Market Dynamics:
Increasing Focus of Low Carbon Emission and awareness about clean energy. is expected to drive the growth of Solar Pumps Market during the forecast period. This has resulted in some of the key developments by companies operating in the market to consolidate their market positions and look for further niche opportunities.
Segment Analysis:
The global solar pumps market is anticipated to witness substantial growth over the forecast period. The World is currently facing a rapid depletion of non-renewable energy sources and everyone is focusing on using renewable sources for wider applications. Development of Solar Pumps is one of the solutions to overcome the shortage of non-renewable sources. An increase in agricultural and irrigation activities, government subsidies, and stringent government regulations to reduce carbon footprints are expected to augment solar pumps market growth. However, a high initial investment in solar pumps is anticipated to restrain the development of the global solar pumps market in the future.
Key Factors Impacting Market Growth:
- Increasing Focus of Low Carbon Emission and awareness about clean energy.
- Supportive Government Policies.
- Low Technical Knowledge and availability of substitute products hamper the solar market.
Key Developments:
- In September 2013, Shakti Pumps became a channel partner with MNRE under its scheme “Off-Grid and Decentralized Solar Applications”. This initiative would enable to expand the company’s distribution network and thus increase its market penetration in India.
- In April 2017, Jain Irrigation Systems Ltd. announced the acquisition of an 80% stake in two leading U.S.-based micro-irrigation companies: Agri-Valley Irrigation, Inc. and Irrigation Design and Construction, Inc. This agreement will promote JISL’s business in the U.S.
- In June 2017, Tata Power Renewable Energy signed a purchase agreement with Welspun Energy Pvt Ltd to acquire its green energy portfolio. Welspun Renewables is a wholly-owned subsidiary of Welspun Energy, co-owned by the listed Welspun Enterprises. With this, the company aims to increase its non-fossil fuel-based capacity.
- Waaree Energies Ltd. has a 500 MW solar power plant and 100 solar power assets across Madhya Pradesh and Andhra Pradesh in India. The company has also entered the retail solar products market, aims to boost its business by expanding its business divisions.
Regional Outlook:
The regional outlook for solar pumps market provides detailed information for markets including North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, and Rest of the World. Based on the region, the Asia pacific projected significant growth in the solar pump market due to increasing government subsidies and reduction of fossil fuel imports for agricultural activities. Also rising focused towards solar pump infrastructure by major manufacturers propels solar pumps demand in India. Moreover, the Ministry of New and Renewable Environment (MNRE) is targeting to install 1,000,000 by the year-end of 2020-21. This would aid in further growth of solar pumps in the country in the future. Furthermore, solar pump markets in North America and Europe are expected to show considerably high growth rates during the forecast period. Increasing agriculture activities in combination with water drinking practices are expected to remain a major driving factor for solar pumps demand in the U.S. throughout North America, U.S country has a dominating market share for solar pumps demand over the past and is expected to continue its domination in the future. Simultaneously, Middle East & Africa is also witnessing significant growth due to shifting trends towards reducing dependency on importing fossil fuels to generate electricity for agriculture and drinking water by using solar pumps.
Companies Covered:
Major companies operating in the global solar pumps market include Jain Irrigation Systems Ltd., PM Pump makers GmbH, Schneider Electric SE., Shakti Pumps (India) Ltd., Tata Power Solar Systems Ltd., Waaree Energies Ltd.
Segmentation:
By Capacity
- Below 5HP
- 5-8 HP
- Above 8HP
By Application
- Irrigation
- Industrial
- Drinking-Water
- Others
By Product Type
- Submersible Solar Pumps
- Surface Solar pumps
- Solar Pool Pumps
By Operations
- AC Pumps
- DC Pumps
By Region:
- North America
- By Country (US, Canada, Mexico)
- By Capacity
- By Application
- By Product Type
- By Operation
- Western Europe
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Capacity
- By Application
- By Product Type
- By Operation
- Eastern Europe
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Capacity
- By Application
- By Product Type
- By Operation
- Asia Pacific
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Capacity
- By Application
- By Product Type
- By Operation
- Middle East
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Capacity
- By Application
- By Product Type
- By Operation
- Rest of the World
- By Region (South America, Africa)
- By Capacity
- By Application
- By Product Type
- By Operation
Reasons to Buy This Report:
- Market size estimation of the solar pumps market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
Customization:
- We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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