Solar water pump facilitate efficient use of electricity for increasing agricultural productivity. Around 40% of the worldwide populace is based on agriculture, as its primary supply of income, yet access to water remains an ongoing war for many. Fee reductions in economies such as India, Japan, and Africa for solar water pump has the ability to make modern-day irrigation available and fee-powerful for almost 500 million small-scale farmers international. The major focus is on small-sized sun water pump (50–1,000W), as these are used by most of the consumers. Government of the emerging economies such as India, Japan, and Africa are accelerating development and commercialization of solar pump.
Based on product, the sumersible segment contributed to the largest share in 2019, accounting for more than half of the global solar pump market, and is estimated to maintain its dominant position during the forecast period. Submersible solar pump is utilized for domestic water supply to large residences and multi storied apartments and dewatering of mines. This fact drives the growth of the segment. However, the floating segment is expected to register the highest CAGR of 8.7% from 2020 to 2027. The increasing use of floating solar pumps for bird bath, fish tank, small pond, pool, and garden decoration is expected to drive the growth of the segment.
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Based on end-user industry, the agriculture segment accounted for the largest share in 2019, holding nearly two-thirds of the global solar pump market, and is anticipated to lead the trail throughout the forecast period. Furthermore, the segment is estimated to portray the highest CAGR of 7.2% during the forecast period. The study also analyzes segments including water management and others.
Based on region, Asia-pacific contributed to the highest share, accounting for more than half of the global solar pump market in 2019, and will maintain its dominance throughout the forecast period. This is attributed to increase in government initiatives in region such as India, drive the market growth in this region. However, Europe is expected to grow at the highest CAGR of 8.5% from 2020 to 2027. This is owing to means of innovations and development inside the solar industry and implementation of stringent environmental rules to reduce carbon emission in this province. On the other hand, North America is expected to register the CAGR of 7.3% during the forecast period.
The key players in the report include TATA Power Solar Systems Ltd., Shakti pump, CRI Pump Pvt. Ltd., LORENTZ, Vincent Solar Energy, The Lubi Group, Samking Pump Company, Greenmax Technology, AQUA GROUP, and Oswal Pump Ltd.
Due to the COVID-19 outbreak, operations in the global solar industry have been disrupted.
The solar industry imports nearly four-fifths of its main solar panel material from China. However, the pandemic has impacted the manufacturing capacities of China. Also, the disruptions in exports and imports have led to the shortage of raw material.
Moreover, the manufacturing industries have initiated working processes with concern to the precautionary measures, as relaxations have been issued by the government.
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