Solar Water Pump Market Size [2021-2028] worth USD 5.64 Billion | exhibiting a CAGR of 10.2%
Solar Water Pump Market to Hit USD 5.64 Billion by 2028; Increasing Adoption of Renewable Energy Sources to Propel Growth: Fortune Business Insights™
Pune, India, Sept. 05, 2022 (GLOBE NEWSWIRE) -- The global solar water pump market size stood at USD 2.38 billion in 2020. The market is estimated to rise from USD 2.86 billion in 2021 to USD 5.64 billion by 2028 at 10.2% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Solar Water Pump Market, 2021-2028.”
According to the analysis, increasing utilization of solar pumps in improving livelihood to aid the industry growth. Solar water pump is a system that works on solar energy and pumps water for various purposes such as potable drinking water, community water supply, and irrigation. Using solar water pumps has decreased the resource utilization of energy-dependent resources such as diesel, gas, and coal. Increasing investment in agriculture application is expected to propel market growth in the coming years.
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List of Key Companies Profiled in the Market Report:
- Alpex Solar Pumps
- Aqua Group
- Bright Solar Limited
- C.R.I. Pumps Private Limited
- Crompton
- LORENTZ
- Dankoff Solar
- Duke Plasto Technique Private Limited
- EcoSoach
- Ecozen Solutions
- Franklin Electric
- Grundfos
- Jackson Group
- K.S.B.Limited
- Novergy Energy Solutions Pvt. Ltd.
- Shakti Pumps
- SunEdison Infrastructure
- Surya International
- Tata Power Solar
- Waaree Energies Ltd
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 10.2% |
| 2028 Value Projection | USD 5.64 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 2.38 billion |
| Historical Data for | 2017-2029 |
| No. of Pages | 190 |
| Segments covered | By Type (Submersible Pump, Surface Pump), By Motor Type (AC Pump, DC Pump), By Power Rating (Upto 5 HP, 5 HP to 10 HP, 10 HP to 20 HP, More than 20 HP), By Application (Agriculture, Water Treatment, Others) and Regional |
| Growth Drivers | Rising Government Initiatives to Propel Market Growth |
| Product Development Allows Key Players to Expand Market Reach |
Drivers & Restraints:
Rising Government Initiatives to Propel Market Growth
The market is expected to witness prominent growth during the forecast period due to emerging government initiatives and subsidies to bolster market development. Rising demand for clean and renewable energy sources is expected to boost the market in the segmented regions. Increasing solar pumps in the agriculture sector and improving livelihood are anticipated to drive the market. These factors are expected to ensure the solar water pump market growth in the coming years.
However, high costs and lack of awareness about solar energy may hamper the market growth.
COVID-19 Impact:
Restricted Workforce Affected Production Rate of Companies
The outbreak of COVID-19 has affected various industries, which affected the sales of solar pumps. The global lockdown and stringent restrictions imposed by governments created a long halt on the production operations of several companies. This affected the major key players' sales and revenue generation rate. To maintain social distancing norms imposed by governments, various companies have reduced the operating workforce that affected their production and supply chain.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/solar-water-pump-market-101754
Report Coverage:
The report focuses on factual data and statistical information regarding market development and recent trends in the industry. Also, drivers and restraints affecting the market are highlighted further in the report. Furthermore, the impact of COVID-19 pandemic on market growth and expansion is elaborated along with recent trends in the industry. The report sheds light on major key players in the market and their business development strategies.
Segmentation:
Agriculture Segment Dominates the Market due to High Utilization of Pumps
By type, the market is bifurcated into submersible pump and surface pump.
Based on motor type, the market is divided into AC pump and DC pump.
On the basis on power rating, the market is segregated into upto 5 HP, 5 HP to 10 HP, 10 HP to 20 HP, and more than 20 HP.
According to application, the market is trifurcated into agriculture, water treatment, and others.
By region, the market is categorized into Asia Pacific, Latin America, the Middle East & Africa, and rest of the world.
Regional Insights:
Asia Pacific Dominates Market Due to Rising Agriculture Sector
Asia Pacific dominates the global solar water pump market share during the forecast period due to increasing installation of these pumps in the agriculture sector. Also, increasing the utilization of these water pumps in rural areas is expected to propel market growth.
Latin America holds the second-largest global market share due to the growth of clean energy, which is anticipated to acquire a high market share.
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Competitive Landscape:
Product Development Allows Key Players to Expand Market Reach
Key players in the market focus on introducing a new product range by implementing innovative strategies to enhance their product portfolio. Further, the companies implement various business development and expansion strategies such as forming strategic alliances, mergers, acquisitions, and partnerships. These strategies allow key players to expand their business reach globally.
Industry Developments:
- September 2021: Grundfos introduced the SQFlex Large, extending its long-standing SQFlex solar-powered submersible pump range. The company expanded the product offering across Asia Pacific with the rise in demand for solar energy pumps as well as withstanding the diverse weather conditions spanning the region.
- June 2020: SunEdison entered into a framework agreement to restructure and transfer its solar business. Under the proposed restructuring plan, the completed projects and under completed projects will be separated, focusing mainly on residential and small commercial rooftop solar segments.
Solar Water Pump Market Segmentation:
By Type:
- Submersible Pump
- Surface Pump
By Motor Type:
- AC Pumps
- DC Pumps
By Power Rating:
- Upto 5 HP
- 5 HP to 10 HP
- 10 HP to 20 HP
- More than 20 HP
By Application:
- Agriculture
- Water Treatment
- Other
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Solar Water Pump Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Solar Water Pump Market (USD Billion) Analysis, Insights, and Forecast, 2017-2028
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Submersible Pump
- Surface Pump
- Market Analysis, Insights and Forecast – By Motor Type
- AC Pumps
- DC Pumps
- Market Analysis, Insights and Forecast – By Power Rating
- Upto 5 HP
- 5 HP to 10 HP
- 10 HP to 20 HP
- Above 20 HP
- Market Analysis, Insights, and Forecast – By Applications
- Agriculture
- Water Treatment
- Others
- Market Analysis, Insights, and Forecast – By Region
- Asia Pacific
- Latin America
- Middle East & Africa
- Rest of the World
Continued…
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