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A solar pump is a pump energized by electricity generated by photovoltaic panels or the radiated thermal energy available from collected sunlight to pump the water. It is clean, reliable, and economical more feasible due to the lower operation and maintenance costs and has the least impact on the environment. The major component used for the solar pump system is the photovoltaic cell and the pump set. Governments are providing subsidiaries for the agricultural and irrigation sector to install the solar pump, which is cost-efficient, durable, and eco–friendly in nature. It is used in various applications such as fountain pumps, pool pumps, transfer pumps, circulation pumps in ponds, providing water for livestock, irrigation pumps, home pumps, and other applications.
The solar pump market is segmented into product type, operation, and application. Based on the product type, the market is categorized into the submersible pump and surface pump. Submersible pumps segment is expected to hold the largest market share in the global market owing to its technical advantages such as performance range, operating functions, and wide adoption rate in industry verticals. Based on operation, the market is segmented into AC pumps and DC pumps. AC pumps segment is estimated to be the largest segment as it delivers higher efficiency, which increases the demand in the global market. Based on the application segment, the market is segmented into agriculture, drinking water, municipal engineering, and others. The agriculture and drinking water segment is projected to hold the largest market share in the global market owing to supportive government initiatives such as providing subsidiaries and enactment of regulations.
Increasing government subsidies in the form of financial incentives to farmers and solar pump manufacturers are expected to leverage the demand for solar pump in the global market. Stringent government regulations to reduce carbon footprints into the atmosphere are estimated to augment the solar pumps market during the projected period. Significant investment in the solar industry to reduce the use of fossil fuel and achieve emission-free global targets also helps to propel the demand for the solar pump market. However, the high initial cost for the conventional diesel pump hampers the market growth during the forecasted period.
Key Market Driver -
Increasing investment and government initiatives in solar industry
Key Market Restraint -
Higher Initial Cost
The major players in the solar pump market are LORENTZ, GRUNDFOS, US Solar Pumps, Bright Solar Limited, Tata Power Solar Systems Limited, Claro Energy, Lubi Pumps, Divine Energy Services, Waaree Group, Shakti Pumps (I) Ltd., and CRI Pumps.
The solar pump market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific holds the largest market share of the solar pump market owing to increasing government subsidies and limiting the use of fossil fuel, which helps to increase the focus on the solar industry. Countries such as China, India, Bangladesh, and Pakistan are major agricultural regions with abundant availability of solar energy. The demand for the solar pump is estimated to witness the highest growth during the projected period owing to the increasing investments in agricultural activities coupled with growing government subsidies in the form of financial incentives and provision of rebate. Europe is expected to grow during the forecast period due to increasing agricultural activities in these regions, which are coupled with livestock water supply. Middle East & Africa is also witnessing significant growth in the solar pump market due to a shift in trend towards reducing dependency on fossil fuel and growing focus on the adoption of solar energy. These factors attributed to the growth of the solar pump market during the forecast period.
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