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Electrical energy is the basic need today, and its demand is increasing all over the world. Also, the need for an alternate source for energy has gained importance, and as solar energy is renewable energy backed with the government's ambitious green energy targets, it has become a significant attraction for investors. Over the last decade, countries like China, Germany, and the USA have come up with solar powerhouses and increased the production of electricity by solar energy, which in turn has helped the solar water pump market to grow.
Based on type, the solar water pump market is divided into submersible and surface pumps. For submersible pumping, the underground water level is not exposed to atmosphere. One other type of pumping is surface pumps used for an open well pumping. On the basis of power rating, the global market is segmented as up to 3 HP, 3-10 HP and above 10 HP. Based on drive type, the solar water pump market is bifurcated into the AC motor and DC motor. The solar water pump market can also be segmented based on end-user in various fields like agriculture, industrial, and residential & commercial.
The major market driver for the global solar water pump market is the increasing demand for clean energy around the world. Many Countries are now shifting towards the sources of clean energy. With the provision of government incentives and tax rebates over the installation of solar panels, the usage of solar water pumps is increasing.
Key Market Driver -
Key Market Driver – Regulatory shift towards solar PV installations
Key Market Restraint -
Key Market Restraint – High installation cost
The key market restraint for the global solar water pump market is the high cost of installation of the solar panels. A particular area of land has to be given for the installation of the panels, the required amount of area increases with an increase in the amount of energy needed. Post-installation of panels, the area cannot be used further for any other purpose, which acts as a restraint in the growth of the solar PV water pumps.
Some of the major companies that are present in the solar water pump market are Jakson Group, Tata Power Solar Systems Limited, Waaree Group, Solar Pump India, Gram Oorja Solutions Private Limited, Ecozen Solutions, Groundwater Engineering, C.R.I. Pumps Private Limited, SolarMaxx, EcoSoch, Jain Irrigation Systems Ltd, Crompton, and Cygni Energy Private Limited.
The global solar water pump market has been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia-Pacific dominates the solar water pump market. Owing to the largest installation of solar PV and is growing at the fastest pace worldwide. China is the largest producer of solar panels and photovoltaic energy in the Asia Pacific region as well as in the world. Governments in India and China are promoting the use of solar PV, and it has positively influenced the solar water pump market. The solar-powered water pumps are extensively used for irrigation in Asia-Pacific countries. Germany is the largest solar energy producer in Europe followed by Italy, the United Kingdom, Spain, and others. The renewable energy directive by the EU is pushing the use of renewable energy like solar and wind in this region.
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The USA ranks top in North America and Chile in South America for solar energy. Countries like China, Germany, USA, India, etc. are funding research and development activities in the solar PV field to enhance the performance and efficiency of standalone solar power plants. The next breakthrough in the solar PV field is going to come from these countries. Other countries like Canada, Mexico, Brazil, Uruguay, etc. have also increased the production of solar energy at a steady rate. African continent receives maximum sunlight than any other continent on earth & African countries seem to have realized that which can be noticed by their approach towards solar energy in recent times. Global organizations like the UN are promoting the use of solar PV in the African subcontinent. The UN provides funding for the construction of solar PV power plants not only in Africa but also worldwide. South Africa has been the most prosperous country in the production of solar energy in this region by far, followed by countries like Angola, Egypt, Senegal, etc. The increasing solar PV installations around the world have boosted the solar water pump market.
By Power Rating
By Drive Type
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