What is Solar Pumping System Market?
A solar water pump is a type of pump which is used for extracting water from rivers, borewells , ponds, and other sources of water. It is used in, community water supply, livestock, water requirements for irrigation as well as other purposes. Some of the advantages of a solar water pumping system are no electricity required, long operating life, highly reliable and durable, easy to operate and maintain, eco-friendly and others. The government has taken initiative regarding Solar Pumping Programme. For instance, For instance, according to the government of India, “The Ministry of New and Renewable Energy (MNRE) has initiated a 5-year program for Solar Pumping, which is used for Irrigation & Drinking Water. In 2015, initial financial support of more than Rs 400 crores for the installation of 10 lakh solar water pumping systems for various purposes such as drinking water requirements, irrigation, among others.
Highlights from Solar Pumping System Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Bright Solar Limited (India), Shakti Pumps (India), SunEdison, Inc. (United States), Tata Power Solar Systems Limited (India), Conergy (Germany), CRI Group (India), Dankoff Solar Products (United States), The Flowserve Corporation (United States), Greenmax Technology (India) and Grundfos (Denmark) |
The global solar pumping system market is fragmented with too many small players across various regions. Various players operating in the market such as Bright Solar Limited (India), Shakti Pumps (India), SunEdison, Inc. (United States), Tata Power Solar Systems Limited (India), among others. Research Analyst at AMA predicts that India Vendors will contribute to the maximum growth of Global Solar Pumping System market throughout the forecasted period.
Bright Solar Limited (India), Shakti Pumps (India), SunEdison, Inc. (United States), Tata Power Solar Systems Limited (India), Conergy (Germany), CRI Group (India), Dankoff Solar Products (United States), The Flowserve Corporation (United States), Greenmax Technology (India) and Grundfos (Denmark) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Jain Irrigation Systems (India), Alpex Solar (India), Topsun Energy Limited (India) and Kirloskar Brothers Limited (India). Solar Pumping System Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Irrigation of land, Domestic water supply, Fish farming, Water for Livestock and Solar Powered Fountains |
Type | Submersible Solar Water Pumping Systems and Surface Solar Water Pumping Systems |
Industry Vertical | Agriculture Industry,Food Processing Industry,Others |
On the basis of geography, the market of Solar Pumping System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Adoption of Solar Pumping System Products in Agriculture Industry
Market Growth Drivers:
Government initiative to implement a solar pumping system. For instance, In 2018, as per an article published by thehindubusinessline, Energy Efficiency Services Ltd, has been selected by the International Solar Alliance to facilitate the implementation of more than 5,00,000 Solar Water Pumping Systems. Hence it will affect the growth of the market in the future.
Challenges:
Lack of Skilled Labors in Developing Countries Such as India and Stiff Competition Due to Various Players of Various Players Operating in the Market
Restraints:
Complexities and Cost Involved with Maintenance of Solar Pumping System and Stringent Regulatory Guidelines
Opportunities:
In Emerging Countries, there is Significant Adoption of Solar Pumping System Products
Key Target Audience
Solar Pumping System Companies, Regulatory Bodies, Component Suppliers, Distributors and Others
In 2019, the clever off-grid photovoltaic pumping systems are emerging in Gambia, Africa through the collaboration of the German Water and Energy Group with Fuji Electric Europe GmbH (Europe). Therefore, it will enhance market growth.