PV water pumps are capable of supplying water to areas, which are beyond the reach of power lines. These pumps run on electricity generated by solar panels and are specifically designed to use DC electric power from photovoltaic modules. PV water pump is not linked to the grid and can discharge comparatively lesser amount of emissions than conventional pumps. It can be used in various applications as per the requirement, for instance, transfer pumps, irrigation pumps, fountain pumps, pool pumps, circulation pumps in the pond, and house pumps.
PV water pumps offer clean substitute to fuel generators and windmills. They are cost-efficient in areas where grid electricity is not available. Moreover, size of the PV system governs the operating capacity of the pump.
COVID-19 scenario analysis:
COVID-19 pandemic has severely affected many industries. It has put a halt on the production process as well as led to shortage of raw materials. All these factors restrained the PV water pumps market. Agricultural activities have been hindered due to the pandemic and the PV water pumps market is co-dependent on the agriculture sector. Therefore, restraint in the agriculture sector is likely to hinder the PV water pumps market as well.
Top impacting factors: Market scenario analysis, trends, and drivers
The PV water pumps market is anticipated to witness growth over the forecast period, owing to growing urbanization and increase in attention on water conservation and wastewater management. Additionally, increase in attention on renewable energy resources and growing infrastructural investment in developing countries are also anticipated to boost the global PV water pumps market.
The key factors driving the PV water pumps market is the growing requirement for alternate sources of energy and unique properties of PV water pump, such as its cost-effectiveness and eco-friendly nature, including cutting down the CO2 emissions that affect the environment. Attributed to these properties, the government of India supported PV water pumps by offering farmers interest-subsidy along with reduced capital-subsidy on these pumps, which also help in coping up with strict government regulations to decrease carbon emissions release into the atmosphere. Moreover, various NGOs combined investments with farmers for initiatives to connect various PV water pumps in several regions of India. These aspects are anticipated to bolster the PV water pumps market in the future. Increase in agricultural activities and subsea operations are predicted to create great opportunities for revenue generation in the PV water pumps market.
The global PV water pumps market is studied across major four regional markets, including North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to be the largest market over the coming years in response to the extensive agriculture activities and less electric grid connectivity for these activities. In addition, supportive government schemes for farmers and PV water pump manufacturers are further expected to complement the market growth in this region. The Middle East & Africa is expected to register significant growth due to several initiatives by the Ministry of Energy, Mining & Sustainable Development in the region. This is mainly attributed to maximum penetration of sunlight across the world in this region.
Key benefits of the report:
- This study presents the analytical depiction of the global PV water pumps market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global PV water pumps market share.
- The current market is quantitatively analyzed to highlight the global PV water pumps market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
PV Water Pumps Market Report Highlights
By Industry Vertical
Key Market Players
Grundfos, JNTech, JISL, CRI Group, Tata Power Solar, Hanergy, Lorentz, ADA, MNE, Solar Power & Pump