The global agriculture solar pumps market is estimated to grow at steady CAGR during the forecast period (2018 to 2023), according to a report available on Radiant Insights, Inc. Growing need to pump water for agriculture purposes is anticipated to propel demand for agriculture solar pumps. These pumps are likely to use sun light to produce renewable energy that can be used to operate water pumps for irrigation purposes.
Rising demand for products based on renewable energy attributed to scarcity of fossil fuels can influence growth of market. Growing environmental concerns related to harmful emissions from fuel based water pumps can augment demand for solar based pumps offering clean energy. This factor can impel market expansion in the forthcoming years. Supportive government policies in terms of subsidies and financial incentives to promote use of solar pumps for agriculture purposes can stimulate market growth. Growing adoption of these pumps in remote areas owing to lack of electricity can also boost growth of market.
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High implementation cost of agriculture solar pumps as compared to conventional fuel based pumps can hamper market growth over the forecast period.
To cater to rising demand for agriculture solar pumps, most companies are likely to invest in R&D activities to develop innovative water pumps. For instance, Shakti Pumps Limited is expected to offer solar pumps that can be used for agricultural applications efficiently. These pumps are likely to offer 40% more discharge than any other ordinary pump. In addition, solar panels used in this pump are made of durable tempered glass to reduce maintenance cost.The agriculture solar pumps market can be segregated on the basis of product, end-users, and region. Based on product, the market can be categorized into AC submersible, DC submersible, DC submersible and AC floating, and other. Based on end-users, the market can be classified into irrigation and other.
Regional segmentation of agriculture solar pumps market includes Europe, North America, South America, Asia Pacific, and Middle East and Africa. In Asia Pacific, the market is expected to witness significant growth over the forecast period. Growing awareness among farmers regarding benefits of using solar pumps for agriculture purposes can augment regional growth. Supportive government schemes for farmers to promote use of water running on renewable energy can stimulate market growth in the region. Increasing efforts from government of India to provide subsidies to developing countries in the region on purchasing agriculture solar pumps from Indian manufacturers can spur regional growth. Rising demand for conservation of water at ground-level for irrigation purposes is anticipated to propel growth of market. Presence of huge number of farmer communities in India is estimated to foster deployment of solar pumps for agriculture purposes.
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In Middle East and Africa, the agriculture solar pumps market is estimated to dominate the market during the forecast period. Increasing use of solar-powered products in agriculture sector to cut down costs for farmers, who can now get more water per watt of sunshine can augment regional growth. Countries like United Arab Emirates, Yemen, Oman, and Saudi Arabia are expected to be above –average resources of solar. This factor can stimulate growth of market in this region. Increasing use of solar pumps for irrigation purposes in Morocco can also drive market expansion. The country is expected to install huge number of solar pumps by 2020. In addition, Egypt is likely to implement program of desert agriculture. According to this program, the country is planning to irrigate huge area using solar technology.
Some of the leading countries operating in the market for agriculture solar pumps are CRI Group, Lorentz, Shakti Solar Pumping System, Bright Solar Water Pumps, and SunEdison.
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