This market research study presents a detailed segmentation of the global solar pumps market by end-user (agriculture, water management, and others), and by geography (Americas, APAC, and EMEA). The key leading vendors identified in the market are Bright Solar, Lorentz, Shakti Pumps, SunEdison, and Tata Power Solar.
Technavio’s market research analysts estimate the global solar pumps market, to generate revenues of $2 billion by 2020. Solar pumps are considered the best water pumping solutions, owing to rising greenhouse gas emissions and depletion of conventional energy sources. Solar pumps do not face issues like shortage of fuel, feeder damage, and price fluctuations, unlike diesel pumps. Moreover, these pumps offer a clean, sustainable energy solution compared to fuel-powered pumps. APAC dominates the global market for solar pumps, accounting for 41% of the total market share. The demand for solar pumps is mainly driven by the initiatives taken up by countries like India and China to promote sustainable development.
The new market research report from Technavio provides a breakdown and analysis of the solar pumps segments by technology.
“Of late, the market is witnessing growing demand for automated pump systems especially among end-users. End-users are increasingly looking to automate pump systems for pumping water for irrigation, livestock, and fish farming. Another emerging solar pumping solution brings together drive technology, and a maximum power point tracking (MPPT) system. Rural pump users can significantly benefit from the highest output of this pump during daytime as the MPPT system ensures maximum output from the solar panel, thereby enhancing the performance of the pump,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research
The agriculture industry segment is the largest end-user of solar pumps and account for close to 63% of the overall market share. As water management is critical for irrigation purposes, the demand for solar pumps will continue to increase over the forecast period. Moreover, these pumps play a crucial role in pumping water in areas with erratic rainfall, water scarcity, and insufficient electricity. Furthermore, the declining groundwater levels will aid in the growth of this market until the end of 2020.
Global solar pumps market in agriculture industry 2015-2020 ($ millions)
Source: Technavio, 2016
The leading vendors in the global solar pumps market include Bright Solar, Lorentz, Shakti Pumps, SunEdison, and Tata Power Solar. This market is highly competitive owing to the presence of many well-diversified global players. Although the market has the presence of new suppliers, they find it increasingly difficult to compete with the international vendors in terms of quality, functionalities, features, and services. The vendor competition will intensify with an increase in service extensions, technological innovations, and M&A.
A more detailed analysis is available in the Technavio report, Global Solar Pumps Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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