A Solar Water Pump is a device, which runs on the electricity driven by photovoltaic panels. Solar water pumps are primarily used in regions where electricity is unavailable and alternative sources of energy such as wind do not offer enough power. Solar pumps are mainly used for drinking water and agricultural purposes. Solar pumps are widely used in remote regions where energy in the form of electricity is not available. Water pumping is one of the most suitable and simplest applications for solar powered pumps. Growing agricultural activities and high water extraction from renewable energy is expected to drive the global solar pumps market over the forecast period.
Market Size and Forecast
Global solar pumps market is expected to value at USD 0.5 Billion in 2027. High agricultural activities and growing demand for water extraction based on renewable energy for irrigation is expected to drive the global solar pumps market over the forecast period. The global solar water pumps market is anticipated to exhibit an exponential growth by 2027, growing with a double digit CAGR of 35.7% during the estimated period (2017 – 2027). Growing government subsidizations by providing financial incentive in order to set up solar pumps is further expected to drive the market growth of solar pumps in the forthcoming years.
The global solar pump market can be segmented on the basis of product type and end user. On the basis of product type solar pumps market is segmented into DC Surface Suction, DC Submersible, AC Submersible and AC Floating. DC suction is the leading product type on the account of growing drip irrigation in Asia Pacific and the Middle East & Africa. AC submersible pumps are anticipated to observe the highest growth rate during the forecast period. Increasing demand for high efficiency solar pumps is expected to support the demand for AC submersible pumps over the forecast period. By end-user solar pumps market is segmented into agriculture and drinking water. Agriculture end use segment is anticipated to be the dominating segment during the forecast period on the account of high use of solar pumps in the agriculture industry. By region global solar pump market can be segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Asia Pacific is the leading region in the global solar pump market. This is attributed to the fact that government is focusing towards the reduction of fossil fuels and also increased subsidies for agricultural activities. Europe is expected to be the second largest market in global solar pump market on the account of increasing usage of non-conventional energy resources in the region.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis segmented the Global solar pumps market in the following segments:
By End User
Global solar pumps market is further classified on the basis of region as follows:
Growth Factors and Challenges
High growth in agriculture coupled with increasing demand from water intensive industries is the major driver for global solar pumps market. Additionally, favorable government policies are expected to support the increasing adoption of solar pump in Asia Pacific region. The key manufacturers operating in the global solar pumps market are developing innovative solar pumps with improved design and manufacturing process in order to grab the potential untapped market. However, some of the restraining factors associated with solar pump market is high investment cost coupled with unavailability of spare parts.
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