The global solar pump market is expected to display higher growth rate over the next seven years. Rapid surge in the market is credited to the growing demand for sustainable energy resources, coupled with numerous local government initiatives and schemes to fulfill growing demand of electricity. Numerous benefits are obtained with the use of solar pumps industry that includes sustainability, reduction in greenhouse gas emission, and low operational cost, are further spurring the growth of the market over the forecast period. Globally, solar pump market is predicted to generate massive revenue over the next seven years, providing numerous opportunities for industry participants to invest in research and development of solar pumps.
The solar pump industry is driven by submersible pumps directly without the need for batteries or other energy storage devices. Solar pump system consisting of MPPT (maximum power point tracking), helps to regulate output frequency to monitor the speed of the pumps, thus avoiding unnecessary damage to solar pump.
Solar pump system converts solar energy into usable electrical energy to operate submersible pumps. Solar PV system used along with solar pump system are mounted on rooftop, firstly converts solar energy into DC power. Solar pump inverter is used to convert DC power into variable AC power. Other essential components for solar pump system are mountings, electrical cables and other electronic components for a proper set up. Solar pump system also consists of a solar tracking system in order to monitor and improve overall energy conversion rate and embed advanced battery solutions as reduction in the cost for storage devices is also on rise.
The solar pumps market is broadly categorized into four major segments based on the product type such as DC suction, AC submersible, DC submersible and AC floating. DC suction segment is growing rapidly in the solar pump industry with substantial revenue generation in the last few years.
The solar pump market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in solar energy generation sector, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth due to the favorable government schemes and policies, and growing awareness among general population.
Asia-Pacific region is estimated to hold a major market share in the solar pump with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, rising disposable income, growing adoption of solar thermal PV plants and power stations, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the solar pumps industry are Lorentz Co., TATA Power Solar Systems Ltd., SunEdison, Inc., CRI Group Ltd., Bright Solar Ltd., Udhaya Semiconductors Ltd., and Shakti Solar Pumping System.