Africa Solar Water Pump Market to grow at 19% CAGR by 2024 – Report

The Africa Solar Water Pump Market – valued at US$ 6.6 million in 2018 – is projected to grow at Compound annual growth rate of around 19% to reach US$ 18 million by 2024 – a report has said.

The report “Africa Solar Water Pump Market (2018-2024)” release by Research and Markets, segmented the Market Forecast by Power Rating, by Design Type, by Drive Type, by Countries and Competitive Landscape.

“Africa Solar Pumps Market by Type (Submersible & Surface), By Capacity (Below 5 HP; 5 HP; 5-8 HP & Above 8 HP), By Application (Irrigation, Drinking Water, Industrial & Others), By Country, Competition, Forecast & Opportunities, 2024” report has been added to ResearchAndMarkets.com.

Substantial growth in terms of number of new installations was registered in the continent, predominantly attributed to decreasing prices of PV panels and government subsidies over the past few years. Easy finance by NGOs and government banks is boosting the confidence of small-scale farmers, which is further propelling growth in the African solar water pump market.

By Type
The African solar pumps market is categorized into submersible and surface. During the forecast period, lower capacity submersible pumps are anticipated to account for majority of the market share on the back of increasing diesel price and poor availability of grid electricity in the agriculture fields.

 By Country
The African solar pumps market is categorized into Morocco; Ethiopia; Kenya; South Africa and Egypt.

In Morocco, solar pump market is anticipated to grow at a swift rate during the forecast period owing to the support by Nationally Appropriate Mitigation Actions (NAMA) program on new installation of solar water pumps in agriculture fields. NAMAs are policies, programmes and projects that developing countries undertake to contribute to the global effort to reduce greenhouse gas emissions.

Morocco Government is likely to invest $233 million in solar projects to serve agricultural growth and significant number of pumps are expected to be installed over the next six years. Morocco accounted for the largest revenue share in African market in 2017 followed by Ethiopia.

According to the report, the key players in the African solar pumps market are CRI Pumps, Grundfos, KarmSolar, Cedar Solar, Lorentz, Mono, Franklin Electric Pumps, Sun Culture, among others.