The solar pumps market has witnessed increased interest in the last couple of decades, resulting in a steady growth at a robust pace in recent years. This can be attributed to the global push for the usage of renewable sources of energy and reduced dependency on fossil fuels, which has had a positive impact on the solar pumps market. The study by Future Market Insights on the prospective growth of the market estimates that the solar pumps industry is likely to grow at a whopping 12% globally, during the course of the forecast period.
Government Initiatives to Propel Growth of the Global Solar Pumps Market
There has been a global push in the last decade to reduce the greenhouse gas emissions, reduce dependency on fossil fuels and increase the use of renewable, clean energy as a part of the global sustainability goals. This has caused several governments to actively roll out initiatives and schemes that promote the use of solar pumps, by reducing capital costs and offering subsidies to increase penetration and adoption. This includes addressing irrigation and rural drinking water requirements a major end use application of solar pumps.
The push for adoption of solar pumps has led to players in the industry looking into research and development for product innovation for more efficient models, and the commercialization of models to make them available for large scale use. This is also expected to give impetus to the growth of the global solar pumps market as a whole, during the forecast period.
Regional Markets in the Global Landscape
There is a surge in the recognition of the benefits of solar pumps around the world that has resulted in rapid percolation across countries and industries. With a significant reduction in the initial costs and operational costs of solar pumps also contributing to their adoption, demand is continually on the rise. This is one of the most significant factors leading to South Asia becoming a high growth regional market in the foreseeable future.
Solar pumps are also considered as reliable and cost-effective alternatives to pumps that run on diesel, and coupled with the uneven distribution of electricity has led to their popularity in South Asia, with India, Thailand and Malaysia holding the largest revenue share. This is set to create very lucrative opportunities for players in the market in this region.
Evolution of the Market
Based on the historical data on the solar pumps market, and an analysis of the recent developments in the landscape, this study by Future Market Insights estimates that the future prospects of the market are bright. The global push to align industries with sustainability goals to prevent climate change and reduce the carbon footprint, is expected to be a significant driving force behind the growth and expansion of the solar pumps market. Manufacturers in the landscape are looking to capitalise on this trend to reduce the negative impact on the environment, by investing in research and development for better fuel efficiency and more.
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