Solar Pumps Market
Segmentation By product (DC Surface Suction, AC Submersible, DC Submersible and AC Floating); By End User (Agriculture and Drinking Water) - Global Demand Analysis & Opportunity Outlook 2027
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Segmentation By product (DC Surface Suction, AC Submersible, DC Submersible and AC Floating); By End User (Agriculture and Drinking Water) - Global Demand Analysis & Opportunity Outlook 2027
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Our in-depth analysis segmented the Global solar pumps market in the following segments:
By product
By End User
By Region
Global solar pumps market is further classified on the basis of region as follows:
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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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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