Solar Pumps for Agriculture Hold Strong Potential in Developing Regions

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Jun 08, 2022, 10:17 ET

CLEVELAND, June 8, 2022 /PRNewswire/ -- An important growth segment in the $76 billion global pumps industry is solar water pumps, which are increasingly common in India and finding expanding use in sub-Saharan Africa. These products represent a promising agricultural tool in regions that lack electricity infrastructure but receive high levels of sunshine, which describes areas covering hundreds of millions of people and thus presents a massive potential market.

While solar pumps are becoming more common, suppliers have struggled to deploy them as rapidly as called for by ambitious government targets. The high upfront costs of solar water pump systems represent a barrier to adoption, as the target markets for these products tend to be very price sensitive.

However, the long-term cost savings associated with these products show a path to economic viability if effective financing strategies can be developed. For instance, firms are finding ways to expand market access by offering options like pay-as-you-go financing, with the rising prevalence of mobile banking representing an important synergistic technology.

Global Demand for Pumps to Grow 5.1% Annually Through 2025

The Freedonia Group forecasts global demand for pumps to increase 5.1% per year to $97.9 billion in 2026, driven by strong gains in the process manufacturing industries of China and other Asia/Pacific nations. Growth will also be bolstered by increasing industrialization and urbanization in a number of Asia/Pacific countries. Ongoing recovery from the impact of the COVID-19 pandemic will provide further opportunities across markets in all regions.

Want to Learn More?

For more information about solar pumps and the global pump industry in general, see Global Pumps, now available from The Freedonia Group. This study presents historical data (2011, 2016, and 2021) and forecasts for 2022, 2026 and 2031 for demand in the global fluid handling pumps industry by product and market in US dollars.

Products:

Centrifugal
positive displacement (rotary, reciprocating, diaphragm)
specialty and other pumps, which includes pumps with designs that are uniquely specialized for specific applications, such as domestic water system pumps, turbine, drilling mud pumps, sump pumps, beverage service pumps, microfluidic laboratory pumps, and others
associated drivers, parts, and accessories

Pump demand is also segmented by market:

process manufacturing
water infrastructure
construction
oil and gas
electricity generation
other, which includes healthcare, marine, mining, and other manufacturing industries

About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.

Press Contact:
Corinne Gangloff
+1 440.842.2400
[email protected]

SOURCE The Freedonia Group