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As Market Opportunities Improve, Incentives will Remain an Important Driver for the Adoption of Solar Pumps
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This Frost & Sullivan research service analyzes the global solar pumps market and provides information about total market revenue by analyzing key regions such as North America, Latin America, Europe, the Middle East and Africa (MEA), and Asia-Pacific (APAC). The study discusses major trends and the prevailing scenario across all regions. Demand for PV modules is rising as economies of scale can be achieved through their usage. Given the need to achieve optimization and adhere to emission regulations, significant market opportunities will arise for solar pump vendors.The base year is 2020 and the forecast period runs through to 2025. Besides geographic segmentation, the study discusses the deployment of solar pumps in end-user sectors such as agriculture, power, water and wastewater, and food and beverage. Market growth drivers and restraints are examined along with the revenue share of the top participants. The study also offers recommendations that companies can act on to leverage the growth opportunities the market offers.Frost & Sullivan observes that modern pumps can address many of the shortcomings of earlier models; for instance, performance limitations in terms of the pumps being used only if the water source was close to the surface. New pump models have been able to eliminate these drawbacks. Although reduced investments have impacted the market, the rising demand and the associated savings will result in increased deployment, especially in rural off-grid areas. Solar pumps also serve as a cleaner alternative to fossil fuel-driven pumps; moreover, these pumps play a key role in terms of regions' ability to meet potable water requirements and are an integral part of infrastructure-building activities in developing countries (water supply to communities, livestock, and irrigation, for example).One of the main advantages of solar pumps is that they can be easily installed in areas with high solar insolation, including the developing countries of Africa, Latin America, Asia, and Southeast Asia. The ability to customize (by adding PV panes) to meet the growing need for power makes solar pumps ideal for use in these countries. On average, these pumps last for close to 8 years and incur nominal costs over their lifetime. Key considerations when making a purchase decision include total dynamic head, design flow rate, and storage. A challenge seen across many regions is the lack of regulations, which results in counterfeit products.
Key Issues Addressed
Author: Krishnan Ramanathan
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