The US$ 822.0 Mn solar pumps market is presumed to attain revenues of over US$ 2,000.0 Mn during the 10-year assessment period. In terms of volume, the consumption of solar pumps is anticipated to reach beyond 490 thousand units by the end of 2027. Over the forecast period 2017-2027, the global market for solar pumps is expected to foster at a stellar CAGR of 11.7% in terms of value.
India all set to outpace MEA and China in terms of growth rate
Geographical assessment of the global solar pumps market reveals in-depth scenario of each regional market. India will turn out to be the most lucrative market for solar pump manufacturers over the forecast period. Despite being the third largest regional market for solar pumps after MEA and China, India is anticipated to witness fostered adoption compared to others. As a result, India is expected to be the fastest growing region with an estimated CAGR of over 15% during 2017-2027. China, the second largest region with over 17% revenue share registered in 2017, will see healthy growth in the next decade at a CAGR value almost similar to that of Japan and Eastern Europe. While MEA will remain the top market for solar pumps, it is foreseen to follow India in terms of CAGR. Western Europe and North America will follow steady growth at a single-digit CAGR, whereas Eastern Europe will exhibit robust growth at a CAGR of over 11%. SEAP is identified to be emerging as a highly lucrative market for solar pumps with a projected CAGR of more than 12%.
Governmental policies to underpin robust market growth in India
High upfront capital costs and relatively lower awareness among farmer communities have been the major barriers impacting the market performance over the years. However, since the recent past, agricultural sector has become a key consumer of solar pumps, attributed to attractive government schemes proposed for farmers and growing affordability of solar pumps. Favorable government initiatives are identified to provide a thrust to pronounced adoption of solar pumps across developing Asian countries, including India. Bolstering demand from water-intensive industries will remain one of the key factors positively influencing the market growth in this region. In addition, tax and subsidy benefits as a result of growing support from the government to renewable energy projects is expected to be a significant factor in shaping the future of solar pumps sales in India. To be more specific, South India will experience a larger share, followed by North India and West India.
Irrigation to remain top consumer of solar pumps – globally and in India
In terms of application, irrigation has been the top application generating substantial demand for solar pumps on a global level. Irrigation is projected to remain a dominant application throughout the forecast period. While adoption of solar pumps for irrigation purpose will continue at a rapid pace all over the globe, a large number of farmer communities in India are also expected to embrace deployment of solar powered pumps for irrigation. Advancing agricultural technologies and increasing efforts for water conservation at ground level will collectively fuel the opportunities for solar powered pumps used for irrigation application across India. While the government is providing direct subsidies for promoting deployment of solar pumps, several NGOs such as The Sehgal Foundation, through combined investment of farmers, have preferred to pilot solar pump initiatives in different parts of India. In a bid to support and encourage large-scale deployment of solar pumps in near future, the government is providing farmers with an interest-subsidy along with reduced capital-subsidy.
Jain Irrigation, Shakti Pump, CRI Pumps, Tata Power Solar, and Kirloaskar Brothers are a few of the key players participating in the Indian as well as global solar pumps market. Recently, Denmark-based Grundfos Group has announced the launch of its new plant in Gujrat so as to expand in India and amplify the global market footprint.
The global population is already exploding and it is getting difficult to meet the growing demand for energy over the years. Growing depletion of conventional energy resources makes it necessary to invest more in renewable energy resources. Solar pumps industry has been flourishing since the past decade; the report on global solar pumps market provides useful data on market condition over the past few years, current status of the market, and prospects of the solar pump sales for the next decade. The report offers 10-year forecast for the global solar pumps market with a prime objective of providing market participants, investors, and emerging companies with the information on recent updates and upcoming opportunities in the marketplace. It also offers insights on the market dynamics, which influence the growth of market over the forecast period. Comprehensive study on key market along with drivers, restraints, price trends, opportunities, and value forecast have been presented in the report.
Segmentation analysis of global solar pumps market
To understand and assess opportunities in the solar pumps market, the report has been categorized into three sections based on market segmentation.
South East Asia Pacific
The report begins with the market definition, followed by a section with market dynamics that includes Future Market Insights’ analysis on key trends, drivers, restraints, opportunities, and macro-economic factors influencing the growth of the global solar pumps market. The next section introduces a series of favorable policies by several governments to eventually support the growth of market. The next section of the report highlights the global solar pumps market by region and provides market outlook for 2017-2027. The report also discusses key regional trends contributing to the global revenue growth along with in-depth analysis of the impact of drivers and restraints in each region.
The final section of the report talks on the competitive landscape to provide a dashboard view of key players engaged in the market for solar pumps. This section is preferably designed to provide clients with an aim and detailed comparative assessment of key providers particularly specific to the market segment in the global solar pumps market and the potential players. This section also includes company details, company overview, key developments, and market strategies of the profiled key players, which are active in the global marketplace.
In-depth secondary research is adopted to arrive at overall market size, top industry players, top products, and industry associations. A detailed discussion guide has been referred for conducting industry experts’, key players’, and distributors’ interviews. A list of notable industry players, retailers, distributors, and industry experts is developed by Future Market Insights’ research team. Data validation is carried out by triangulation method, involving the data from primary as well as secondary research. The same data is later scrutinized in order to find out quantitative and qualitative insights about the global solar pumps industry. PEST (political, economic, social, and technological) analysis has been crucial in portraying the exact picture of the global solar pumps market.