural practices driving the growth of the market.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Global Solar Water Pumps Market – Regional Analysis
Asia-Pacific region dominates the global Solar Water Pumps Market and is expected to witness the highest growth during the forecast period. China, India, Japan, Bangladesh and Indonesia are among the major markets for Solar Water Pumps in the Asia Pacific region. Rapid agriculture activities in countries such countries and reduced grid connectivity for agricultural activities, drive the market for solar water pumps in this region. Supportive government incentive schemes to farmers and solar pump manufacturers is also fuelling the growth of the market.
Middle East & Africa are another major regions for the market. Increased clean water demand for drinking and irrigation in countries such as Morocco, Nigeria, Namibia and Kenya, in the African region, is also driving the need for the solar pumps in the region. North America and Europe are contribute significantly during the forecast period.
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