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Solar water pumps are widely deployed across the world in the agricultural and domestic water segment as a reliable device, owing to advantages such as non-pollution, easy transportation, less fuel cost and low operational & maintenance cost. Also, the compact design and low manufacturing cost make it easy for the installation in various off grid locations, where the development of grid connectivity is difficult.
The need for uninterrupted electric supply in agricultural sector is growing because of the worldwide rise in agricultural productivity and irrigation needs. The increasing need of reliable electric supply and subsequent investment in low cost, reliable, renewable energy source are expected to drive the growth of the Global Solar Water Pump Market.
Solar Water Pump market is expected to grow over the CAGR of around 5.6% during the period 2017 to 2023.
The key players of the global solar water pumps market are
- Lorentz (Germany),
- SunEdison, Inc. (U.S.),
- CRI Pumps Pvt. Ltd (India),
- Solar Power & Pump Co LLC (U.S.),
- Tata Power Solar Systems Ltd. (India),
- Shakti Solar Pumping System (India),
- WENLING JINTAI PUMP FACTORY (China),
- Bright Solar Pvt. Ltd. (India),
- Grundfos (Denmark) and American West Windmill
- Solar Company (U.S.).
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Market Research Analysis
The agriculture segment holds the largest share of solar water pump market, currently and is expected to continue in the forecast period. Agriculture sector uses solar water pumps for irrigation activities and for livestock management. Government subsidies for installation of solar pumps in agricultural activities, is further driving the market. Solar water pumps are also used in livestock water usage, where it reduces the dependency on fossil fuel such as diesel and other energy sources such as windmills.
The rise in electricity demand for increasing agricultural activities in the Asia-Pacific region and lack of proper infrastructure, are expected to boost the global solar water pump market size over the forecast timeline. Solar water pumps utilize the sunlight to generate electricity and operate the pump to enable the availability of water for agriculture and domestic purposes. They are predominantly used in off grid applications where non form of electrical energy is available. The use of solar water pumps reduces the dependency on fossil fuels such as petrol and diesel, for the use of pumps.
Solar water pumps are increasingly adopted in agricultural and irrigational water purposes around the world. Developing a grid system to connect remote locations and enabling continuous power without the use of fossil fuels, involves high capital cost and technical delays. The solar water pumps are effectively operated in these environments because of their reliable long life, operational flexibility and low labor & maintenance costs.
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Asia-Pacific region is expected to Dominate the Market
Asia-Pacific region is expected to dominate the solar water pump market. This is mainly due to the fact that there is increased solar radiation in the region. Rapid agricultural activities in countries such as China, India, Indonesia and Bangladesh, demand continuous electric supply for agricultural lands, livestock maintenance and commercial & household purposes. Also, stringent government regulations to reduce carbon footprints into the atmosphere, are expected to supplement solar pumps market growth over the forecast period. Solar energy used for water pumps does not have any carbon footprints into the atmosphere and is a clean source of energy. This is creating a lucrative market for Solar Water Pumps in this region. Government subsidies in the form of financial incentives to farmers and solar pump manufacturers, are expected to propel solar pump market over the forecast period. However, higher initial cost than conventional diesel pumps, is expected to remain a key challenge for market participants.
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The post Solar Water Pumps Market Is Expected to Generate Huge Profits by 2023: Vendors- Lorentz, SunEdison, Inc., Solar Power & Pump Co, Wenling Jintai Pump and Grundfos by Market Research Future appeared first on Herald Keeper.