Solar Water Pumps Market Prognosticated to Accrue with a 5.6% CAGR by 2023. Growing Use of Renewable Energy to Boost the Global Solar Water Pumps Market, according to “Solar Water Pumps Industry – Global Market Forecast to 2023 Report” published by Market Research Future.
— Solar Water Pumps Market by Product (DC Surface Suction, AC Submersible, DC Submersible, AC Floating), Application (Agriculture, Drinking Water), Region with Global Industry forecast to 2023.
Solar Water Pumps Key Players Analyzed in Report:
Solar Company (U.S.), WENLING JINTAI PUMP FACTORY (China), CRI Pumps Pvt. Ltd (India), SunEdison, Inc. (U.S.), Solar Power & Pump Co LLC (U.S.), Shakti Solar Pumping System (India), Lorentz (Germany), Tata Power Solar Systems Ltd. (India), Grundfos (Denmark), and Bright Solar Pvt. Ltd. (India).
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Solar water pumps are being increasingly used in agricultural as well as domestic applications. The global solar water pumps market is anticipated to expand at a CAGR of 5.6% over the forecast period of 2017-2023, projects Market Research Future (MRFR) in an in-depth research study. Global solar water pumps market is growing pervasively mainly due to the Solar Water Initiative and the potential of solar water pumps in transforming lives and ways of working. Solar-powered water pumps offer so many possibilities for the development and humanitarian aid, from lighting to internet connectivity to the water provision.
Solar water pumps are especially desirable in remote locations which are beyond the reach of power lines. Solar water pumps are gaining traction in the developing regions where grid infrastructure is not that developed. The governments in such regions are advocating the use of renewable sources of energy to reduce the reliance on fossil fuel imports. Multiple governments in emerging economies are providing subsidies to farmers as well as incentives to solar water pumps manufacturers which is fueling the growth of the market.
On the other hand, in many countries’ awareness about the benefits of solar water pumps is still low which is expected to impede the market growth. As a result of increasing demand for sustainable water supply, additional funding is being secured which will enable the initiatives to expand the demand in the emerging regions, scaling up the market size.
Solar Water Pumps Industry Segmentation:
The global solar water pumps market has been segmented based on product and application.
By product, the solar water pumps market has been segmented into DC Surface Suction, AC Submersible, DC Submersible, and AC Floating.
By application, the solar water pump market has been segmented into agriculture and drinking water.
Globally, the Asia Pacific region accounts for the leading market for the solar water pumps. Growing market in some of the APAC countries such as India, China, and Japan, driven by the increasing industrialization, contributes to the market growth majorly. The market is likely to retain its dominance throughout the forecast period, attributing to the burgeoning agriculture sector in the region.
Towering demand for clean drinking water as well as water for irrigation in countries such as Morocco, Nigeria, Namibia and Kenya, and the African region are inducing considerable demand for solar water pumps within the MEA market.
Europe region is another lucrative market for solar water pumps. The market in the region is growing mainly due to the flourishing food & beverage and water treatment sectors.
North America market is driven by surging awareness regarding the use of solar energy.
The Middle East region is demonstrating enormous potential mainly due to the efforts from the countries in the region for reducing the dependency on their oil and gas market which provides opportunities to a flourishing water treatment market translating into demand for solar water pumps.
Table of Contents:
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Solar Water Pump Market, By Product
4.2 DC Surface Suction
4.3 AC Submersible
4.4 DC Submersible
4.5 AC Floating
5 Global Solar Water Pump Market, By Application
5.3 Drinking Water
6 Regional Market Analysis
6.2 North America
6.3.4 Rest Of Europe
6.4.4 Rest Of Asia-Pacific
6.5 Rest Of The World
7 Competitive Analysis
7.2 Competitive Scenario
7.2.1 Market Share Analysis
7.2.2 Market Development Analysis
7.2.3 Product/Service Benchmarking
List of Tables:
TABLE 1 GLOBAL SOLAR WATER PUMP MARKET, BY PRODUCT
TABLE 2 GLOBAL SOLAR WATER PUMP MARKET, BY APPLICATION
TABLE 3 GLOBAL SOLAR WATER PUMP MARKET, BY REGION
TABLE 4 NORTH AMERICA SOLAR WATER PUMP MARKET, BY PRODUCT
TABLE 5 NORTH AMERICA SOLAR WATER PUMP MARKET, BY APPLICATION
TABLE 6 U.S. SOLAR WATER PUMP MARKET, BY PRODUCT
TABLE 7 U.S. SOLAR WATER PUMP MARKET, BY APPLICATION
TABLE 8 CANADA SOLAR WATER PUMP MARKET, BY PRODUCT
List of Figures
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 MARKET DYNAMICS
FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS
FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS
FIGURE 6 PORTER’S FIVE FORCES ANALYSIS
FIGURE 7 VALUE CHAIN ANALYSIS
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