ID: MRFR/E&P/2663-HCR | February 2021 | Region: Global | 111 pages
Solar water pumps are used to pump out the water using the energy of the sun. Solar water pumps are generally used in rural areas which are not a part of the local electricity grid. Solar water pumps can be used as various pumps according to the application in which they are used. These pumps are especially designed to utilize DC electric power from photovoltaic modules. These pumps are classified as fountain pumps, transfer pumps, irrigation pumps, pool pumps, circulation pumps in the pond, and house pumps. Also, solar water pumps offer a clean alternative to fuel generators and windmills.
The global solar water pumps market size is projected to reach USD 1,725.0 million by 2025 from an estimated USD 1,021.1 million, with ~9.50% CAGR from 2019 to 2025.
The major factors driving the growth of the global solar water pumps market are increasing renewable energy generation, especially solar power and increasing infrastructural investment in developing countries. Moreover, increasing urbanization will drive the demand for solar water pumps market. Additionally, growing subsea operations and agricultural activities also present a growth opportunity for the global solar water pumps market.
The increasing need for alternative sources of energy has become the primary driver for the growth of the global solar water pumps market. Moreover, solar power is widely used as it is an affordable source of electricity and helps to reduce energy bills along with cutting down the CO2 emissions that affect our environment. This would boost the demand for solar water pumps as they are used to provide water for irrigation of crops and to provide portable water.
Governments across the globe are focusing on renewable energy generation to reduce dependency on conventional energy resources. Moreover, as per the European Commission, it is estimated that USD 28.44 billion is required to be invested in renewable sources by the government between 2020 and 2050. This would lead to an increase in the use of solar water pumps across Europe. This investment would also include solar-powered pumping system to fulfill the demand of agriculture sector. Additionally, according to EIA, solar surpasses biomass to become the third most prevalent renewable electricity source. This has led to increased investment in countries such as India, China, the US, Italy, and others globally to install solar panels to generate electricity. Rising solar panels will drive the demand for solar water heaters in order to provide power to agriculture and wastewater treatment.
The global solar water pumps market has been segmented based on product and application. Based on the product, the global market includes submersible pumps and surface pumps. The submersible pump segment is expected to dominate the global market owing to increasing subsea operations and increasing deepwater exploration activities.
The global solar water pumps market is expected to grow at ~9.50% CAGR during the forecast period.
The global solar water pumps market is expected to witness high growth during the forecast period due to increasing urbanization and high focus on water conservation and wastewater management. Moreover, increasing focus on renewable energy resources is also likely to drive the global solar water pumps market.
On the basis of region, the global solar water pumps market has been segmented into Asia-Pacific, North America, Europe, the Middle East, Africa, and South America. Asia-Pacific holds the largest share in the solar water pumps market owing to growing industrialization and immediate need to fulfill the electricity demand for agriculture and water & wastewater treatment that would boost the market for solar water pumps market in the region. China dominated the Asia-Pacific region owing to the enormous population and increasing infrastructure sector in order to cater to the massive population.
The key players operating in the global solar water pumps market are Lorentz (Germany), C. R. I. Pumps Private Limited (India), Tata Power Solar Systems Ltd (India), Shakti Pumps (India) Ltd (India), Wenling Jintai Pump Factory Limited (China), Bright Solar Limited (India), Grundfos (Denmark), Symtech Solar (Oman), PhotonSolar.com (Australia), Urja Global Limited (India), and Kavita Solar Energy Private Limited (India).
Frequently Asked Questions (FAQ) :
The solar water pumps market can thrive at 9.50% CAGR in the forecast span.
The worldwide market of solar water pumps is expected to value at a substantial amount.
Lorentz (Germany), Tata Power Solar Systems Ltd (India), and C. R. I. Pumps Private Limited (India) are some reputed names in the solar water pumps market.
The high demand for electricity can impel the solar water pumps market growth.
The solar water pumps market in APAC is likely to hold huge number of growth opportunities.