Global Solar Water Pumps Market- Industry Trends & Forecast Report 2027 - PDF document

Global Solar Water Pumps Market is Flourishing: Expected to Reach USD 1685.2 Million in 2027 Global Solar Water Pumps Market - Industry Trends & Forecast Report 2027 Summary Global Solar Water Pump s Market - By Type (Submersible Pumps, Surface Pumps, and Others); By Output Range (Up to 1 HP, 1HP to 2 HP, 2HP to 5 HP, and Above 5 HP); By Operation (AC Pumps and DC Pumps); By Application (Agriculture, Drinking Water Supply, Residential, Spa & Pool, and Others); By Region (North America, Europe, the Asia - Pacific, South America, and Middle - East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2017 - 2027 A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global solar water pumps market was worth USD 995.0 million in 2020. The market is expected to grow at the CAGR of 8.8% during 2021 - 2027 (forecast period), earning revenue of around USD 1685.2 million by the end of 2027. The growth can be attributed to the rise in demand for solar water pumps in the agriculture industry and favorable government initiatives for the installation of solar water pumps. Besides this, the rise in infrastructure and rapid urbanization in emerging economies are likely to further propel the growth of the global so lar water pumps market during the forecast period . Global Solar Water Pumps Market - Industry Trends & Forecast Report 202 7 The global Solar Water Pumps market was worth USD 995.0 million in 2020 and is further projected to reach USD 1685.2 million by 2 027, at a CAGR of 8.8% during 2021 - 2027 (forecast period). Stringent government regulations to reduce carbon emissions and favorable government incentive schemes to promote the View report Press release Sample report Global Solar Water Pumps Market is Flourishing: Expected to Reach USD 1685.2 Million in 2027 installation of solar water pumps are fueling the growth of the global solar wa ter pumps market. Moreover, rapid urbanization, the booming infrastructure industry, and growing demand from the agriculture sector are likely to boost the growth of the global solar water pumps market during the forecast period . Global Solar Water Pumps Market Overvie w A solar water pump system is an electrical pump system, where the electricity is provided by one or several photovoltaic (PV) panels, i.e., a solar energy source. A solar - powered pumping system is composed of a water pump, pump controller, and solar panel array that powers an electric motor, which in turn powers a bore or surface pump. The water is often pumped from the ground or a stream into a storage tank that provides a gravity feed; hence, energy storage is not needed for these systems . Global Solar Water Pumps Market Forecast and Trend s Growth Driver s Favorable Government Initiatives for Installation of Solar Water Pump s The governing bodies of various developing and developed economies are launching several initiatives to install solar water pumps in agriculture sectors. In developing countries, such as India, China, and others, most farmers still use diesel - powered water pumps for irrigation processes. The agriculture sector needs properly managed irrigation technology to provide water to the crops, animals, and for other use. Solar energy is being used to combat energy consumption issues. As a result, the Indian governme nt has created several schemes to stimulate the development of grid - connected solar power plants and solar pumps to provide farmers with financial and water security . For instance, the scheme launched by the Indian government for the penetration and adopti on of solar water pumps is divided into three parts: Installing standalone solar pumps, solarization of grid - connected pumps, and commissioning of grid - connected solar power plants. The Indian government intends to add 25,750 MW of combined solar capacity (all three Types) through this scheme by 2022. Type B and Type C intend to serve the agriculture sector with solar water pumps. In Type B - the government announced to replace diesel - powered agricultural water pumps by providing 1.75 million standalone sol ar water pumps with a capacity of 7.5 HP. Type C - the government announced to solarize the 1million grid - connected agriculture pumps up to 7.5 HP by 2022. According to the Ministry of New and Renewable Energy reported that by August 2020, 257,439 solar wat er pumps had been installed across India. Thus, the rising government initiatives for the solarization of pumps boost the growth of the global solar water pumps market . Increasing Demand for Clean and Cost - Efficient Energ y The governments of various countr ies are placing greater emphasis on reducing carbon emissions and maintaining a cleaner and greener environment in the coming years. As a result of increasing customer preferences for solar water pumps for domestic and personal usage, the global solar wate r pumps market is Global Solar Water Pumps Market is Flourishing: Expected to Reach USD 1685.2 Million in 2027 likely to register impressive growth during the forecast period. Furthermore, in a country like China, where air pollution is a severe issue, solar water pumps offer a clean, sustainable energy solution compared to fuel - powered pumps. Acc ording to the Berkeley Earth Group, nearly 1.5 million people die every year in China due to air pollution . Thus, various government initiatives to install solar panels and solar - powered pumps are powering market expansion. Also, key market players are ref ocusing their efforts to produce more advanced solar water pumps. For instance, KSB Pumps Ltd., based in Pune, is a leading international supplier of pumps, valves, and related systems. It has introduced a new product called KSBSol, a submersible pump set with high energy efficiency and reliability that can be powered by solar energy. Therefore, the aforementioned factors are contributing to the market growth and are expected to propel the demand for the global solar water pumps market during the forecast p eriod as well . Restrain t s Lack of Awareness among the Peopl e Solar pumps have a high installation cost, which limits the growth of the global solar water pump market. High - priced parts and tools are used to manufacture solar panels and pumps. Furthermore, they necessitate regular maintenance for optimal performance . Also, the lack of awareness among the people regarding the use of solar pumps is obstructing the growth of the global solar pumps market. The Asia - Pacific is the largest user of solar pumps mark et, with India leading the charge. The maximum usage of solar pumps finds its applications in APAC’s agriculture sector. Farmers in the regions are not well educated and unaware of the importance of the solar pumps hampering the market growth. Thus, lack o f awareness is the primary factor impacting the growth of the solar water pump market . Impact of COVID - 19 on Global Solar Water Pumps Marke t COVID - 19 has affected the global economy in three ways: by production & demand, by supply chain & market disruption , and by the financial impact on firms & financial markets. Besides this, the imposed lockdown restrictions resulted in weakened demand for solar water pumps as people were going through tough times, financially, emotionally, and mentally. The high initial cost of investment and difficulties in setting up the equipment resulted in potential customers moving away from purchasing the solar water pump and move towards conventional water pumps. According to a report published by Institute for Energy Economics a nd Financial Analysis ( IEEF A ), India is one of the biggest markets for solar water pumps . But the country has only achieved one - eighth of its solar water pump target with only 8,900 solar pumps installed in one year after the Indian government announced its USD 4.7 billion worth PM - KUSUM scheme. The number was expected to be even lower in 2020 owing to financial difficulties, protests against the proposed Farmers Bill, and other issues created by lockdown and COVID - 19. West Africa was the only region to present increased demand for solar Global Solar Water Pumps Market is Flourishing: Expected to Reach USD 1685.2 Million in 2027 water pumps in 2020 with every other region witnessing wea kened demand in 2020 . Global Solar Water Pumps Market - By Output Rang e Based on output range, the global solar water pumps market is fragmented as - Up to 1 HP, 1 HP to 2 HP, 2 HP to 5 HP, and Above 5 HP. Out of these, the 2HP to 5 HP has accounted for the largest share in the market in 2020. This can be attributed to the modern safety features associated with it such as dry run, low voltage, and reverse polarit y . Due to the aforementioned factors, these pumps are widely adopted in various applications, the reby driving the growth of this segment in the global solar water pump market . Such output pumps are used for irrigation, drinking water supply, and the residential sector at a large scale. The 5 HP solar water pump can carry water up to 600 feet and can b e fit in large wells. These pumps are majorly used at places where water is submerged deep into the earth's surface . The presence of small - scale farmers mostly in Asian and African countries has seen a storm by the investors due to the increasing adoption of solar based pumps in the regio n . Additionally, the growing government initiatives for resource and energy conservation and zero carbon emission in the upcoming years is likely to boost the growth of the segment in the global solar water pumps market dur ing the forecast era . Global Solar Water Pumps Market - By Operatio n Based on operation, the global solar water pumps market is grouped into – AC pumps and DC pumps. Out of these, the DC pumps caters to the largest market share. DC pumps are highly used pumps in the global solar pumps market as they can operate directly from the battery which makes them more portable and easier to use. DC pumps use power directly generated from the solar panels to facilitate water movement from o ne end to another. Solar powered DC pumps uses solar energy produced by the photovoltaic cells with the help of PV panel s . These DC pumps are easy to control and operate and does not require any controller. As a result, the benefits associated with DC pump s, combined with their ease of control and operation, are expected to boost the segment's growth over the forecast period . Global Solar Water Pumps Market - By Applicatio n Based on application, the global solar water pumps market is segmented into agricultu re, drinking water supply, residential, spa & pool, and others. The agriculture segment dominates the overall market. This can be attributed to the rising government initiatives and expanding product portfolio by manufacturers to develop the most effectiv e solar pumps for agriculture purposes. The Indian government is heavily encouraging the use of solar water pumps because half of all farmers lack access to modern irrigation solutions, and those who do primarily utilize electric and diesel pumps. In India , the government has implemented a budget system that requires farmers to pay only 10% of the cost of solar water pumps. The government is expected to introduce 28 Lac Pumps under the ‘KUSUM' (Kisan Urja Suraksha Evam Utthaan Mahaabhiaan) Scheme in order t o popularize Global Solar Water Pumps Market is Flourishing: Expected to Reach USD 1685.2 Million in 2027 the use of solar energy among farmers. Hence, the factors like favorable government initiatives and expansion of product portfolio by manufacturers are driving the growth of the segment in the global solar water pumps market . Global Solar Wate r Pumps Market - By Regio n Based on region, the global solar water pumps market is segmented into North America, Europe, the Asia - Pacific, South America, and the Middle East & Africa. Out of these, the Asia - Pacific held the largest market share in the overa ll market in 2020. This can be attributed to favorable government schemes for the penetration and adoption of solar water pumps in the farm sector in countries like India, China, and others. For instance, Pradhan Mantri Kisan Urja Suraksha evam Utthan Maha bhiyan (PM - KUSUM) is an initiative initiated by the Indian government and led by MNRE. PM - KUSUM scheme helps the Indian farmers to install solar pum p s and solar power plan t s in India. In KUSUM Yojana, a farmer has to bear only 40% (10% initial pay + 30% as loan) of the total costs. The rest of the 60% costs will be provided by the central government (30%) an d state government (30%). If state government provides subsidy more than 30%, the beneficiary share will reduce accordingly. Besides this, NABARD (National Bank for Agriculture and Rural Development) — an Indian bank offers subsidies for solar water pumps and solar power plants. If a farmer wishes to establish a solar power plant or solar water pumps, he or she will be responsible for 20% of the costs, while the bank will cover the remaining 80%. As a result, positive government initiatives to promote the adoption and penetration of solar water pumps in agricultural operations are expected to drive the worldwide solar water pumps m arket in the region . Competitive Landscap e The global solar water pumps market is highly fragmented due to the presence of many local and international players. There is huge competition among the key vendors in the global solar pumps market. Apart from the key suppliers, several regional and local vendors have started manufacturing energy - efficient sola r pumps, which are available at a lower price as compared to their international counterparts . Some of the key market players in the global solar water pumps market are Lorentz, Tata Power Solar Systems Ltd., Bright Solar Limited, Shakti Pumps (India) Ltd. , C.R.I. Pumps Private Limited, Grundfos Holding A/S, Symtech Solar Group, Vincent Solar Energy, Lubi Electronics, Oswal Pumps, Aquasub Engineering, Novergy Energy Solutions Pvt. Ltd., Urja Global Limited, SunEdison Infrastructure Limited, and other promin ent players . Recent Development s · In May 202 1 , CREDA invited tender for the standardization of rates for s urvey, design, supply, installation, and commissioning of solar photovoltaic irrigation pumps with five years COMC, onsite warrantee & insura nce for anywhere in the state of Chhattisgarh from the registered company with a manufacturing facility in India and system integrators for SPV Module/Pump set/Controller with 3 years track record in SPV irrigation pumping systems . Global Solar Water Pumps Market is Flourishing: Expected to Reach USD 1685.2 Million in 2027 · In December 2020: SunEdison’s wholly - owned subsidiary, SIL Rooftop Solar Power Private Limited (SIL), announced the acquisition of 100% fully paid - up equity share capital and voting rights of Sherisha Solar Private Limited in January 2020. With this acquisition, Sheri sha Solar became a subsidiary of SunEdison . Scope of Repor t Attribut e Detail s Years considere d Historical data - 2017 - 202 0 Base Year - 202 0 Forecast - 2021 - 202 7 Facts covere d Revenue in USD M illio n Market coverag e North America (U.S., Canada, and Mexico), Europe ( Germany, United Kingdom, Italy, France, Spain, and Rest of Europ e ), the Asia - Pacific ( China, India, Japan, Australia, and Rest of Asia Pacifi c ), South America (Brazil, Argentina, and Rest of South America) and the Middle - East & Africa (Saudi - Arabia, UAE, South Africa and Rest of the Middle - East and Africa ) Product/ Service segmentatio n By Type, By Output Range, By Operation, By Application, and By Regio n Key Player s Lorentz, Tata Power Solar Systems Ltd., Bright Solar Limited, Shakti Pumps (India) Ltd., C.R.I. Pumps Private Limited, Grundfos Holding A/S, Symtech Solar Group, Vincent Solar Energy, Lubi Electronics, Oswal Pumps, Aquasub Engineering, Novergy Energy Solutions Pvt. Ltd., Urja Global Limited, Sun Edison Infrastructure Limited, and other Prominent Players . By Typ e Ø Submersible Pum p Ø Surface Pum p Ø Other s By Output Rang e Ø Up to 1 H P Global Solar Water Pumps Market is Flourishing: Expected to Reach USD 1685.2 Million in 2027 Ø 1HP to 2 H P Ø 2HP to 5 H P Ø Above 5 H P By Operatio n Ø AC Pump s Ø DC Pump s By Applicatio n Ø Agricultur e Ø Drinking Water Suppl y Ø Residentia l Ø Spa & Poo l Ø Other s By Regio n Ø North Americ a Ø Europ e Ø the Asia - Pacifi c Ø South Americ a Ø the Middle East and Afric a FAQ s 1 . What is the current size of the global solar water pump s market ? Answer: The global solar water pum p market has reached USD 99 5 m illion in 2020 . 2 . What are the major factors driving the growth of the global solar water pump s market ? Answer: The major factors propelling the growth of the global solar water pumps mark et is the rise in the use of solar water pumps in the agriculture sector, rapid urbanization, and favorable government schemes . 3 . Who are the key players in the global solar water pumps market ? Answer: The key players in the global solar water pump s market includ e Lorentz, Tata Power Solar Systems Ltd., Bright Solar Limited, Shakti Pumps (India) Ltd., C.R.I. Pumps Private Limited, Grundfos Holding A/S, Symtech Solar Group, Vincent Solar Energy, Lubi Electronics, Oswal Pumps, Aquasub Engineering, Nover gy Energy Solutions Pvt. Ltd., Urja Global Limited, SunEdison Infrastructure Limited, and Other Prominent Players . Global Solar Water Pumps Market is Flourishing: Expected to Reach USD 1685.2 Million in 2027 4 . Which output range accounted for the larger share in the global solar water pumps market ? Answer: 2HP to 5 HP accounted for the larger share in the global solar water pump s market . 5 . Which application is dominating the global solar water pumps market ? Answer: The agriculture segmen t is dominating the global solar water pump s market . About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and tim ely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us info@blueweaveconsulting.com Global Solar Water Pumps Market is Flourishing: Expected to Reach USD 1685.2 Million in 2027