Global Water Pumps Market Overview –
It is predicted that the global water pump market will grow at a CAGR of more than 8% between 2022 and 2027. During the COVID-19 outbreak and subsequent lockdowns, the industrial sector experienced a significant drop in demand. Smaller businesses and organizations with less stable financial positions will cease operations in 2020 and 2021, reducing industrial production capacity and strengthening the consumer sector. A rise in demand for oil and gas has led to an increase in the number of offshore deepwater projects worldwide. Because of this, the pump market is expected to grow over the forecast period. However, technological advancements in alternative pump options, such as solar pumps, are expected to have a negative impact on the pump market over the forecast period.
The increasing need for water has necessitated the construction of water and wastewater infrastructure. The rapid expansion of water infrastructure is driving up demand for pumps in the water and wastewater industry. As a result of this, the pump market is expected to grow during the forecast period.
The use of 3D printing and computer modelling in pump manufacturing is now commonplace. As a result, pump design, repair and replacement has advanced to the cutting edge, which in turn drives the pump market and provides future growth opportunities.
Covid-19 Analysis –
The covid 19 solar water pumps market trends shows a decrease. The factors responsible for the decrease are fewer investments and economic fluctuations. Due to covid 19, the demand and supply chain of the solar water pumps market is severely affected. The price reduction is another covid effect on this market.
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The slowdown of mining, groundwater extraction and treatment is adversely affecting the demand for solar water pumps. Furthermore, the possibilities of newer wave of covid will lead to lockdowns and market shut down for the solar water pump industry. Also, the raw materials price is increasing that disturbs the manufacturing process of solar water pumps. Ultimately, all these factors are declining the demand and growth rate of solar pumps.
Growth Drivers and Restraints –
The growing number of recycling and wastewater treatment plants, particularly in India and China, is fuelling the water pump market in Asia-Pacific. New technologies, such as smart pump systems, in the water pump sector, have extended their cost benefits for users. In addition to the circulation of water, water pumps find their use in many domestic applications, such as water sources, gardening, and water coolers. However, some factors are holding back the market, including the growing threat from unorganized players in Asia-Pacific, particularly in the agricultural sector. Poor farmers in developing countries are price sensitive and prefer to buy low-cost water pumps instead of reputable brands.
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Recent Developments –
The key players in the Asia Pacific region have agreed to massive solar pumps tender. This project includes designing, manufacturing and installing more than 7500 solar pumps in India.
The key players in Latin America are signing new projects. There is a 4.5 million project in this region. This project will enable the installation of solar pumps. Also, it is a major project that will lead to high demand and market expansion.
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The key players of the market are having a global partnership with other solar pumps companies. It allows them to expand the solar pumps market in less developed regions.
Key Players –
Kavita Solar Energy Private Limited
Urja Global Limited
C. R. I. Pumps Private Limited
Bright Solar Limited
By Type –
Solar submersible pumps
Solar surface pumps
By Application –
By Region –