Solar Pumps Market Will Exhibit 11.8% CAGR as Sales in Submersible Pumps Reach US$ 2.4 Bn

NEW YORK, Dec. 9, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global solar pumps market is anticipated to exhibit growth at 11.8% CAGR during the forecast period between 2019 to 2029, estimates Fact.MR. Increasing shift of developing countries towards renewable energy is expected to propel the global Solar Pumps Market revenue growth.

Solar pumps support a large number of applications, including supplying potable water to communities and field irrigation. These are considered to be sustainable solutions for agricultural activities in remote areas.

Hence, government bodies across the globe are creating awareness regarding the usage of renewable energy to lower energy consumption. They are also providing subsidies to farmers and organizations for the installation of advanced solar pumps.

Besides, unlike the conventional pumps, solar pumps have longer lifespan and zero operational cost. Hence, these pumps are gaining immense popularity across the globe, creating billion-dollar opportunity by the end of 2029. In addition, the expansion of the agriculture sector in Asia Pacific is also expected to boost the market.

"Demand for solar pumps is expected to surge in the upcoming years because of the rising concerns regarding carbon emissions. Also, the negative effect of emissions on health and the environment is set to contribute to revenue growth in the market," says a Fact.MR analyst.

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Key Takeaways:

• Based on type, the submersible segment is anticipated to remain at the forefront, accounting for US$ 2.4 Bn.
• India solar pumps market is expected to grow at a steady pace owing to the favorable government policies such as National Bank of Agriculture and Rural Development (NABARD) are offering capital subsidies.
• India and ASEAN countries would collectively account for 90% of the market share in the near future.
• Sales of 4-6 solar pumps are expected to surpass US$ 1.3 Bn through 2021 & beyond
• Solar pumps market demand is projected to increase by 3x, creating an absolute $ opportunity of US$ 2.3 Bn by the end of 2029

Growth Drivers:

• High demand for solar pumps from rural areas where there's no electricity grid infrastructure is likely to boost the market.
• Submersible solar pumps sales are expected to increase on the back of low maintenance cost, high productivity, and efficiency
• High cost of diesel motors is expected to lead to the rapid adoption of solar pumps, increasing sales.

Restraints:

• Fluctuations in the price of raw materials required to manufacture solar pumps may limit the growth in the market.

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Competitive Landscape:

Key manufacturers of solar pumps are focusing on broadening their portfolios by launching technologically advanced products. This strategy is helping them to expand their geographic presence, as well as provide better service to customers.

Meanwhile, some others are aiming to adopt strategies, such as collaborations, research & development activities, joint ventures, and acquisitions to strengthen their positions in this market.

For instance,

• December 2021: The Haryana government announced that it is offering a 75% subsidy to farmers for the installation of solar pumps. This scheme, called the Pradhan Mantri Kisan Urja Suraksha & Utthan Mahabhiyan Yojana (PM KUSUM) aims to reduce the carbon footprint in the agriculture sector. In addition, the government wants to provide an uninterrupted power supply at a relatively lower cost.
• November 2021: Shakti Pumps, one of the leading solar pump manufacturers based in India, declared that it is hoping to double the sales revenue from Rs. 933 crore to 2,000 crore in 2020-21. The company aims to accelerate sustainability in the farming sector.
• February 2019: Stanley Black & Decker, a U.S.-based manufacturing company introduced its latest brand named STANLEY Earth. This brand will aid the company to develop unique solutions for addressing challenges related to sustainability.

Key Players in the Solar Pumps Market Include:

• C. R. I. Pumps Private Limited
• Urja Global Limited
• Lorentz
• TATA Power Solar Systems Ltd.
• AQUA Group
• Shakti Pumps
• Vincent Solar Energy Company
• Greenmax Technology
• OSWAL PUMP LTD.
• Samking Pump Company
• CRI Pump
• Lubi Electronics

More Valuable Insights on Solar Pumps Market:

Fact.MR provides an unbiased analysis of the solar pumps market, presenting historical demand data (2014-2018) and forecast statistics for the period from 2019-2029. The study divulges compelling insights on the global solar pumps market with a detailed segmentation on the basis of:

Type

• Submersible
• Alternating Current (AC)
• Direct Current (DC)
• Surface
• Alternating Current (AC)
• Direct Current (DC)

Capacity

• Below 4 HP
• 4-6 HP
• 6-8 HP
• Above 8 HP

Application

• Farming
• Irrigation
• Livestock
• Aquaculture
• Residential
• Building
• Drinking
• Commercial
• Swimming Pool
• Pond Management
• National Parks
• Industry Water Treatment

Region

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa (MEA)

Key Questions Covered in Solar Pumps Market Report

• The report offers insight into the solar pumps market demand outlook for 2019-2029.
• The market study also highlights projected sales growth for solar pumps market between 2019 and 2029.
• Solar pumps market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Solar pumps market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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