Global Solar Pumps Market 2016-2020
- Published: Mar 2016
- Pages: 53
- SKU: IRTNTR9015
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This market research study presents a detailed segmentation of the global solar pumps market by end-user (agriculture, water management, and others), and by geography (Americas, APAC, and EMEA). The key leading vendors identified in the market are Bright Solar, Lorentz, Shakti Pumps, SunEdison, and Tata Power Solar.
Outlook of the solar pumps market
Technavio’s market research analysts have predicted the global solar pumps market to experience tremendous growth at an impressive CAGR of more than 34 % during the forecast period. Factors like rising preference for solar pumps over diesel pumps is one of the key growth drivers of this market. Solar pumps are becoming increasingly popular among the end-users due to the several advantages they have over diesel pumps. Solar pumps do not face issues like shortage of fuel, feeder damage, and price fluctuations, unlike diesel pumps. Moreover, these pumps offer a clean, sustainable energy solution compared to fuel-powered pumps. Also, solar pumps are economical, unlike diesel pumps which have high operational costs and financial risks associated with its use.
Factors such as the increasing demand for automated pump systems is expected to propel the growth prospects of this market in the coming years. End-users are increasingly looking to automate pump systems for pumping water for irrigation, livestock, and fish farming. Another emerging solar pumping solution brings together drive technology, and a maximum power point tracking (MPPT) system. Rural pump users can significantly benefit from the highest output of this pump during daytime as the MPPT system ensures maximum output from the solar panel, thereby enhancing the performance of the pump. The several advantages of solar pumps over diesel pumps and the introduction of automated pump systems will bolster the growth prospects of the solar pumps market during the forecast period.
Segmentation by end-user and analysis of the solar pumps market
- Water management
During 2015, the agriculture industry segment dominated the solar pumps market and accounted for close to 63% of the market share. As water management is critical for irrigation purposes, the demand for solar pumps will continue to increase over the forecast period. Moreover, these pumps play a crucial role in pumping water in areas with erratic rainfall, water scarcity, insufficient electricity. Furthermore, the declining groundwater levels will aid in the growth of this market until the end of 2020.
Geographical segmentation and analysis of the global solar pump market
During 2015, APAC dominated the global solar pumps market with a market share of nearly 41% in terms of revenue. The demand for solar pumps is mainly driven by the initiatives taken up by countries like India and China to promote sustainable development. These countries have taken measures to increase their solar photovoltaic installations. The rising number of photovoltaic installations in China is expected to propel this market’s growth in APAC.
Competitive landscape and key vendors
The global solar pumps market is highly competitive owing to the presence of many well-diversified global players. Although the market has the presence of new suppliers, they find it increasingly difficult to compete with the international vendors in terms of quality, functionalities, features, and services. The vendor competition will intensify with an increase in service extensions, technological innovations, and M&A.
Key vendors in this market are -
- Bright Solar
- Shakti Pumps
- Tata Power Solar
Other prominent vendors in the market are Conergy, CRI Group, Dankoff Solar, Flowserve, Greenmax Technology, Grundfos, Jain Irrigation Systems, and USL.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global solar pumps market?
- What are the key market trends impacting the growth of the global solar pumps market?
- What are the challenges to market growth?
- Who are the key vendors in the global solar pumps market?
- What are the market opportunities and threats faced by the vendors in the global solar pumps market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global solar pumps market?
Technavio also offers customization on reports based on specific client requirement.
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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