The notable growth of the renewables sector and the relatively low price point of photovoltaic (PV) panels are collectively driving the expansion of the global solar pumps market. The advent of solar PV technology and the strong market presence of solar water pump manufacturers further elevate the growth prospects for solar pumps worldwide. Supportive government policies promoting the adoption of renewable energy sources are expected to play a vital role in upholding the growth of the solar pumps market.
Promising Outlook for Solar Pumps Market According to Upcoming Study
The preliminary findings of a new upcoming study by the analyst indicate that the global solar pumps market is set for an impressive outlook in the future. The increasing focus on clean and green energy has been growing significantly. Efforts towards replacing traditional grid- or diesel-powered pumps with solar water pumps are anticipated to accelerate the growth of the solar pumps market, as revealed by the study. However, high installation costs are expected to act as a major barrier to the growth of the solar pumps market, according to the report.
COVID-19 Impact on Solar Pumps Market
The global COVID-19 pandemic had a measurable impact on the dynamics of the solar pumps market, as the market heavily relies on import-exports, and lockdowns put an abrupt halt to international trading for a while. Supply chain disruptions and related restrictions also created a significant setback for the solar pumps market through the end of 2020. However, the market soon regained momentum, and with the exponentially soaring significance of green and clean energy, the report expects the solar pumps market to be on a continuous uptrend in the long term.
DC Suction Pumps Remain Preferred in Solar Pumps Market, Agriculture Industry Generates Maximum Demand
The agriculture industry remains the leading area of application for solar water pumps, driven by farming, irrigation, aquaculture, and livestock rearing. Among various pump types, the DC suction category continues to lead, especially for drip irrigation operations. On the other hand, AC submersible pumps are expected to exhibit the fastest rate of growth in adoption during the next few years.
Asia Pacific Likely to Dominate Solar Pumps Market, Sales Concentrated in Agricultural Pumps
Research indicates that the maximum business opportunity in the solar pumps market resides in developing nations across Asia Pacific, majorly attributing to the region’s geographic location and noteworthy consumption of pumps for agricultural activity. India, Japan, and China remain at the forefront in terms of electricity generation from renewable sources. Australia, Malaysia, Thailand, and Indonesia will further supplement sales in the region's solar pumps market. Increasing introduction of innovative solar pumps across the region is expected to support market growth. The region’s market is likely to benefit from wide availability of cheaper labor and ample raw material supply. Growing encouragement for investments in the renewables sector and supportive government policies will play a crucial role in the market build-up across Asia Pacific. Meanwhile, North America's solar pumps market is also projected to exhibit remarkable growth with ongoing ambitious projects in the renewables sector and increasing investments.
Key Companies in Global Solar Pumps Market
Prominent players in the global solar pumps market include:
- Kirloskar Brothers Limited
- KSB SE & Co. KGaA
- Franklin Electric
- Grundfos
- BW Solar (Waterboy)
- Shakti Pumps (India) Ltd.
- Mono Pumps (NOV)
- Pumps Private Limited
- Stanley Black & Decker, Inc.
- Solar Mill KG
- C.R.I.
- Glynncorp Electrical
- Bernt Lorentz GmbH & Co.
The global solar pumps market is experiencing impressive growth driven by the boom in clean and green energy solutions. Rising adoption of solar water pumps in various sectors and supportive government policies are key factors contributing to market expansion. The report by the analyst will provide comprehensive insights into the growth and trends of the global solar pumps market.
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Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Grundfos
- BW Solar
- KSB SE & Co. KGaA
- Shenzhen Solartech
- Kirloskar Brothers Limited
- Franklin Electric
- LORENTZ
- SunEdison
- Shakti Pumps
- Waaree Technologies
- RPS Solar Pumps
- China SAMKING Solar Pump
- Dankoff Solar
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