Solar Pump Market Current & Future Growth Forecast To 2027 | CRI Pump, LORENTZ, Lubi Group, Samking Pump, Oswal Pump

Asia-pacific contributed to the highest share, accounting for more than half of the global solar pump market in 2019, and will maintain its dominance throughout the forecast period. This is attributed to increase in government initiatives in region such as India, drive the market growth in this region. However, Europe is expected to grow at the highest CAGR of 8.5% from 2020 to 2027. This is owing to means of innovations and development inside the solar industry and implementation of stringent environmental rules to reduce carbon emission in this province. On the other hand, North America is expected to register the CAGR of 7.3% during the forecast period.

Rise in demand for solar pump in agricultural applications and supportive government regulations for use of photovoltaic technology propel the growth of the global solar pump market. Nevertheless, high cost associated with installation and barriers in adoption of solar water pump restrain the market growth. Moreover, technological advancement in emerging economies offer new opportunities in the near future.

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Based on product, the submersible segment contributed to the largest share in 2019, accounting for more than half of the global solar pump market, and is expected to maintain its dominant position during the forecast period. Nevertheless, the floating segment is expected to register the highest CAGR of 8.7% from 2020 to 2027. The report also covers surface suction segment.

Based on end-user industry, the agriculture segment accounted for the largest share in 2019, holding nearly two-thirds of the global solar pump market, and is expected to maintain the largest share throughout the forecast period. In addition, the segment is estimated to portray the highest CAGR of 7.2% during the forecast period. The new and beneficial government schemes to provide agricultural solar pumps to the farmers have boosted the growth in regions including India. This factor drives the segment growth.

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The key players in the solar pump market include TATA Power Solar Systems Ltd., Shakti pump, CRI Pump Pvt. Ltd., LORENTZ, Vincent Solar Energy, The Lubi Group, Samking Pump Company, Greenmax Technology, AQUA GROUP, and Oswal Pump Ltd.

Covid-19 scenario:

The COVID-19 outbreak disrupted operations in the global solar industry. Most of the materials in the solar industry get imported from China. And, the pandemic has greatly impacted the manufacturing capacities of China.

On the other hand, the disruptions in exports and imports have also led to a shortage of raw material.

However, the government bodies in several regions have issued certain relaxations on the restrictions, owing to which the industry has started to reinitiate the working processes.

The global solar pump market is segmented into product, end-user industry, operation, and region.

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