Solar Pumps Market Expected to Advance at a CAGR of 12% by 2029 | FMI The solar pumps market

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Solar Pumps Market Expected to Advance at a CAGR of 12%
by 2029 | FMI

The solar
pumps market is likely to cross the one billion mark in 2019, and grow
notably at a CAGR of ~12% during the forecast period
of 2019-2029. This growth is
significantly driven by significant reduction in prices of solar pumps,
solar panels, and power systems, along with the cost-effective installation
process.

FMI has released a new market research study on the solar
pumps market that includes global industry analysis 2014–2018 and opportunity
assessment 2019–2029. The report investigates the solar pumps market and
provides critical insights for the forecast period of 2019-2029. As per the
study, the solar pumps market is projected to experience generous growth
throughout the forecast period due to several governmental policies and
regulations, and increasing dependency on renewable source of energy.

The
solar pumps market size in 2019 is estimated to be valued at ~US$ 1 Bn.

The
solar pumps market is estimated to grow at a CAGR of ~12% during the
forecast period of 2019-2029.

South Asia to Offer New Lucrative Opportunities

South Asia is expected to show substantial upsurge in the
solar pumps market owing to the high operating costs of diesel motors and
non-reliable energy distribution in countries, such as India, Thailand, and
Malaysia. The region accounts for a maximum number of villages, which are
deprived of electricity and lag access to the grid electricity. India is
expected to witness substantial growth in the solar pumps market, owing to the
cost-effectiveness and operational efficiency of solar pumps.

Moreover, solar pumps reduce irrigation and electrification
costs. ASEAN countries are projected to hold a significant share in the solar
pumps market, on the account of increasing focus on low carbon emission in
these countries. Rapid inclination of aforementioned countries towards
installations of solar pumps is creating further opportunities for the market
players.

Solar Pumps Market: Vendor Insights

The report highpoints some of the prominent market players,
who have established themselves as global leaders in the solar pumps market.
Few examples of key players in the market are KSB SE & Co. KGaA, Kirloskar
Brothers Limited, Grundfos, Franklin Electric, BW Solar (Waterboy), Shakti
Pumps (India) Ltd., Stanley Black & Decker, Inc., Glynncorp
Electrical, and Bernt Lorentz GmbH & Co. KG, among others.The global solar
pumps market is significantly prominent, by some players holding prominent
shares of the market. Tier-1 players are focusing on mergers, acquisitions, and
joint ventures with local market players and deploying advanced 4HP and 4HP-6HP
solar pumps to achieve positive traction and healthy competitive edge over its
competitors.

Supportive Governmental Policies Propelling the Market
Growth

The global solar pumps market has been segmented based on
the product, capacity, applications, and regions, such as North America, Latin
America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa.

Government
authorities and NGOs associated with the promotion of renewable energy
have succeeded to offer greater support to solar pump buyers through
banking and financial institutions to offset the market restraints of high
capital cost.The organizations involved, are taking collective measures to
facilitate the flow of funds into solar projects, aggregate the demand
within countries, standardize asset-structuring across countries, and
establish an ecosystem of financial instruments to mitigate some of the
investment risks. Adding to this, the funds for research & development
(R&D) are also rising, which will help commercialize models and make
them available for larger public use. As a result, the solar pumps market
is expected to grow notably during the forecast period.

The
solar water pumps market in India and other developing countries is primarily
driven by both national and state-level government schemes addressing
irrigation and rural drinking water requirements.The government offers
subsidy schemes to help individuals and organizations procure these solar
energy systems at reduced capital cost, which is a major driver for the
marker as the cost of installing solar pumps is relatively very high when
compared to the capital required for installing conventional pumps. This,
in turn, is expected to drive the solar pumps market during the forecast
period.

Governments
worldwide are actively encouraging the usage of solar pumps to replace
diesel and electricity-based pumps to move away from non-renewable energy
sources and reduce the carbon footprint, ultimately promoting climate
change. Developing countries, such as India, China, Bangladesh, and
Australia are expected to emerge as game changers owing to their emission
pattern. This factor might lead to a positive impact on the solar pumps
market growth.