Solar Pumps Market to Surpass US$3.5Bn, Farming Sector Poised to Hold Prominent Share, Projects Fact.MR
Published : 16 Mar 2020 Industry: Industrial Goods
The global solar pumps market was valued at US$ 1.1 Bn at the end of 2019 and is anticipated to surpass US$ 3.5 Bn during the forecast period. Solar pumps are witnessing immense penetration in the farming sector and it is anticipated to capture a significant chunk of the market share throughout the forecast period. A spurt in agricultural activities across the globe, coupled with high water demand for irrigation is set to drive the farming application segment. The demand for solar pumps in the farming sector is rapidly increasing and is anticipated to grow significantly in the near future as farming is one of the prime contributors to GDP in many regions globally. Moreover, solar pumps leave minimal environmental impact vis-à-vis other conventionally powered pumps that have observed prolific growth in the worldwide market of solar pumps. The newest report by Fact.MR estimates that the farming sector will account for more than 66% of the total global value share and is projected to grow at a value CAGR of 12.5% during the forecast period 2019-2029.
Key Takeaways of Solar Pumps Market
- Global solar pumps market is expected to create an absolute $ opportunity of more than US$ 2.3 Bn and is anticipated to expand 3X from 2019 through 2029
- 4-6 HP solar pumps will hold maximum share in terms of value accounting for nearly 39% of the total market share and are projected to be valued at US$ 1.3 Bn by the end of forecast period (2019-2029)
- South Asia is projected to hold maximum share in global solar pumps market and is expected to grow ~3.7X more than North America by the end of forecast period
- India is projected to create an absolute $ opportunity of US$ 654.1 Mn between 2019 and 2029 and is estimated to be valued at US$ 865.9 Mn in 2029
“Solar pumps are still in the introduction phase of the market and scope of applications where it can be used are still being explored. Given the growing adoption of solar pumps, they are anticipated to witness high demand growth in the coming years.” Says the Fact.MR’s analyst
Product Launch and Expansion Paves Way for Future Growth Prospects
The report reveals some of the prominent key players, including KSB SE & Co. KGaA, Kirloskar Brothers Limited, Grundfos, Franklin Electric, BW Solar (Waterboy), Stanley Black & Decker Inc., Glynncorp Electrical, Bernt Lorentz GmbH & Co. KG, and others. Prominent players are focusing on expansion and new product launches to strengthen their global presence. For instance,
- In 2019, Stanley Black & Decker launched STANLEY Earth with the introduction of solar powered water pumps, to empower farmers of India
- In 2019, Grundfos inaugurated its new sales office in Surabaya, Indonesia to enhance customer experience in key segments
More Valuable Insights on the Solar Pumps Market
Fact.MR, in its new offering, presents an unbiased analysis of the global solar pumps market, presenting historical demand data (2014-2018) and forecast statistics for the period of 2019-2029. The study divulges essential insights on the solar pumps market on the basis of type (submersible (alternating current, direct current), surface (alternating current, direct current) capacity (below 4 HP, 4-6 HP, 6-8 HP, above 8 HP), and application (farming (irrigation, livestock, aquaculture), residential (building, drinking), commercial (swimming pool, pond management), national parks, industry water treatment) across seven major regions.
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed industrial good industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.