ALBANY, New York, Aug. 13, 2019 /PRNewswire/ -- The global solar pumps market is likely to a witness high growth rate over the period of stipulation, thanks to the increase in renewable energy-based water extraction method for irrigation. In locations where power lines do not reach or grid infrastructure is not well-developed, solar water pump is abeacon of hope.
WenlingJintai Pump Factory, Shakti Solar Pumping System, Tata Power Solar Systems Ltd, Grundfos, and Solar Power & Pump Co LLC are some of the notable names in the global solar pumps market.
In its study on global solar pumps, Transparency Market Research brings forth relevant insights that will assist stakeholders identify opportunity and challenges. The study predicts market expansion at 12% CAGR over the period of stipulation. The global solar pumps market is expected to reach US$3.1 Bn through 2027.
Asia Pacific Emerges as a Significant Region Driven by Increased Agricultural Activities
In terms of region, Asia Pacific has emerged as one of the leading regions in the global solar pumps market and likely to continue with its dominance throughout the period of assessment. In Asia Pacific, governments are providing subsidies to encourage adoption of solar pumps for agricultural uses. Countries in this region like Pakistan, India, Bangladesh, and China are mainly dependent on agriculture and are categorized as agro-economies. These regions also get plentiful of solar energy, which is another factor boosting the solar pumps market in this region.
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Europe is another important region for the global solar pumps market. The European market is mainly driven by widespread use of solar pumps by countries such as France, the U.K., Germany, and Italy. Expanding agricultural activities in the continent together the growing water supply activities for the livestock is likely to penetrate the market more in the period of stipulation.
The Middle East & Africa is another important region for this market, which is also undergoing remarkable growth. The change in trend towards becoming more dependent on renewable sources of energy and diminishing dependency on fossil fuels such as butane, diesel and others for generation of electricity to facilitate agricultural activities and producing drinking water.
Alarming Depletion of Fossil Fuel Triggers Government Action Driving Growth of the Market
Depletion of fossil fuel reserves is another factor that drives the market. Removal of subsidies for fossil fuel and levying tax on fossil fuel on the basis of costs borne by society due to carbon emissions, air pollution and accidents could lead to subsequent decline in use of fossil fuel. According to estimates of the International Monetary Fund, such measures could reduce fossil fuel- induced carbon emissions by more than 20% across the globe. Furthermore, with such measures it is possible to prevent deaths related to air pollution by almost 50%, and increase revenue of the government by around US$2.9 trillion.
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The initial high cost of installation of solar pumps coupled with low awareness among the farmers has affected the global solar pumps market adversely for years. Therefore, the governments of various countries have stepped in to encourage uptake of solar pumps and reduce the carbon footprint. Tax relaxation, subsidies are offered in the form of government initiatives to push for the use of solar pumps.
Since the last few years, solar pumps are mostly adopted by the agricultural sector. Such a change in the agricultural sector is due to the increasing affordability of the farmers and lucrative schemes by the governments. Furthermore, burgeoning demand for solar pumps from the water-intensive industries will continue to be one of the major factors impacting the global solar pumps market positively during the period of forecast.
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The information shared in this review is based on a TMR report, bearing the title, "Solar pumps Market (Product-DC Surface Suction, AC Submersible, DC Submersible and AC Floating; Application-Agriculture, Drinking Water) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018– 2027."
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The global Solar Pumps Market is segmented based on:
- DC Surface Suction
- AC Submersible
- DC Submersible
- AC Floating
- Drinking Water
- North America
- Rest of Europe
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
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