A solar powered water pump comprises two basic components: pump and PV panel. The PV panel consists of small solar cells. These cells produce direct current when exposed to light with the help of layered semiconductors that constitute a solar cell. The current is then supplied to a pump, which helps pump water. Water pumping is one of the most appropriate and simplest applications for solar powered pumps. Solar powered pumps meet a wide range of water needs from agricultural irrigation and household use to stock irrigation. Another feature in most pumping systems is the advantage of storing water for later use when sunlight is not available, thus the need for batteries is eliminated, which reduces the overall cost of the solar powered pumps.
In terms of product type, the global solar powered pumps market can be segmented into surface suction, submersible, and floating segments. The surface suction segment dominated the solar powered pumps market in 2016. The segment in expected to continue its dominance during the forecast period due to the increase in agricultural irrigation, particularly in the developing countries in Middle East & Africa and Asia Pacific. The submersible product segment is anticipated to expand rapidly during the forecast period. Submersible pumps are specially used for groundwater pumping from boreholes or deeper wells, where surface suction pumps cannot be utilized. Increasing demand for high efficiency solar powered pumps in countries such as India and Bangladesh is projected to drive the expansion of the segment in the market.
In terms of end-use industry, the global solar powered pumps market can be segmented into agriculture industry and water management industry. The agriculture segment held prominent share of the market in 2016. Increase in the global agricultural and irrigational activities is estimated to drive the expansion of the segment. Additionally, subsidies by national governments to farmers and solar powered pump manufacturers, mostly in Asia Pacific, are anticipated to fuel the expansion of the global solar powered pumps market during the forecast period. The water management segment includes domestic applications of water. The aim for using clean and continuous water supply for various domestic purposes, especially in remote areas, is further anticipated to drive the market in regions which have a potential for solar energy generation.
In terms of region, the global solar powered pumps market can be segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific held significant share of the global market in 2016. Increasing demand from emerging economies such as China, India, and Bangladesh, which are major agricultural countries with ample sunlight, is anticipated to boost the expansion of the solar powered pump market in the region during the forecast period. Asia Pacific was followed by North America and Europe, in terms of market share, in 2016. Rising trend toward usage of renewable energy in these mature regions is projected to drive the expansion of the market in the two regions. The market in Middle East & Africa in projected to expand significantly during the forecast period. The region has vast agricultural lands, and the trend toward reducing the dependence on fossil fuels and governments’ initiatives towards clean energy are likely to boost the expansion of the market in the region.
Key players operating in the global solar powered pumps market include SunEdison, Lorentz, Grundfos, Bright Solar, USL, TATA Power Solar Systems Ltd., Shakti Pumps, and CRI Pumps.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.