Product Code: 61798
The global solar water pump systems market is expected to grow at a CAGR of more than 4.5% over the period of 2020-2025. Factors such as stringent government regulations to reduce carbon footprints and use of solar energy to drive the pumps which cuts down the operating cost, are expected to drive the market during the forecast period. Moreover, the solar water pumps are very beneficial in remote locations, where supply of electricity is inadequate, and locations where the availability of conventional fuel for powering water pumps is not available. However, the high installation cost associated with solar water pumping and unavailability of specialized service providers in remote locations are restraining the growth of the market.
- Submersible pump segment which are designed to pump water from deeper wells, where surface pumps cannot be used, is expected to be the largest segment during the forecast period.
- Energy Grand Challenge for Development (PAEGC) program announced total 13 projects in nine countries, out of which seven were focused on Africa. The program is aimed at facilitating the use of renewable energy in agriculture, with focus on solar water pump, hence creating opportunity for the market.
- Asia-Pacific holds the largest market share and is also expected to be the fastest growing region, owing to massive increase in power consumption in developing countries, such as China and India.
Key Market Trends
Submersible Pump Segment to Dominate the Market
- Submersible pumps are located deep below the ground level and its suction head is beyond a depth of 10 meters, so it can lift water from significantly deeper source. Government subsidies to farmers, as well as solar pump manufacturers, especially in emerging economies of Asia-Pacific are expected to drive the solar water pump systems market in the forecast period.
- Irrigation is a major application area for solar pumps in India. This makes India a land of huge market opportunity for solar submersible pumps. The Government of India had set ambitious targets for expanding the country's renewable energy generating capacity, and in 2010 launched the Jawaharlal Nehru National (JNN) Solar Mission.
- In 2014, as part of this mission, the Ministry of New and Renewable Energy (MNRE), India, outlined the Solar Pumping Programme for Irrigation and Drinking Water, which sought to promote the adoption of solar pumps over five years. Hence, due to such government support, submersible pumps market in India is expected to provide ample opportunity for pump manufacturers in this area.
- Moreover, the submersible solar pump systems are used majorly for irrigation and supply of potable water. The oil and gas sector is also embracing these pumps for the purpose of chemical injection, as these pumps do not emit greenhouse gases, hence promulgating the growth of solar power pump systems.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominated the global market share and has emerged as the one of the largest solar pump markets. With inadequate power generation capacity and grid infrastructure for irrigation and community water supply facilities, solar water pumps have a good chance of replacing the conventional pumps.
- The number of solar pumps in India is increasing, with about 130,000 pumps installed since 2014, since the governmental scheme started. In June 2018, the Gujarat government in India introduced the Suryashakti Kisan Yojana (SKY), a pilot project to enable 12,400 farmers in 33 districts to generate solar power and use part of that power for irrigation.
- The increasing power demand and need for safe drinking water has led to the deployment of solar water pumps in Bangladesh. Infrastructure Development Company Ltd. (IDCOL), a financing company in Bangladesh, tried and tested ownership model, wherein micro-finance has been used as a tool to enhance rural household's ability to afford capital-intensive solar home systems is being applied to solar pumping solutions.
- Moreover, increasing awareness of the potential benefits of this technology has compelled a number of countries to accelerate the deployment of solar water pumps, with Bangladesh setting a target to deploy 50,000 solar pumps by 2025 and India, 100,000 by 2020, hence driving the market in Asia-Pacific.
The solar water pump systems market is moderately fragmented. Some of the key players are Tata Power Company Limited, KSB Limited,Shakti Pumps (India) Ltd., Bright Solar Ltd., and BERNT LORENTZ GmbH.
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Table of Contents
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Pump Type
- 5.1.1 Surface Pump
- 5.1.2 Submersible Pump
- 5.1.3 Others
- 5.2 Application
- 5.2.1 Agriculture
- 5.2.2 Drinking Water Supply
- 5.2.3 Others
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 South America
- 5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 Advanced Power Inc.
- 6.3.2 Bright Solar Ltd
- 6.3.3 C.R.I. Pumps Private Ltd.
- 6.3.4 Kirloskar Brothers Ltd.
- 6.3.5 KSB Ltd
- 6.3.6 BERNT LORENTZ GmbH
- 6.3.7 Shakti Pumps (India) Ltd.
- 6.3.8 Tata Power Company Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS