Developing countries present opportunities for the expansion of the solar water pump market, as the highest penetration of solar pumps is seen in the Asia-Pacific region, particularly in India, China, and Japan. This is mainly due to the boom in agriculture and increasing demand for electricity from renewable energy sources. India has set a target of installing more than 100,000 solar pumps by 2021, and Bangladesh is aiming for 50,000 by 2026.

In recent years, the market for solar water pumps has grown rapidly. This is due to the low cost of photovoltaic panels, the strong presence of solar water pump manufacturers, and a strong awareness of solar water pumps due to the regulations of various countries and local governments aimed at promoting the production of energy from renewable sources to reduce dependence on fossil fuels and minimize pollutant emissions. The rapid development of photovoltaic technology has benefited the market by reducing the price of solar water pumps.

Market Drivers and Restraints:

The continued expansion of agriculture and the need for other water-intensive industries, along with growing government support, are the key expansion factors for the solar pump market. Due to the shifting industry towards eco-friendly features, demand for solar pumps is increasing in Asia Pacific, which is another factor driving the expansion of this market.

With the increasing development in the industrial, residential, and agricultural sectors, along with the lower operation and maintenance costs, the demand for solar pumps in the Asia Pacific is increasing rapidly. The solar pump operates on electricity generated by thermal energy or photovoltaic panels. It has a service life of 16 years, offering opportunities for the Asia-Pacific market.

The high capital cost, unavailability of spare parts, and after-sales service are the major issues hindering the expansion of the market.

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https://www.marketdataforecast.com/market-reports/asia-pacific-solar-pumps-market

The report is segmented as follows:

The Asia Pacific Solar Pumps Market is segmented by Application; the Market is segmented by Product:

By Application (Agriculture, Drinking Water)

By Product (DC Surface Suction, AC Submersible, DC Submersible, And AC Floating)

Regional Segmentation:

Asia-Pacific accounts for the largest share of the solar water pumping market, owing to increasing industrialization and the immediate need to meet the demand for electricity for agriculture and water and wastewater treatment. China dominates the Asia-Pacific region due to its huge population and growing infrastructure sector to cater to its huge population. Asia-Pacific is the largest regional market and will account for 32.9% of the total market volume in 2020. Asia Pacific is also expected to be the fastest-growing regional market for solar pumps. The region is expected to grow at a CAGR of 42.5% from 2020 to 2025. Government support to farmers in the form of subsidies, especially in China, India, and Bangladesh, is expected to boost the regional market during the projected period.

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Impact of the COVID-19 pandemic on the market:

The COVID-19 outbreak has disrupted the global solar industry by shutting down operations. Currently, the solar industry imports nearly 80% of its major solar panels from China. The pandemic has affected China's manufacturing capacity as all major container shipping companies have suspended operations at Chinese ports and the transportation of goods from China to other countries, including India. Chinese production is expected to move back in the right direction, and the resumption of the supply chain from China is expected to help the Indian solar industry get a fresh start.

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