The increasing investments by the government to eliminate the dependency on fossil fuel and reduce the emission levels of greenhouse gases have encouraged the deployment of solar pumps in the region to a large extent. For instance, the Morocco government is likely to invest USD 226 million in solar projects to serve agricultural growth and a significant number of pumps are expected to be installed by 2021.
According to the MarkNtel Advisors’ research report titled “Africa Solar Pump Market Analysis, 2020”, the CAGR of Africa Solar Pump market is expected to be more than 17% during 2020-25. The submersible solar pumps acquired the majority market share in the Africa Solar Pump market on an account of surging diesel prices and remote accessibility of grid electricity in the agriculture fields. Moreover, countries like Morocco which are dependent on groundwater for irrigation are aiming to boost the demand for submersible pumps, thus imposing a significant impact on the solar pump market in the region.
The rising investment in the agrarian projects in the countries such as South Africa regarding the installation of the solar pump is changing the market outlook of the solar pump. For instance, the African Development Bank (AfDB) approved USD 21.78 million grant to the Government of Sudan to promote the adoption of solar-powered irrigation pumps by approving the installation of 1,170 solar pumps in the country in 2019. Moreover, the growing government support in the form of tax and other subsidies along with rapid industrial development are estimated to aid in a swift market growth during the forecast period.
According to MarkNtel Advisors research report, the Africa Solar Pump market is highly fragmented. The market players in the Africa Solar Pump market are Grundfos, Cri Pumps, Cedar Solar, Lorentz, Franklin Electric, Mono, Sunculture, Karmsolar, Future Pump, etc. Through merger & acquisition, collaboration, partnership, etc. the companies are focusing to capture a greater market share in Africa.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What would be the growth rate or CAGR Africa Solar Pump market during 2020-25?
A. The market size of the Africa Solar Pump market during 2020-25 is forecast to be more than 17%.
Q Which country would grab the highest market share during 2020-25?
A. It is forecast that Morocco will dominate the market with a majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating in the Africa Solar Pump market?
A. Grundfos, Cri Pumps, Cedar Solar, Lorentz, Franklin Electric, Mono, etc. are a few of the leading players in the Africa Solar Pump market.
Q. Does the report scope cover city-wise market statistics also?
A. Yes, the scope of the report encompasses detailed country statistics such as market size, market segmentation based on various subcategories
Q. Which solar pump type would emerge as an opportunity area for players in Solar Pump?
A. The submersible solar pump would continue to grow at the highest CAGR, presenting immense opportunities for manufacturers and suppliers of Solar Pump across the globe