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Solar Pump Market Overview
A solar pump or a solar-powered pump is a system, which operates on electricity generated by photovoltaic panels, in order to pump water. It is a suitable alternative to traditional generators that run on fossil fuels for pumping water, since it generates electricity using sunlight.
On the basis of type, the global solar pump market has been categorized into surface pumps, submersible pumps, and floating pumps. Surface solar pumps are installed at ground level, in order to extract water from shallow surfaces of 10-20 feet depth, such as streams, ponds, storage tanks, and wells. Submersible solar pumps are used for extracting water from depths as low as 700 feet, for irrigation, livestock watering, deep well pumping, and several other uses. A floating solar pump draws water from reservoirs with an ability to adjust itself with the depth of the water.
Based on application, the solar pump market has been categorized into livestock, irrigation, and others. Solar pumps are highly suitable for remote areas, owing to their ability to serve as a viable alternative to electric and diesel water pumps, for irrigation. Geographically, the market has been categorized into North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).
The rising water demand from rural areas, where agriculture is a major source of income, particularly the developing nations in South Asia, is expected to create an increased demand for pumps to extract water from renewable sources.
Solar Pump Market Dynamics
The rapidly increasing demand for solar pumps from the agriculture sector is one of the major factors boosting the solar pump market. This is attributable to the increasing adoption of renewable sources of energy, in order to reduce the dependency on fossil fuels for irrigation purposes, specifically in economies with huge agricultural yields, such as India, China, and several in Africa.
The lack of awareness about solar pumps in rural areas is likely to hinder the growth of the solar pump market, to a certain extent during the forecast period. A lot of farmers and agricultural land owners are still unaware about solar technology and its ability to generate electricity. In addition, the ease of availability of electrical pumps, along with their lower maintenance costs, discourages farmers from shifting toward solar pumps. Therefore, such factors are likely to restrain the market growth in the coming years.
The solar pump market holds immense potential for growth, particularly in the APAC region, owing to the supportive government initiatives to increase the adoption of renewable sources of energy. For instance, in August 2019, the Indian government launched a special scheme, in order to support farmers with the installation of solar pumps and grid-connected solar power plants. Among the three components of the scheme, component B aims to install 17.50 lakh standalone solar-powered pumps, with a capacity of up to 7.5 HP, to replace diesel-powered agricultural pumps. With the new scheme, the Indian government has set a target to add 25,750 MW of combined solar capacities by the year 2022.
Solar Pump Market Competitive Landscape
Some of the leading players in the global solar pump market include Bright Solar Limited, CAP Solar Pumps Ltd., C.R.I. Pumps Private Limited, Grundfos Pumps India Private Ltd., LORENTZ, Photon Energy Systems Limited, Shakti Pumps (India) Ltd., SunEdison Energy India Pvt. Ltd., and Tata Power Solar Systems Ltd.
Segmentation of the Global Solar Pump Market
The research offers market size of the global solar pump market for the period 2014–2030.
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography