A recent report published by Infinium Global Research on the solar pump market provides an in-depth analysis of segments and sub-segments in the global as well as regional solar pump market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional solar pump market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global solar pump market. According to the report, the global solar pump market is projected to grow at a CAGR of 11.2% over the forecast period of 2020-2026.
A solar pump basically is an electro-mechanical device that moves water by mechanical action and powered by electricity-generating by solar energy. Solar water pumps are primarily considered for the utilization of DC electric power from photovoltaic elements. Solar pumps are used for private homes, cabins, villages, medical clinics, small farms, and gardens. It is most economical to power the pump directly from the PV array, store water in a tank, and then distribute it by gravity flow. The benefits offered by a solar pump such as low operating cost, fuel-free operation, environment friendly, and easy transportation will increase the demand over conventional sources. The global rise in applications in the field of agriculture and farming industry, supportive government policies, and low operational cost of solar pumps are the key driving factors for the growth of the solar pump market.
Solar pumps are becoming less expensive and offer low maintenance along with easy installation will accelerate the demand for solar pumps. Further, an increasing number of small-scale irrigation projects in emerging countries and supportive government regulations for the adoption of low carbon emission equipment is also contributing to the growth of the solar pump market. However, the high cost involved in the initial setup as compared to conventional diesel pump may hamper the demand for the market. Solar pumps have created massive acceptance among end-users owing to advantages of solar pumps over diesel pump and increasing demand in domestic applications will fuel the demand of solar pumps and anticipated to gain demand in the forecast period. Additionally, the current concern over the spread of coronavirus has moderately impacted the solar pump market as there is a significant reduction in demand due to reduced investments in high-cost products. However, supportive government policies and subsidies provided to consumers on the purchase of solar panels for environmental sustainability will continue to propel the demand for solar pumps. Moreover, a sufficient surge in irrigation projects in emerging countries such as Japan, China, and India will increase the demand and offer a steady growth to the market in the forecast period.
The global solar pump market is segmented into regions such as North America, Europe, Asia Pacific, and RoW. From a regional outlook, the Asia Pacific region is projected to dominate the market, attributed to higher adoption of low carbon emission equipment from end-users. Furthermore, the global market for the solar pump is largely benefitted by increasing small sale irrigation projects in Asian countries. In addition, the North America region is expected to witness sustainable growth during the forecast period owing to the increasing need for energy-efficient products.
The report on the global solar pump market covers segments such as product type, operation, and application. On the basis of product type, the sub-markets include submersible and surface. On the basis of operation, the sub-markets include ac pumps and dc pumps. On the basis of application, the sub-markets include agriculture, drinking water, industrial water processing, municipal engineering, and others.
The report provides profiles of the companies in the market such as Alpex Solar Pvt. Ltd, American West Windmill and Solar Company, Bright Solar Pvt. Ltd., Grundfos, SunEdison, Claro Energy Pvt. Ltd., CRI Group, Rainbow power Co. Ltd., Lorentz, and Tata Power Solar systems ltd.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of solar pump market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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