Published on : Dec 21, 2020
Increasing implementation of renewable energy based machinery on account of depleting fossil fuels is one of the key factors contributing to growth of global DC solar pump market. As a result, government is also providing financial subsidies to manufacturers of solar pumps and to the users. For instance, Ministry of New and Renewable Environment (MNRE) is aiming to install 1,000,000 DC solar pumps by the end of 2021. This would drive growth of DC solar pump market in coming years.
DC solar pumps are primarily used for agricultural activities along with livestock drinking water purposes. Hence, increasing agriculture is likely to push solar pump market in coming years.
Registering the adoption rate of dc solar pumps, the market is anticipated to show vibrant growth over the forecast period (2015- 2026).
The newly added report in the RMoz library titled “Global DC Solar Pump Market Research Report 2020” provides insight about various segments contributing to the expansion of global DC solar pump market in the duration of forecast period.
The research report has also taken several drivers, trends, and restraining factors under consideration. Another area of focus of the report includes upcoming opportunities and competitive landscapes of the global DC solar pump market.
Composed of 121 pages, the global DC solar pump market report is presented in a chapter-wise format. Each chapter discusses different aspects of the market. The report includes an exhaustive array of graphs and pictorial representations to depict growth trends pictorially.
The preparation of the report involved an extensive research phase. Analysts reached out to experts and researchers of the global DC solar pump market to understand various dimensions shaping the DC solar pump market between 2015 and 2026.
Use of DC Solar Pump Aid in Cutting Down Import of Fossil Fuels
Considering the rising level of air pollution, government bodies are introducing regulations to minimize the pollution level and carbon footprints. Use of DC solar based pumps to pump water does not emit carbon into the atmosphere. Thus, use of clean source of energy to extract water is one of the key features driving growth of DC solar pumps market in coming years.
Countries such as India, China, Pakistan, Kenya, Nigeria, and Bangladesh have a set target to reduce consumption of fossil fuels. Also, they have planned to cut down import of fossil fuels. Instead, they will tap potential of solar energy, as the energy is available in abundance. These factors are anticipated to augment adoption rate of DC solar pump. This, in turn, will boost global DC solar pump market.
Operational Complexity May Interfere with Adoption Rate of DC solar Pump
On the other hand, financial condition of small-scale farmers and limited accessibility of high quality dc solar panels may hinder the adoption rate of DC solar pump. Further, lack of operational knowledge is one of the prominent challenges for operation and maintenance of dc solar pumps. This may impact dc pump solar market negatively.
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The dc solar pump market is consolidated in nature and is dominated by multinational corporations. Some of the companies are collaborating with government agencies to enhance their market share and penetrate in regional market. For example, in September 2013, Shakti pumps collaborated with MNRE under its scheme “Off Grid and Decentralized Solar Applications”. The collaboration will assist in expansion of distribution network of the company. And, it will easily mark its presence in India.
Some of the prominent players in the global dc solar pump market are Bright Solar, Shakti Pumps, CRI Pumps, SunEdison, Grundfos, Lorentz, TATA Power Solar Systems Ltd., and USL.