Solar pump are exceptional as these pumps the water through energy produced from sunlight. The solar pumps are most widely used in rural or undeveloped areas that have no access to electric grid infrastructure. There is a wide range of solar pumps for various operations. The use of solar water pumps is increasing in urban cities which is driving the demand for solar pumps. The energy efficiency and cost efficiency features increase the need for solar pumps in developed regions. Developing nations are providing potential opportunity for the growth of the solar pump market, as major adoption of solar pump has been witnessed in Asia-Pacific, particularly in China, India, and Japan. Thus, surge in agricultural activities and increase in demand for electricity from renewable source of generation are the key factors driving the market growth over the forecast period.
MARKET SCOPE
The "Global Solar Pump Market Analysis to 2028" is a specialized and in-depth study of the clean energy with a special focus on the global market trend analysis. The report aims to provide an overview of the solar pump market with detailed market segmentation by product, operation, capacity, end-use industry and geography. The report provides key statistics on the market status of the leading solar pump market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
-On the basis of product the market is segmented into surface suction, submersible, and floating
-On the basis of operation, the market is segmented as AC pump and DC pump
-On the basis of capacity the market is segmented into Below 4 HP, 4-6 HP, 6-8 HP, and Above 8 HP
-On the basis of end-use industry the market is segmented into agriculture, water management, and others
Drivers
-Increasing investments supported by government subsidies in agricultural activities is driving the demand for solar pump
-Increasing adoption for clean energy is propelling the market growth
-Lack of awareness of solar pumps restraints the market growth
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South and Central America. The solar pump market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the solar pump market in these regions.
IMPACT OF COVID-19 ON SOLAR PUMP MARKET
The emergence of the COVID-19 has severely impacted the solar pump market, which resulted decline in the sale of solar power units in the year 2020. The pandemic severely impacted the solar pump manufacturers in countries such as China and India owing to shortage of workforce, unavailiblity of raw material and disruption in supply chain which eventually hampered the market growth during the pandemic. However, from 2021, ease in restrictions and reopening of industries have increased the demand for solar pumps which further augmented the production which help drives the market growth. The key players engaged in providing the solar pumps are putting efforts by providing the sector with financial assistance, technical and operational support which is helping the market to flourish in coming years. In addition, developments in the solar pump is also aiding the market to grow at faster pace. For instance, In January 2022, Gautam Solar has launched new solar pump controllers and remote monitoring units for solar PV systems. Thus, such upcoming developments in the solar pump industry along with supportive government regulations for adopting the solar pump during the pandemic recovery period is driving the market outlook.
MARKET PLAYERS
The report covers key developments in the solar pump market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the solar pump market are anticipated to provide lucrative growth opportunities in the future owing to growing investment in agricultural activities.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the solar pump market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-Vincent Solar Energy
-Tata Power Solar Systems Ltd.
-LORENTZ
-SAMKING Solar Pump
-Lubi Electronics
-C.R.I. Pumps Private Limited
-Franklin Electric
-Glynncorp Electrical
-Aqua Group
-Oswal Pumps