The complete study for the Solar Water Pumps Market 2020 report presents you analysis of market size, share, growth, marketplace expanding, technological innovations, trends, cost structure, revenue, statistical and comprehensive data of the global market. The major players cover in this report are: ExxonMobil Corporation, Royal Dutch Shell Plc., Chevron Corporation, BP p.l.c., Total S.A., Petrochina Company Limited, Sinopec Limited, LUKOIL, Fuchs Petrolub AG etc.
Global Solar Water Pumps Market – Overview
According to a recent study report published by the Market Research Future, The global market of Solar Water Pumps is booming and expected to gain prominence over the forecast period. The Global Solar Water Pumps Market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, double digit CAGR of 2.4% during the estimated period (2017 – 2023).
A Solar Water Pump is a device, which runs on the electricity generated by photovoltaic panels. Solar water pumps are not connected with the grid and result in very less emission compared to conventional pumps. Solar water pumps are increasingly used in regions where grid electricity is unavailable and alternative sources such as wind do not provide enough power for operations. Solar pump components consist of solar panels, a controller and a pump while the size of the PV system determines the operating capacity of the pump.
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Stringent government regulations to reduce carbon footprints into the atmosphere is the factor driving the growth of the solar pumps market. Solar energy used for water pumps does not emit any carbon footprints into the atmosphere and provides a clean source of energy. Additionally supportive government incentive schemes to farmers and solar pump manufacturers is also fuelling the growth of the market. However, high initial investment is the factor may restrict the growth of the market.
ExxonMobil Corporation (U.S.), Royal Dutch Shell Plc. (The Netherlands), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A. (France), Petrochina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub AG (Germany), and Idemitsu Kosan Co. Ltd (Japan) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Solar Water Pumps Market.
Solar Water Pumps Market – Segmentation
The global Solar Water Pumps Industry has been segmented based on product and application.
On the basis of product, market is segmented into DC Surface Suction, AC Submersible, DC Submersible, AC Floating. Increasing drip irrigation activities in emerging economies of Asia Pacific and the Middle East & Africa is expected to drive the solar powered DC suction pumps market. AC submersible pumps are expected to witness the highest growth during the forecast period. AC submersible pumps are specially designed to pump groundwater from deeper wells or boreholes where DC suction pumps cannot be used.
On the basis of End User, market is segmented into Agriculture, Drinking Water. Agriculture sector dominates the end user segment of the market. Increasing the agricultural activities along with the increase in use of water for water based agricultural practices driving the growth of the market.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Global Solar Water Pumps Market – Regional Analysis
Asia-Pacific region dominates the global Solar Water Pumps Market and is expected to witness the highest growth during the forecast period. China, India, Japan, Bangladesh and Indonesia are among the major markets for Solar Water Pumps in the Asia Pacific region. Rapid agriculture activities in countries such countries and reduced grid connectivity for agricultural activities, drive the market for solar water pumps in this region. Supportive government incentive schemes to farmers and solar pump manufacturers is also fuelling the growth of the market.
Middle East & Africa are another major regions for the market. Increased clean water demand for drinking and irrigation in countries such as Morocco, Nigeria, Namibia and Kenya, in the African region, is also driving the need for the solar pumps in the region. North America and Europe are contribute significantly during the forecast period.
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