The global solar water pump market is anticipated to grow at a considerable CAGR of 5.8% during the forecast period (2021-2027). The market growth is mainly attributed to the adoption of solar water pumps over diesel pumps owing to zero fuel costs and less labor and maintenance. The prominence of solar water pumps has been increasing gradually over the years due to its offering of clean, sustainable energy solutions when compared to fuel-powered pumps. The rise in fuel prices coupled with the shortage of the same is major restraints of diesel pumps, in turn boosting the adoption of solar water pumps. Furthermore, the high maintenance and other financial risks associated with the diesel pumps have resulted in an increased inclination toward solar water pumps, owing to their relatively greater advantages. In addition, increasing cohesive government initiatives promoting the use of solar water pumps in several countries is stimulating the growth of the solar water pump market.
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According to the 2018-2019 report of the Ministry of New and Renewable Energy (MNME), in India about 240,000 solar PV water pumps have been sanctioned and over 237,000 solar pumps have been installed as of March 2019. Likewise, the Government of India announced various schemes to meet their renewables targets for 2022 by providing financial support of around $4.7 billion to the implementing agencies. The initiatives intend to install 1.75 million solar-powered agriculture pumps of the individual pump by the end of 2022.
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Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered-
o By Type
o By Component
o By Applications
o By End-user
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Tata Power Solar Systems Ltd., Grundfos Pumps Corp., Bright Solar Ltd., LORENTZ, Shakti Pumps Ltd.
Recent Strategic Initiatives in the Global Solar Water Pump Market
- In March 2021, Shakti Pump Ltd. announced that it has received a contract from the Uganda Government from the Ministry of Water and Environment for the Supply of solar-powered water pumping systems. The order export was $35 million from Uganda.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Solar Water Pump Market Report Segment
By Type
- Surface Water Pumps
- Submersible Water Pumps
By Applications
- Agricultural
- Water Supply
- Other (Oil and Gas Fracking Activities)
By End-User
- Small-Scale Based
- Large-Scale Based
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