MARKET OVERVIEW- GLOBAL SOLAR PUMPS MARKET
The solar power pump is an application of technology that depends on photovoltaics which converts solar energy into electricity to run the pumping system thereby, replacing erratic grid supply and pollution-causing diesel-powered versions. This solar pump is powered by solar modules that help draw surface or groundwater out for irrigation. Solar pumps are available in both AC and DC power supplies categorized into surface and submersible categories. These pumps are the best solution in the long run as it reduces farmers’ dependency on expensive fuels and their maintenance costs as opposed to conventional irrigation systems. Solar pumps are very useful where grid electricity is unavailable or impractical, and alternative sources (in particular wind) do not provide sufficient energy. On the other hand, regulatory bodies worldwide are actively implementing initiatives to curb the growing carbon emission to reduce global warming, which are driving that shows the promising future for the solar pumps market in the forecast period.
Increasing awareness about the effects of carbon emissions on the environment as well as on the health of humans is rapidly increasing the demand for products that run on solar energy. Along, with constantly dropping prices of solar power equipment have shown a glimpse of hope in the solar pump market. Solar panels are becoming less expensive, which has created massive acceptance among end users. Additionally, the government has taken the initiative and subsidies provided to consumers on the purchase of solar panels also contributing to the solar pump market. For instance, in India Ministry of New and Renewable Energy (MNRE) and the National Bank of Agriculture and Rural Development (NABARD) has offered capital subsidies on solar power equipment boosting the sales of this equipment and creating awareness regarding sustainable and renewable power source. Such initiatives by the government across the world are supporting the adoption of solar pumps among consumers from the agriculture sector.
The global Solar Pumps Market is expected to witness lucrative opportunities owing to high operating costs of diesel motors and non-reliable energy distribution in South Asian countries such as India, Thailand, and Malaysia. These countries are consisting of various villages, deprived of electricity and lag access to the grid electricity. For instance, in India, the solar pump market witnessed a rise owing to the cost-effectiveness and operational efficiency of solar pumps and many subsidies and provisions given by the government of India. Moreover, governments worldwide are actively encouraging the usage of solar pumps to replace diesel and electricity-based pumps to move away from non-renewable energy sources and reduce the carbon footprint, ultimately promoting climate change offers numerous opportunities in the coming forecast period.
The major restraining factor for the global Solar Pumps Market is high installation cost and is prone to climate sensitivity. The main problem with solar pumps is they can’t be irrigated in the early morning or late evening. In the cloudy season, there is no sunlight for your solar water pump to work. The upfront cost of solar water pumps can be a barrier to some farmers, as you need to buy the water pump and panels all at once. This can be costly and lead to high maintenance which has proven the main constraining factor in the solar pump market.
MARKET GROWTH CHALLENGES
The major growth challenge for the market is the sociological and economic needs of the users, leading to lack of maintenance, inappropriate financing schemes, inadequate system management, and, ultimately, failure of the pump. Financing is still the main challenge for the implementation of solar pumping. The initial investment is higher for solar pumps compared to conventional ones. Especially for small-scale farmers, this can be a major obstacle to switching to solar energy. The loan process by financial institutions includes high-risk investments with long payback periods.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global Solar Pumps Market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With the increasing demand for various Solar Pumps Market in various applications has led to the increasing demand for the market and is expected to witness growth at a specific CAGR from 2022-2028.
SOLAR PUMPS MARKET SEGMENTAL OVERVIEW
The global Solar Pumps Market comprises different market segments like type, power rating, application and geography.
SOLAR PUMPS MARKET BY TYPE
By components, the solar pump market is divided into
- Submersible solar pumps
- Surface solar pumps
The solar pump market on basis of type is divided into submersible solar pumps and surface solar pumps. Among these two types, submersible solar pumps hold a major chunk of market share in the solar power market and biggest revenue generator in solar pumps. Due to the increase in the use of the submersible solar pump for water extraction from all sizes of bores, irrigation systems for agriculture, including drip & sprinkler systems, and pressure boosting applications. These submersible solar pumps are additionally used for domestic water supply to large residences and multi-storied apartments and dewatering of mines. The reason for submersible solar pumps to lead is their high efficiency, productivity, and low maintenance cost in the agriculture sector, thus this is attributed to more in demand as compared to surface pumps.
SOLAR PUMPS MARKET BY POWER RATING
Based on the power rating, the solar pump market is categorized as:
- Below 4 HP
- 4-6 HP
- 6-8 HP
- above 8 HP
By power rating, the solar pump is divided into below 4 HP, 4-6 HP, 6-8 HP, and above 8 HP. The solar pump in the range of 4-6 HP has acquired the major market share in the capacity segment due to its growing adoption in small and medium-sized landholdings. They are used to withdraw water from sources, such as reservoirs and lakes. Moreover, this power rating pump is used for irrigation, community water supply, and portable drinking water. Thus this factor is contributing to leading the 4-6 HP solar power pump.
SOLAR PUMPS MARKET BY APPLICATION
Based on application, the market breaks down into
- Industry Water Treatment
Based on application, the solar power pump is divided into agriculture, irrigation, livestock, residential, building, commercial, industrial water treatment, and others. Among these applications, agriculture holds the major market share and biggest revenue generator segment. Due to the prominent use of solar power pumps in the agriculture sector. The solar pump is used for irrigation and farming and water supply related to agricultural work. The increasing demand for solar pumps in the agriculture and irrigation sector along with investments in farming made solar pumps popular among farmers. In India, many farmers are given subsidies to overcome the cost and installation issues that come along with the solar pump. The government of India has launched the Pradhan Mantri Kisan Urja Suraksha, evam Utthaan Mahabhiyan) scheme. Under the provision of these schemes, farmers get the benefit that makes many small-scale farmers adopt the solar pump. Additionally, with the growing need for meat consumption, the solar pump is gaining popularity in animal feedstock. The increasing modernization and shift in trends toward sustainable energy lead the agriculture segment to grow over the forecast period.
SOLAR PUMPS MARKET BY GEOGRAPHY
The global Solar Pumps Market is studied for the following region
- North America
- Rest of the world (RoW)
The global Solar Pumps Market is studied for the following region North America, Europe, Asia-Pacific, and the Rest of the world (RoW). APAC accounted for the largest share of the solar pump market. In the Asia Pacific, South Asia holds the major revenue share owing to the presence of countries such as India, Maldives, Nepal, Pakistan, and Sri Lanka. India holds the major market in solar pump market. The main reason behind South Asia to lead is its irrigation and evolution in farming. The governments in the region have begun promoting solar irrigation pumps for various reasons. South Asia region consists of many villages which depend on farming for survival and has the richest solar radiation resource also the large population lives in South Asian countries that demand water irrigation. South Asia also faces a severe power shortage that impacts soil irrigation which leads to increasing and adopting demand for farm irrigation which boosts the need for solar power pumps. In India, the government has taken initiative in sustainable and renewable energy to promote awareness of it among the farmers. The government has launched Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme to provide subsidies on the cost and installation of solar panels, thus leading the Asia Pacific to grow at the highest pace in the world.
COVID-19 IMPACT ANALYSIS ON THE GLOBAL SOLAR PUMPS MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors in the global Solar Pumps Market. In addition, complete analysis of changes in the global Solar Pumps Market expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. COVID-19 has been the wake-up call for the solar power industry as the sector has been severely impacted due to the shortage of not just cells and modules but also other ancillary products. The production of solar power has been disrupted due to the supply of raw materials as many of the manufacturers rely on raw material supply provided by china. At present China supplies almost 80% of major solar panel materials. Additionally, China is the most impacted by the surge of unexpected COVID waves in 2019 and the pandemic has affected the manufacturing capacities of China. Therefore, the imposition of work restrictions by China in eight coronavirus-affected provinces, most of which are hubs of solar module manufacturers had additionally stopped functioning out of Chinese ports and transporting items from China to other countries, impacted the global solar industry and indeed impact solar power and other related solar power equipment. Moreover, Government efforts to help economies recover from the coronavirus crisis could benefit from tackling inequality and climate change through investment in clean energy, electric vehicles, and affordable housing to drive the solar pump market in the coming period.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the solar pumps market is certainly based range of market players operating in the solar power industry market with increasing demand for production of the solar pumps market. Besides, several market players offered a wide range of products for different applications in various geographic locations. The market has a major competitive analysis based on new product launches as well as other developments.
The key players studied in the market are
- KSB SE & Co. KGaA (Germany)
- Franklin Electric (United States)
- BW Solar (Waterboy) (Canada)
- Shakti Pumps Ltd (India)
- Grundfos (Denmark)
- American West Windmill & Solar Company (United States)
- CRI Group (United Kingdom)
- SunEdison (United States)
- Stanley Black & Decker, Inc. (United States)
- Kirloskar Brothers Limited (India)
- Glynncorp Electrical (Australia)
- Bernt Lorentz GmbH & Co. KG (Germany)
- Tata Power Solar Systems Ltd.(India)
- Rainbow Power Co., Ltd (India)
- Lubi Electronics (India)
- Samking Pump Company (China)
- Greenmax Technology (India)
- Vincent Solar Energy Company (India)
- OSWAL PUMP LTD (India)
Feb 2022: KSB Limited, a leading supplier of pumps, valves, and systems has revealed that the company has achieved a sales value of ?1,497.3 crores in 2021, a 24 percent increase over the previous year. With ease from the government company’s supply chain remained intact and will continue to achieve exponential growth in sales in coming quarters too.
April 2022: Shakti Pump, the leader in solar pump technology in the Indian market has got its maiden patent for has got patent for unidirectional solar water pump with grid-tied power generation capabilities. This patent has a validity of 20 years from the date of filing according to the provisions of the Patents Act 1970
June 2022: Kirloskar Brothers Limited, a leading Indian company in solar pumps are launching a new product every year in their portfolio. The newly launched products are made with advanced technology and consume less energy for high performance. In recent times company has launched AARNA a new mini-range water pump in an event for domestic use. These newly launched pumps are filled with advanced designs with lightweight and safety features.
May 2021: The KSB Group has launched a new generation of its time-tested submersible grey water pumps. The company has launched AmaDrainer 3 type series available in four sizes designed according to customer requests that are compact and easy to handle. The AmaDrainer 3I is a compact design with an integrated float switch and a maximum diameter of 155mm, making the pump suitable for narrow spaces such as light wells
August 2021: Grundfos, a Pump solutions provider in India has launched SCALA1, an all-in-one pressure booster with high-efficiency motor and hydraulics with low noise operation. According to the company, SCALA1 is a fully integrated, all-in-one, self-priming pump designed for optimal pressure boosting and proved to be an ideal solution for domestic water boosting.