Solar Water Pumps Market is valued at USD 438.2 Million in 2018 and expected to reach USD 1347.0 Million by 2025 with a CAGR of 17.4% over the forecast period. Continuous increase in the price of electricity as well as diesel fuel is the key factor driving the growth of global solar water pumps market.
Solar water pumps market report published by the Brandessence Market Research and Consulting Pvt. Ltd. provides the detail information about solar water pumps market from various aspects. This report consists of drivers, challenges and opportunities which help the market to grow over the analysis period and recent trends which supports the growth of market. This report consists of regional segmentation with product type and applications.
Solar power is a natural and symbiotic choice for water pumping and it is made up of two basic components; pumps and photovoltaic panels. Solar water pumping is one of the most economically attractive solar energy applications with direct drive PV systems often providing decades of consistent service. Photovoltaic water pumping systems can meet a comprehensive range of needs and are relatively cost competitive, low maintenance, simple and reliable. A typical solar cell has two or more specially prepared layers of semiconductor material that produce direct current (DC) electricity when exposed to sun light. This DC current is collected by the wiring in the panel, then supplied either to a DC pump, which in turn pumps water whenever the sun shines, or stored in batteries for future use by the solar water pump.
Major factor driving the growth of solar water pumps market is continuously increasing price of electricity as well as diesel fuel. Direct drive photovoltaic systems can deliver power for about USD 0.15 per kWh, as compare to diesel water pumps which costs nearly triple of solar water pump to operate and it provides dependable water with no fuel costs. In addition, increasing government regulations on reducing carbon dioxide emission and greenhouse gas emissions is also foster the solar water pumps market growth. Solar water pumps are used in agriculture, consumes about 25% of total electricity used in India and for that 85 million tons of coal annually used to generate electricity. Nearly 12% of total diesel in India is used by irrigation pumps that are more than 4 Billion liters of diesel is used. However, lack of awareness about the benefits of solar water pumps technology may hamper the growth of this market. Throughout the India nearly 30 million irrigation pumps are in use, out of that only 0.4 % is the solar water pumps and remaining are running on power grid and diesel. In spite of that, technological advancements in the field of solar water pumps in the coming years can be an opportunity for the growth of the solar pumps market in the forecast period.