Comprehensive Analytics of Global Solar Pumps Industry Analysis (2012-2016) & Opportunity Assessment (2017-2027)
Press Release – 15
Jan 2019
Research
and Development News
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Latest
Update
"Solar Pumps Market: Global Industry Analysis (2012-2016) &
Opportunity Assessment (2017-2027)"
with Industries Survey | Global Current Growth and Future.
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The US$ 822.0 Mn solar pumps market is presumed to
attain revenues of over US$ 2,000.0 Mn during the 10-year assessment
period. In terms of volume, the consumption of solar pumps is
anticipated to reach beyond 490 thousand units by the end of 2027.
Over the forecast period 2017-2027, the global market for solar pumps
is expected to foster at a stellar CAGR of 11.7% in terms of value.
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“India
all set to outpace MEA and China in terms of growth
rate”
Geographical assessment of the global solar pumps market reveals in-depth scenario of each regional market. India will turn out to be the most lucrative market for solar pump manufacturers over the forecast period. Despite being the third largest regional market for solar pumps after MEA and China, India is anticipated to witness fostered adoption compared to others. As a result, India is expected to be the fastest growing region with an estimated CAGR of over 15% during 2017-2027. China, the second largest region with over 17% revenue share registered in 2017, will see healthy growth in the next decade at a CAGR value almost similar to that of Japan and Eastern Europe. While MEA will remain the top market for solar pumps, it is foreseen to follow India in terms of CAGR. Western Europe and North America will follow steady growth at a single-digit CAGR, whereas Eastern Europe will exhibit robust growth at a CAGR of over 11%. SEAP is identified to be emerging as a highly lucrative market for solar pumps with a projected CAGR of more than 12%.
“Governmental policies to underpin robust market growth in India”
High upfront capital costs and relatively lower awareness among farmer communities have been the major barriers impacting the market performance over the years. However, since the recent past, agricultural sector has become a key consumer of solar pumps, attributed to attractive government schemes proposed for farmers and growing affordability of solar pumps.
Geographical assessment of the global solar pumps market reveals in-depth scenario of each regional market. India will turn out to be the most lucrative market for solar pump manufacturers over the forecast period. Despite being the third largest regional market for solar pumps after MEA and China, India is anticipated to witness fostered adoption compared to others. As a result, India is expected to be the fastest growing region with an estimated CAGR of over 15% during 2017-2027. China, the second largest region with over 17% revenue share registered in 2017, will see healthy growth in the next decade at a CAGR value almost similar to that of Japan and Eastern Europe. While MEA will remain the top market for solar pumps, it is foreseen to follow India in terms of CAGR. Western Europe and North America will follow steady growth at a single-digit CAGR, whereas Eastern Europe will exhibit robust growth at a CAGR of over 11%. SEAP is identified to be emerging as a highly lucrative market for solar pumps with a projected CAGR of more than 12%.
“Governmental policies to underpin robust market growth in India”
High upfront capital costs and relatively lower awareness among farmer communities have been the major barriers impacting the market performance over the years. However, since the recent past, agricultural sector has become a key consumer of solar pumps, attributed to attractive government schemes proposed for farmers and growing affordability of solar pumps.
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Favorable
government initiatives are identified to provide a thrust to
pronounced adoption of solar pumps across developing Asian countries,
including India. Bolstering demand from water-intensive industries
will remain one of the key factors positively influencing the market
growth in this region. In addition, tax and subsidy benefits as a
result of growing support from the government to renewable energy
projects is expected to be a significant factor in shaping the future
of solar pumps sales in India. To be more specific, South India will
experience a larger share, followed by North India and West India.
Irrigation to remain top consumer of solar pumps globally and in
India
In terms of application, irrigation has been the top application generating substantial demand for solar pumps on a global level. Irrigation is projected to remain a dominant application throughout the forecast period. While adoption of solar pumps for irrigation purpose will continue at a rapid pace all over the globe, a large number of farmer communities in India are also expected to embrace deployment of solar powered pumps for irrigation. Advancing agricultural technologies and increasing efforts for water conservation at ground level will collectively fuel the opportunities for solar powered pumps used for irrigation application across India.
In terms of application, irrigation has been the top application generating substantial demand for solar pumps on a global level. Irrigation is projected to remain a dominant application throughout the forecast period. While adoption of solar pumps for irrigation purpose will continue at a rapid pace all over the globe, a large number of farmer communities in India are also expected to embrace deployment of solar powered pumps for irrigation. Advancing agricultural technologies and increasing efforts for water conservation at ground level will collectively fuel the opportunities for solar powered pumps used for irrigation application across India.
While the
government is providing direct subsidies for promoting deployment of
solar pumps, several NGOs such as The Sehgal Foundation, through
combined investment of farmers, have preferred to pilot solar pump
initiatives in different parts of India. In a bid to support and
encourage large-scale deployment of solar pumps in near future, the
government is providing farmers with an interest-subsidy along with
reduced capital-subsidy.
Jain Irrigation, Shakti Pump, CRI Pumps, Tata Power Solar, and Kirloaskar Brothers are a few of the key players participating in the Indian as well as global solar pumps market. Recently, Denmark-based Grundfos Group has announced the launch of its new plant in Gujrat so as to expand in India and amplify the global market footprint.
Jain Irrigation, Shakti Pump, CRI Pumps, Tata Power Solar, and Kirloaskar Brothers are a few of the key players participating in the Indian as well as global solar pumps market. Recently, Denmark-based Grundfos Group has announced the launch of its new plant in Gujrat so as to expand in India and amplify the global market footprint.
Continue.....
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