About Solar Pumps
A solar pump runs on electricity generated by a solar PV array. The overall pump set is attached to the water source; the solar panel converts the solar energy into electricity, thereby operating the motor to pump water. These pumps eliminate the use of conventional fuel sources such as diesel. Also, they prove to be a cost-effective option for pumping water, especially in areas that face water scarcity and electricity shortage. Some of the major types of solar pumps are surface, submersible, and floating. These pumps are becoming more viable as their prices decline with increasing competition in the market. In addition, subsidies offered in various countries have also aided in lowering the costs of these pumps.
Technavio’s analysts forecast the global solar pumps market to grow at a CAGR of 34.03% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global solar pumps market for 2016-2020. To calculate the market size, the report considers the the demand for solar pumps from different end-users.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Solar Pumps Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Solar Pumps Market: Bright Solar, LORENTZ, Shakti Pumps, SunEdison, and Tata Power Solar.
Other Prominent Vendors in the market are: Conergy, CRI Group, Dankoff Solar, Flowserve, Greenmax Technology, Grundfos, Jain Irrigation Systems, and USL.
Commenting on the report, an analyst from Technavio’s team said: “The need for increasing agriculture productivity is driving technological developments in the global solar pumps market. Automating these pumps to carry out operations, such as pumping water for irrigation and livestock and fish farming, and ensure domestic water supply is gaining importance worldwide.”
According to the report, developing countries such as China, India, and Bangladesh are taking measures to spread awareness about the benefits of renewable energy such as solar pumps for irrigation purposes. For instance, the Indian government is providing grants and subsidies to the country's farmers to purchase solar water pumping systems. In January 2016, the government announced an investment of $11 billion to set up solar pumps across the country. Such initiatives not only facilitate in reducing the use of conventional energy sources but also help in increasing the market penetration of solar pumps in the developing countries.
Further, the report states that solar pumps have high initial investment and negligible maintenance cost compared to diesel pumps. Diesel pumps involve recurring service and maintenance costs with little initial capital requirement. The high initial cost of solar pumps makes them unaffordable to farmers.
Bright Solar, LORENTZ, Shakti Pumps, SunEdison, Tata Power Solar, Conergy, CRI Group, Dankoff Solar, Flowserve, Greenmax Technology, Grundfos, Jain Irrigation Systems, USL.