KSA Solar Pumps Market is expected to grow at a CAGR of 9.6% over 2020 to 2026

The KSA Solar Pumps Market was valued at US$ 11,216.2 thousands in 2019 and is expected to grow at 9.6% CAGR over forecast period 2020-2026 due to shift to PV pumping and significant developments in Agriculture.”

The KSA Solar Pumps Market was valued at US$ 1,216.2 thousands in 2019 and expected to surge at 9.6% CAGR over the forecast period owing to switching to use PV based pumping solutions. For instance, Agriculture area in Saudi Arabia is spread over 1 5 million hectares and most of the area is in remote and rural areas, PV pumping is expected to be one of the most promising applications of solar energy, where shortage of grid electricity is common and these areas are expected to provide new roads for the installation and maintenance of solar energy solutions, like PV panels. In addition, Moreover, solar water pumping is found to be economically viable as compared to electricity or diesel-based systems for irrigation and water supplies in remote regions with in the KSA Furthermore, PV water pumping system is one of the best alternative ways of irrigation. Moreover, Over the last decade agriculture sector has been improved at significant rate and large areas of desert is getting converted into agriculture fields, which can be majorly attributed to that strong support from Saudi government to encourage domestic farming. In addition to Ministry of Agriculture, other government agencies such as the Saudi Arabian Agricultural Bank, which provide subsidies and sanctions long term, interest free loans. Such favorable scenarios offer potential opportunities to agriculture companies to invest more in agriculture sector, which further enables the advancements/rapid development of agriculture in the KSA in near future.

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Submersible pumps Accounted for Higher Revenue Share in the KSA Solar Pumps Market
Based on pump type, KSA solar pump market is segmented into submersible and surface. Submersible pumps contributed the larger share followed by surface pumps. Majority of water source for agriculture/irrigation in the KSA is from nonrenewable sources deep underground water, which requires high submersible pumps, as these pumps can lift water from very deep water sources This creates submersible pumps segment to occupy the major market share in the KSA solar pumps market. Moreover, surface pumps can supply water from shallow wells, water storage tanks, ponds, and these are suited for drinking water supply to small villages, communities, hospitals Moreover, growing demand for such surface pumps in drinking water application is anticipated to enable surface pumps segment to achieve faster growth rate.

Up to 250KW segment is projected to show faster growth rate during forecast period in the KSA Sola Pumps Market
Based on capacity, KSA solar pump market is segmented into below 15KW and up to 250KW. Up to 250KW segment is anticipated to show the promising growth rate in near future in the KSA solar pumps market owing to growing number of solar water pumps with inverters facility, as these require high power range more than 15 kW. However, below 15KW segment achieved the major share in the KSA solar pumps market, as the majority of solar pumps used in agriculture/irrigation have a power range from 2 to 10 kW and few are having more than 15 kW, similarly, drinking water pumps have power range from 0 75 to 1 5 kW
Irrigation occupied for Higher Revenue Share in the KSA Solar Pumps Market
Based on application, KSA solar pump market is segmented into irrigation and drinking water. Irrigation segment achieved the major share followed by drinking water. High support from government to enhance agriculture and rapid advancements in the agriculture sector is creating new opportunities for irrigations, which led to the irrigation segment to grab the major market share in the KSA Solar pumps market. However, limited, or irregular water drinking water supply to rural small villages, homes, hospitals, communities is creating demand for efficient water supplying solutions Such demand is anticipated to favor the growth of application of solar water pumps in Drinking Water segment.
Central region/area gained larger market share in the KSA Solar Pumps Market

Based on region/area KSA Solar Pumps market segmented into Central, Northern, Eastern, Southern and Western. Central region/area gained major share in the KSA solar pumps owing to the existence of larger cultivation land size for different crops like Barley, fodder, tomato, potato, dates, and among others. Such parameter creates the demand for efficient water supply solutions, including solar water pumps, which in turn favored the Central region to occupy the largest market share. Moreover, Southern and Western regions are anticipated to show promising growth rate in near future owing to existence of significant size of agriculture holdings in Southern Western regions/areas that dependent on rains, which creates new opportunities to establish water source wells to make more efficient preservation & usage of water for irrigation and drinking water supply. Such areas/regions are expected to be promising spots to supply irrigations solutions/drinking water supply solutions, such as solar water pumps. These scenarios are expected to favor the growth of Southern & Western regions during forecast period.

Companies strategies to focus more on KSA agriculture sector and planning to expand their pumps product portfolio, including solar pumps in near future

• Growing focus of companies to enter into solar sector and to introduce solar water pumps in the KSA by establishing distribution/trading partnerships. Such scenario is expected to create highly competitive environment in the KSA solar water pumps market in coming future
• For instance, CRI Group, Oswal Pumps Ltd, KSB Pumps, Crompton (Solar Pumps), and among others are having solar pumps product portfolio, but they have not entered into KSA market and are focusing to increase solar water pump products access to farmers/farms in the KSA

Key player’s profiles in the (KSA solar pumps market are Falcon Pumps Pvt. Ltd., Jain Irrigation Systems Ltd., Lubi Industries LLP, Grundfos Group, Shenzhen Solartech Renewable Energy Co., Ltd, Symtech Solar Group, Lorentz, Shakti Pumps (India) Ltd., Mono Pumps Limited, and Tata Power Solar Systems Ltd.

Precision Business Insights (PBI) in its report titled “Kingdom of Saudi Arabia (KSA) Solar Pumps Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2019 and Forecast 2020-2026” assesses the market performance over six years forecast period over 2020-2026. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.

Detailed Segmentation

Pump Type
o Submersible
o Surface

Application
o Irrigation
o Drinking Water

Capacity
o Below 15KW
o Up to 250KW

By region/Area
o Central
o Northern
o Eastern
o Southern
o Western

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This release was published on openPR.