Solar pump market goes mainstream as stakeholders infuse funds in PV technology
Solar powered pumps are making a massive difference and are going an extra mile by providing farmers eco-friendly solar irrigation systems and harvesting pivotal data to streamline local water sources. With unpredictable weather patterns leading to desertification and climate change, stakeholders are likely to infuse funds in solar pumps.
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In the present landscape, advent of novel technologies will potentially boost solar market revenue as new value chains continue to be created. Technological innovations are at peak with several solar-powered water pumps being integrated with the Internet of Things (IoT) or remote monitoring. IoT has been enabling a network of communication between a slew of internet-enabled devices and the solar pumps.
IoT makes inroads in solar pumps
Use of IoT is likely to set the trend in the industry landscape as it has been become a catalyst for farmers to keep track of the pump’s signs and fuel savings. Technological developments in solar PV will boost operating strategies such as improved scheduling of power plants, sophisticated renewables, advanced renewable energy forecasting and improved scheduling of power plants. Growth in PV technology is likely to further the business outlook as stakeholders, including farmers and governments agencies vie to reduce operating costs.
Considerable uptake of the PV technology has been instrumental in reducing the cost of solar pumps, with easy-to-install and eco-friendly systems profoundly being tested in the market.
Advanced technologies will become prevalent with monitoring of irrigation fields with drones and the use of thermal imaging cameras. For instance, thermal and satellite imagery are being used to calculate irrigation water demand and assess actual water supply.
In the latest research report compiled by Global Market Insights, Inc., solar pump market size has been projected to grow substantially by 2026.
At the time when farmers in developing countries are deprived of proper irrigation facility and don’t have access to electricity grid, trend for solar pumps has turned out become pivotal to keep up with the irrigation demands. Off-grid measures have helped governments in underpinning the global adoption of solar pumps.
With stakeholders in agriculture sector eying to enhance income generating opportunities; reduce post-harvest cost; boost productivity; and increase efficiency, economic growth with shorter payback period within the solar pump market has been projected in the next five years.
Bird’s eye view: government funding and thriving agriculture sector
Use of solar pumps in agriculture sector will propel potentiality of augmenting agriculture productivity in the light of diversification of cropping patterns and efficient use of water. APAC has come up as a happy hunting ground for stakeholders as the region looks to reduce dependence on electricity and unreliable and expensive fuel supplies.
Developing countries such as India envisage solar pumps to improve water quality through fertigation and filtration systems and mobilize groundwater resources when rainfall patterns are erratic.
In a bid to iterate business models to reach the untapped areas, governments have earmarked subsidies, blended financing and 100% loan guarantees. For instance, Government of India in February 2019 gave green signal to PM-KUSUM scheme ( Pradhan Mantri Kisan Urja Suraksha Utthaan Maha Abhiyaan) — $3.3 bn has been earmarked to add a solar capacity of 25,750 MW — 1.75 million standalone solar powered agriculture pumps are expected to be installed by 2022. Expanding the PM-KUSUM scheme in February 2020, the Indian government stated that 2 million farmers would be provided funds to set up standalone pumps.
While there is no denying that solar pumps are going mainstream, its upsides partly remain unknown to development agencies, governments and communities. Solar water pumps have become a viable way to streamline energy access across the developed and developing countries. For drought-resistant and sustainable farming, farmers are likely to install solar photovoltaic plants.