Agriculture Solar Pumps Market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. Agriculture solar pumps use solar energy stored in solar panels to function and are extremely durable, require minimum maintenance, and are easy to install. It is mainly used in bulk water pumping for irrigation and domestic and stock pumping.
The factors that are playing a major role in the growth of agriculture solar pumps market are irrigation tend to concur with the seasonal upsurge of incoming solar energy, low labor and maintenance costs, eco-friendly, and the rise in water requirements for livestock. However, the high investment cost may restrain the overall market growth in the years to come. The market is segmented based on type, component, application, and region.
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Submersible water pumps and surface water pumps are the types that could be explored in the market in the forecast period. Submersible water pumps are used in the areas where open wells are not available. The maximum depth required is 50 meters. Whereas, surface water pumps are mainly used for pumping and lifting water from a maximum depth of 20 meters. Based on the components, controller, solar panels, electric motor, pump, and others could classify agriculture solar pump market in the forecast period.
The market could be categorized based on applications like sprinklers, irrigation, and others that could be explored in the forecast period. Irrigation sector accounted for the substantial share of the market and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the rising demand from consumers and growing awareness among farmers regarding solar pumps and its benefits.
Globally, Asia Pacific accounted for the substantial share of agriculture solar pumps industry and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the rising use of enhanced technology, the growing demand from consumers, and the rising awareness among populace regarding the benefits of solar pumps.
Also, government initiative by providing several subsidies in the form of financial incentives and in terms of agricultural activities there is a reduction in fossil fuel import are the factors that may boost the overall market in this region. The developing countries like India, China, Pakistan, and Bangladesh are the major consumers of agriculture solar pumps in this region. The Middle East & Africa are also estimated to have a positive influence on future growth.
The key players of agriculture solar pumps market are Grundfos, Prosun Energy Pvt. Ltd., USL and Bright Solar, Tata Power Solar, Lorentz, VRG Energy, Conergy Energy Sytems Pvt. Ltd, SunEdison, Waaree Group, Jain Irrigation Systems Ltd., Shakti Pumps, Vimal Electronics, Span Pumps Pvt. Ltd, and JJ PV Solar. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
