Global Solar Agricultural Pump Market – Industry Trends and Forecast to 2029

Market Analysis and Size

The harmful effects of carbon emissions on the environment and health are rapidly increasing. To reduce energy consumption, developed nations and growing economies in the Asia-Pacific region have shifted their focus to renewable energy sources. This, in turn, is expected to boost the growth of the solar pump market. Furthermore, several governments are offering various incentive schemes, such as subsidies for the installation of solar pumps, to encourage the use of renewable energy.

Data Bridge Market Research analyses that the agricultural solar pump market which was growing at a value of USD 0.4 billion in 2021 and is expected to reach the value of USD 0.82 billion by 2029, at a CAGR of 9.40% during the forecast period of 2022-2029.

 Market Definition

Agricultural solar pumps are sustainable equipment because they use sunlight to pump water. Solar pumps are critical in rural or underdeveloped areas where there is no electric grid infrastructure. They are used to meet farmers' needs and maintain higher agricultural output. They are also widely used for irrigation of agricultural crops, which require large amounts of water.

Report Scope and Market Segmentation

Agricultural Tractors Market Dynamics

Drivers

• Government support to the growing trend of farm mechanisation

Government policies, such as loan waivers, schemes, and policies, are driving the growing trend of farm mechanisation, which is expected to drive the agricultural solar pumps market growth in developing countries around the world. Farm mechanisation is a rapidly growing phenomenon in the agricultural market, as emerging economies benefit from government efforts to revolutionise the agriculture industry.

• Growing prevalence of smart farming and growing farm training programs

Precision farming and the increasing adoption of farm mechanisation to increase productivity are driving up demand for solar pumps. The growing number of farm training programs promoting the use of agricultural machinery on a large scale is also driving the solar pumps market. Aside from that, the growing number of building and construction projects is increasing demand for solar pumps in the construction industry. Furthermore, various technological advancements have introduced advanced solar pumps equipped with GPS and telematics devices. The growing popularity of automated commercial vehicles and the widespread use of wireless connectivity for remote monitoring are expected to drive the global agricultural solar pumps market.

Opportunity

There is a growing demand for low-cost innovations in the agricultural solar pump market. Massive investments by manufacturers will open up new opportunities for the agricultural pump market during the forecast period of 2022-2029. Over time, farmers' income has increased, which has driven the demand for high-quality agricultural pumps, which is expected to boost the agricultural solar pump market.

Restraints

However, less availability of spare parts, higher investment costs, and a lack of after-sales services are some of the major factors that will act as restraints and further challenge the growth of the agricultural solar pump market during the forecast period. Furthermore, a lack of skilled labour and technologies will impede market growth.

This solar agricultural pump market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the solar agricultural pump market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Solar Agricultural Pump Market

COVID-19 disrupted the entire supply chain; however, the agricultural industry appeared to be the least affected of all industries. This was primarily due to government efforts to classify agricultural activities as essential services. During COVID-19, the agricultural industry faced four major challenges: a lack of farm equipment parts, a drop in new solar pump sales in the first half of 2020, the closure of production facilities, and a drop in working capital. Despite the impact of COVID-19 on the agricultural solar pump market is expected to rebound by the end of 2021.

Recent developments

• Franklin Electric paid USD 9.0 million for Valley Farms Supply, Inc. (Lansing, Michigan) in January 2020. Valley Farms is a professional groundwater distributor that has three locations in Michigan and one in Indiana. Valley Farms' consolidated annual sales are around USD 28.0 million.
• WILO USA LLC, a subsidiary of WILO SE, acquired the assets of US manufacturer J-Line Pump Co. American-Marsh Pumps in November 2019 through its newly established subsidiary, American-Marsh Pumps LLC. The acquisition of American-Marsh Pumps expands its US footprint and product portfolio for customers in the Water Management, Industry, and Building Services segments.

Global Solar Agricultural Pump Market Scope

The solar agricultural pump market is segmented on the basis of type, power source, horse power and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Rotodynamic Pumps
• Positive Displacement Pumps

Power source

• Electricity-grid Connection
• Diesel/Petrol, Solar

Horse power

• 5 -3
• 4-15
• 16-30
• 31-40
• <40

Application

• Watering
• Livestock
• Irrigation

Solar Agricultural Pump Market Regional Analysis/Insights

The solar agricultural pump market is analysed and market size insights and trends are provided by country, of type, power source, horse power and end user as referenced above.

The countries covered in the solar agricultural pump market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific accounted for the largest global agricultural pump industry share due to increased irrigation land. Agricultural ministries provide subsidies for solar and electric pumps in countries such as China and India, which is one of the factors driving market growth. The rising demand for agricultural machinery in the agricultural industry is expected to propel the agricultural solar pumps market in North America. Furthermore, the rising demand for agricultural implement modernization is expected to provide lucrative opportunities to the agricultural solar pumps market during the forecast period.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Solar Agricultural Pump Market Share Analysis

The solar agricultural pump market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to solar agricultural pump market.

Some of the major players operating in the solar agricultural pump market are:

• Lorentz (Germany)
• R. I. Pumps Private Limited (India)
• Tata Power Solar Systems Ltd (India)
• Shakti Pumps Ltd (India)
• Wenling Jintai Pump Factory Limited (China)
• Bright Solar Limited (India)
• Grundfos Holding AG (Denmark)
• Symtech Solar (Oman)
• Urja Global Limited (India)
• Kavita Solar Energy Private Limited (India)

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