Solar pumps are water pumping systems that are powered by solar energy with the deployment of solar photovoltaic panels.
Rising demand for solar energy for agricultural and irrigation purposes has driven the growth in the global solar pumps market.
Also, increasing need to reduce the dependency on fossil fuels could fuel the demand for different renewable energy sources such as solar energy which would, in turn, would positively impact the solar pump demand and help in overall market growth.
The harmful effects of carbon emissions on the environment could play a key role in the adoption of renewable energy sources, thereby helping the growth of the solar pumps market.
Product benefits such as no operational expenditure and long-lasting nature could help increase the solar pump demand and contribute to the global market growth, in the years ahead.
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Growth in AC Submersible Solar Pumps Segment Could Propel Global Solar Pumps Market
Leading manufacturers could look to produce AC submersible solar pumps in future. A key application area for AC submersible solar pumps has been to extract groundwater from borewells.
AC submersible solar pumps have proven to show greater efficiency and incur lower maintenance costs than surface pumps. As a result, the demand for AC submersible pumps could be high which could, in turn, fuel the growth in the global solar pumps market, too.
Government initiatives and measures, spreading awareness about the benefits of renewable energy sources as well as offering subsidies on solar pumps could help increase product demand and contribute to the overall market growth, too.
COVID-19 Pandemic Dents the Growth in Global Solar Pumps Market
The future for the solar pump market seemed optimistic, but the outbreak of the COVID-19 pandemic adversely affected the growth of the market.
With rising cases globally, governments were forced to impose strict social distancing rules and regulations and lockdowns in a bid to contain the spread of the virus which led to manufacturing units shutting down temporarily or permanently.
This led to reduced production and sales of solar pumps, thereby affecting product demand and impacting the growth in the global solar pumps market.
However, with vaccine availability and approval given to use booster doses for different population sections, it is anticipated that production units will start operations at full capacity soon, which could increase the production and sales of solar pumps, which could lead to higher product demand and positively impact market growth.
While the solar pumps have proven beneficial for various purposes in different industries, some challenges persist which could affect product demand, in future.
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Lack of Technical Knowledge, High Capital Costs Could Adversely Affect the Growth in Solar Pumps Market in Future
A key restraining factor to the growth of the solar pumps market in future could be the lack of technical knowledge and awareness about solar technology, especially among farmers residing in rural areas. This factor could affect the demand for solar pumps in these cities and lead to lowered market growth.
Also, capital costs incurred by deploying solar pumps are high and demand increased electrification which could negatively impact product demand and affect the growth in the overall solar pumps market.
Leading solar pumps market players could look to engage in growth strategies such as novel product launches in a bid to gain a competitive edge over other players.
Collaboration with smaller players could help well-established solar pumps market expand their market presence and increase their revenue shares.
In April 2021, C.S.C. signed a collaborative agreement with Tata Power for the installation of microgrids and solar-powered water pumps.
Research and development undertakings to produce improved quality of products that would meet the requirements of more consumers could be a key growth strategy for leading solar pumps market players, in the years ahead.