TMR Analyzes Impact of Outbreak of COVID-19 on Solar Powered Pumps Market
A solar powered water pump comprises two basic components: pump and PV panel. The PV panel consists of small solar cells. These cells produce direct current when exposed to light with the help of layered semiconductors that constitute a solar cell. The current is then supplied to a pump, which helps pump water.
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Water pumping is one of the most appropriate and simplest applications for solar powered pumps. Solar powered pumps meet a wide range of water needs from agricultural irrigation and household use to stock irrigation. Another feature in most pumping systems is the advantage of storing water for later use when sunlight is not available, thus the need for batteries is eliminated, which reduces the overall cost of the solar powered pumps.
In terms of product type, the global solar powered pumps market can be segmented into surface suction, submersible, and floating segments. The surface suction segment dominated the solar powered pumps market in 2016. The segment in expected to continue its dominance during the forecast period due to the increase in agricultural irrigation, particularly in the developing countries in Middle East & Africa and Asia Pacific.
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The submersible product segment is anticipated to expand rapidly during the forecast period. Submersible pumps are specially used for groundwater pumping from boreholes or deeper wells, where surface suction pumps cannot be utilized. Increasing demand for high efficiency solar powered pumps in countries such as India and Bangladesh is projected to drive the expansion of the segment in the market.
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In terms of end-use industry, the global solar powered pumps market can be segmented into agriculture industry and water management industry. The agriculture segment held prominent share of the market in 2016. Increase in the global agricultural and irrigational activities is estimated to drive the expansion of the segment.
Additionally, subsidies by national governments to farmers and solar powered pump manufacturers, mostly in Asia Pacific, are anticipated to fuel the expansion of the global solar powered pumps market during the forecast period. The water management segment includes domestic applications of water. The aim for using clean and continuous water supply for various domestic purposes, especially in remote areas, is further anticipated to drive the market in regions which have a potential for solar energy generation.
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In terms of region, the global solar powered pumps market can be segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific held significant share of the global market in 2016. Increasing demand from emerging economies such as China, India, and Bangladesh, which are major agricultural countries with ample sunlight, is anticipated to boost the expansion of the solar powered pump market in the region during the forecast period. Asia Pacific was followed by North America and Europe, in terms of market share, in 2016.
Rising trend toward usage of renewable energy in these mature regions is projected to drive the expansion of the market in the two regions. The market in Middle East & Africa in projected to expand significantly during the forecast period. The region has vast agricultural lands, and the trend toward reducing the dependence on fossil fuels and governments’ initiatives towards clean energy are likely to boost the expansion of the market in the region.
Key players operating in the global solar powered pumps market include SunEdison, Lorentz, Grundfos, Bright Solar, USL, TATA Power Solar Systems Ltd., Shakti Pumps, and CRI Pumps.a
