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Solar Water Pumps Market Analysis
Solar Water Pumps Market share is projected to exceed USD 2,873.9 Million by 2030, growing at a CAGR of 9.50% during the forecast period.
Drivers
COVID-19 Analysis
The solar pump market is being affected, as the market is dependent highly on import/export wherein international trading is restricted highly owing to lockdown of manufacturing facility and also supply chain management restrictions.
The outbreak has disrupted the solar industry by halting the operations. The solar industry at present imports about 80% of its key solar panel materials from China. The crisis has impacted the manufacturing capacities of China, as every fundamental ship container organizations had stopped working out of Chinese ports and transporting items to other countries including India from China. As the Chinese production is likely to head again in the right direction, it is likely that the resumption of China-originated deliver chain will restart the solar industry in India.
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Solar Water Pumps Market Key Players
Lorentz (Germany), C. R. I. Pumps Private Limited (India), Tata Power Solar Systems Ltd (India), Shakti Pumps (India) Ltd (India), Wenling Jintai Pump Factory Limited (China), Bright Solar Limited (India), Grundfos (Denmark), Symtech Solar (Oman), PhotonSolar.com (Australia), Urja Global Limited (India), and Kavita Solar Energy Private Limited (India).
Multiple Factors to Augment Market Growth
The key demand driving element in the market is an investment in infrastructure development. The infrastructure will expand at an exponential rate during the next decade. China, Japan, Indonesia, China, and the Asia Pacific area are the major investors in infrastructure development. These countries are increasing their investments in development initiatives. Investing in infrastructure improves water extraction. These advancements are occurring primarily in rural and underdeveloped areas. It eventually alters the market outlook for solar water pumps during the projection period.
Many governments are now promoting the generation of clean, renewable energy. Water storage, extraction, and recycling are critical components of the government project. Environmental organizations are urging the government to increase its investment in energy-efficient solar water pumps. This government assistance is also a demand driver in the solar water pump market.
Renewable energy technology, such as solar water pumps, will see increased usage in the future years. Furthermore, there is a strong preference for low-cost, clean energy. Many end consumers are drawn to the technology that utilizes clean and cost-effective energy sources. As a result, the use of solar water pumps in the construction and industrial sectors will increase. All of these critical drivers will increase market demand and profitability.
Solar Water Pumps Market Segmentation
The global solar water pumps market has been segmented into solar water pumps and applications.
By solar water pumps, the global solar water pumps market has been segmented into Submersible Pumps and Surface Pumps.
By application, the global solar water pumps market has been segmented into Agriculture, Drinking Water, and Others.
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Solar Water Pumps Market Regional Analysis
APAC to Rule the Global Market
The Asia Pacific has the world’s fastest-growing solar water pump market. Australia, China, and Indonesia are among the countries with high demand for solar pumps in the Asia Pacific region. India, Thailand, Malaysia, and Japan will also see increased demand in the Asia Pacific region. It is an ideal place for the installation of new solar pumps. The regions’ high production rate is due to an abundance of raw materials and lower labor costs. Furthermore, industrial activities and government assistance are permitting large expenditures in solar pumps. The Asia Pacific region’s R&D projects for solar water pumps are constantly expanding. Another reason that provides potential opportunities for solar pumps is the world’s growing population.
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