Solar Pumps Market Report

Solar Pumps Market Analysis By Product (DC Surface Suction, AC Submersible, DC Submersible And AC Floating), By Application (Agriculture And Drinking Water) And Segment Forecasts To 2022

Published: May 2016  |  104 Pages  |  Format: PDF  |  Report ID: 978-1-68038-396-6

Industry Insights

Global solar pumps market was 102,188 units in 2013. Increasing agricultural activities coupled with water extraction for irrigation based on renewable energy is expected to drive the global solar pumps market over the forecast period. Countries such as China, India, Bangladesh, Pakistan, Morocco, Kenya, Namibia, and Nigeria have set targets to reduce fossil fuel imports and benefit financially from it. These regions have abundant solar energy supply with a huge renewable energy tapping potential. This factor is expected to augment solar pump market growth over the forecast period. Increasing government subsidies from in the form of financial incentive to install solar pumps is further expected to drive the market growth over the forecast period. Increasing dependency on renewable energy based products on account of depleting fossil fuel reserves is also expected to drive solar pumps market over the forecast period. Solar pumps are primarily used for agricultural and drinking water purposes. They are used in remote regions where off-grid energy in the form of electricity is not available. Use of solar energy to drive pumps cut down the operating cost, which is majorly consumed in the form of diesel. Stringent government regulations to reduce carbon footprints into the atmosphere are expected to augment solar pumps market growth over the next seven years. Solar energy used for water pumps does not emit any carbon footprints into the atmosphere and provides a clean source of energy. Government subsidies in the form of financial incentives to farmers and solar pump manufacturers are expected to propel solar pump market over the forecast period. However, high initial cost compared to conventional diesel pumps is expected to remain a key challenge for market participants.

Global solar pumps market volume by product, 2012 - 2022 (Units)

solar-pumps-market

Product Insights

DC suction emerged as the leading product for solar pumps and accounted for over 80% of total solar pumps market in 2014. Increasing drip irrigation activities particularly in emerging economies of Asia Pacific and the Middle East & Africa is expected to drive solar powered DC suction pumps over the forecast period. AC submersible pumps are expected to witness the highest growth rate over the forecast period. Growing demand for higher efficiency solar pumps particularly in emerging economies of India and Bangladesh is expected to drive the demand for AC submersible pumps over the forecast period. AC submersible pumps are specially designed to pump groundwater from deeper wells or boreholes where DC suction pumps cannot be used.

Application Insights

Agriculture was the dominant application segment of solar pumps and accounted for 60% of the total solar pumps market in 2014. Global increase in agricultural activities coupled with water required for irrigation is expected to drive solar pumps market for this application. Government subsidies to farmers and solar pump manufacturers particularly in emerging economies of Asia Pacific are expected to fuel solar pump market growth over the next seven years for agriculture application. Clean and continuous water supply is necessary to remote place of various regions where electricity supply is a problem and operating diesel pumps proves to be expensive. This factor is expected to drive solar pumps market over the forecast period as these places have huge potential to tap renewable energy in the form of solar.

Regional Insights

Asia Pacific emerged as the largest solar pump market and accounted for over 30% of total market volume in 2013. Increasing government subsidies and reduction of fossil fuel import for agricultural activities is expected to drive solar pump market in this region over the forecast period. Increasing agricultural activities coupled with growing government subsidies in the form of financial incentives is expected to drive solar pumps market in Asia Pacific. Countries in this region such as China, India, Bangladesh, and Pakistan are major agricultural regions with abundant availability of solar energy. The Middle East & Africa is also witnessing significant growth over the forecast period. The shift in trend towards reducing dependency on importing fossil fuels in the form of diesel and butane for their primary need for energy to generate electricity for agriculture and drinking water.

Competitive Insights

Global solar pumps market is dominated by top multinational corporations which have a presence across the value chain. Some of the major companies operating in the global solar pumps market include Lorentz, SunEdison, Grundfos, USL and Bright Solar. Other companies include CRI Pumps, TATA Power Solar Systems Ltd., and Shakti Pumps among others.

Key questions answered by the report
Request for Customization

Choose License Type

Single User - $3,450
Multi User - $4,450
Library Access - $8,450

Buy Chapters or Sections

Avail customized purchase options to meet your research needs:

  • Buy sections of this report
  • Buy country level reports
  • Request for historical data
  • Request discounts available for Start-Ups & Universities

Why Choose Us

  • Research support

    24/5 Research support

    Get your queries resolved from an industry expert. Request for a free product review before report purchase.

  • Custom research service

    Custom research service

    Speak to the report author to design an exclusive study to serve your research needs.

  • Quality assurance

    Quality assurance

    A testimonial for service excellence represented in the form of BBB "A" Accreditation.

  • BBB Rating dandb
  • Information security

    Information security

    Your personal and confidential information is safe and secure.

  • BOA