Solar Pump Market to Reach $2.05 Bn, Globally, by 2027 at 6.8% CAGR

Rise in demand for solar pump in agricultural applications and supportive government regulations for use of photovoltaic technology propel the growth of the global solar pump market

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PORTLAND, Ore., Aug. 13, 2020 – Allied Market Research published a report, titled, “Solar Pump Market by Product (Surface Suction, Submersible, and Floating), End-user Industry (Agriculture, Water Management, and Others), and By Operation (AC Pump and DC Pump): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report published by Allied Market Research, the global solar pump market generated $1.21 billion in 2019, and is projected to reach $2.05 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027.

Drivers, restrains, and opportunities-

Rise in demand for solar pump in agricultural applications and supportive government regulations for use of photovoltaic technology propel the growth of the global solar pump market. Nevertheless, high cost associated with installation and barriers in adoption of solar water pump restrain the market growth. Moreover, technological advancement in emerging economies offer new opportunities in the near future.

Covid-19 scenario:

  • Due to the COVID-19 outbreak, operations in the global solar industry have been disrupted.
  • The solar industry imports nearly four-fifths of its main solar panel material from China. However, the pandemic has impacted the manufacturing capacities of China. Also, the disruptions in exports and imports have led to the shortage of raw material.
  • Moreover, the manufacturing industries have initiated working processes with concern to the precautionary measures, as relaxations have been issued by the government.

The sumersible segment contributed to the largest share in 2019-

Based on product, the sumersible segment contributed to the largest share in 2019, accounting for more than half of the global solar pump market, and is estimated to maintain its dominant position during the forecast period. Submersible solar pump is utilized for domestic water supply to large residences and multi storied apartments and dewatering of mines. This fact drives the growth of the segment. However, the floating segment is expected to register the highest CAGR of 8.7% from 2020 to 2027. The increasing use of floating solar pumps for bird bath, fish tank, small pond, pool, and garden decoration is expected to drive the growth of the segment.

The agriculture segment to dominate the market in 2019-

Based on end-user industry, the agriculture segment accounted for the largest share in 2019, holding nearly two-thirds of the global solar pump market, and is expected to maintain the largest share throughout the forecast period. In addition, the segment is estimated to portray the highest CAGR of 7.2% during the forecast period. The new and beneficial government schemes to provide agricultural solar pumps to the farmers have boosted the growth in regions including India. This factor drives the segment growth.

Asia-Pacific to rule the roost, North America to grow at a significant pace throughout the forecast period-

Based on region, Asia-pacific contributed to the highest share, accounting for more than half of the global solar pump market in 2019, and will maintain its dominance throughout the forecast period. This is attributed to increase in government initiatives in region such as India, drive the market growth in this region. However, Europe is expected to grow at the highest CAGR of 8.5% from 2020 to 2027. This is owing to means of innovations and development inside the solar industry and implementation of stringent environmental rules to reduce carbon emission in this province. On the other hand, North America is expected to register the CAGR of 7.3% during the forecast period.

Leading market players-

  • Vincent Solar Energy
  • TATA Power Solar Systems Ltd.
  • Shakti pump
  • CRI Pump Pvt. Ltd.
  • Oswal Pump Ltd.
  • LORENTZ
  • The Lubi Group
  • Samking Pump Company
  • Greenmax Technology
  • AQUA GROUP
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