Solar Pump Market size is set to witness robust growth on account of increasing agricultural activities coupled with growing demand for water extraction. High adoption rates of renewable energy powered devices along with growing focus toward curbing carbon emission levels will boost the demand for these units.
Depleting fossil fuel reserves and low operating costs are some of the significant factors which will drive the solar pump market growth. Adoption of stringent regulations to minimize the carbon footprint along with increasing government subsidies to both farmers and manufacturers will boost the product penetration over the forecast timeline.
Limited access to electricity, heavy dependence on rainfall and logistical challenges toward fuel supply across rural areas will significantly stimulate the demand for solar pumps. Moreover, rapidly declining cost of PV panels will further strengthen product adoption. For instance, as per IEA, the PV module manufacturing costs have decreased 80% between 2009-2016.
Ongoing innovations toward achieving energy optimization across manufacturing plants has created the positive business scenario for the solar pump market. For instance, in February 2019, Sunculture launched RainMaker2, an intelligent ClimateSmart pump technology which offers weather-based irrigation recommendations, supports a lithium ion battery backup, improvement in flow rate and an IoT connected control system to augment value creation for the farmers.
U.S. Solar pump market is anticipated to witness growth on account of expansion across agricultural activities and growing water demand for irrigation purposes. Federal tax incentives and subsidies coupled with favorable policies toward adoption of renewable energy technologies will positively influence the adoption of these systems over the forecast period.
Solar pump market from oil & gas sector is set to witness growth on account of growing demand for energy efficient technologies across the industry value chain. Adoption of stringent regulations aimed at reducing the environmental impact associated with oil recovery process will strengthen product adoption over the forecast timeline. Ongoing investments toward the relocation of oil & gas fields across remote areas coupled with lack of grid connectivity will further boost the installation of these systems.
Asia Pacific solar pump market is set to witness robust growth on account of growing focus toward sustainable development across developing economies. The region is characterized by high dependence on fossil fuel based power generation and limited consumer awareness toward adoption of renewable based technologies. Strong government inclination toward the adoption of clean energy technologies coupled with rising tax incentives and subsidy schemes will positively enhance the industry outlook. Increasing focus toward economical operations across water intensive industries will further strengthen product adoption.
Key industry participants operating across the solar pump market include Lorentz, CRI pumps, SunEdison, Sunculture, Tata Power Solar Systems, Shakti Solar Pumping System, Grundfos, and Solar Power & Pump Co amongst others.