DUBLIN--(BUSINESS WIRE)--The "Solar Water Pump Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The solar water pump systems market is expected to register a CAGR of more than 5% during the forecast period of 2022 - 2027.
Factors such as increasing demand for clean energy pump systems, and the supportive government incentives and tax rebates over the installation of solar water pump systems are expected to drive the market during the forecast period.
However, the high installation costs and the limited specialized service personnel are restraining the growth of the market.
Key Highlights
The submersible pump type segment, designed to pump water from deeper wells, where surface pumps cannot be used, is expected to drive during the forecast period.
Powering Agriculture: An Energy Grand Challenge for Development (PAEGC) program aims to identify and support the development and deployment of clean energy solutions for increasing agriculture productivity in developing countries. The program is expected to create opportunities for the market studied.
Asia-Pacific holds the largest market share and is also expected to be the fastest-growing region, owing to a massive increase in solar water pump system installations in countries, such as China and India.
Key Market Trends
Submersible Pump Type Segment to Dominate the Market
Submersible pumps are located deep below the ground level and their suction head is beyond a depth of 10 meters, so it can lift water from significantly deeper sources. Government subsidies to farmers, as well as solar pump manufacturers, especially in emerging economies of Asia-Pacific, are expected to drive the solar water pump systems market in the forecast period.
Irrigation is a major application area for solar pumps in India. This makes India a land of huge market opportunities for solar submersible pumps. The Indian government had set ambitious targets for expanding the country's renewable energy generating capacity, and in 2010, the country launched the Jawaharlal Nehru National (JNN) Solar Mission.
The Ministry of New and Renewable Energy (MNRE), India, outlined the Solar Pumping Programme for irrigation and drinking water, which sought to promote the adoption of solar pumps over the next five years. Hence, due to such government support, the submersible pumps market in India is expected to provide ample opportunities for pump manufacturers during the forecast period.
Moreover, the submersible solar pump systems are used majorly for irrigation and supply of potable water. The oil and gas sector is also embracing these pumps for the purpose of chemical injection, as these pumps do not emit greenhouse gases, hence promulgating the growth of solar power pump systems.
Asia-Pacific to Dominate the Market
The Asia-Pacific region dominated the global market share and has emerged as one of the largest solar pump markets. With inadequate power generation capacity and grid infrastructure for irrigation and community water supply facilities, solar water pumps have a good chance of replacing conventional pumps.
The increasing power demand and need for drinking safe water have led to the deployment of solar water pumps in Bangladesh. Infrastructure Development Company Ltd. (IDCOL), a financing company in Bangladesh, tried and tested the ownership model, wherein micro-finance has been used as a tool to enhance rural households' ability to afford capital-intensive solar home systems is being applied to solar pumping solutions.
Moreover, increasing awareness of the potential benefits of this technology has compelled a number of countries to accelerate the deployment of solar water pumps, with Bangladesh setting a target to deploy 50,000 solar pumps by 2025.
Companies Mentioned
Advanced Power Inc.
Bright Solar Limited
C.R.I. Pumps Private Limited
Kirloskar Brothers Limited
KSB Limited
Bernt Lorentz GmbH
Shakti Pumps (India) Ltd.
Tata Power Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/5oqyc5
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