The Asia Pacific Solar Pumps Market is estimated to be USD 0.66 billion in 2024 and is projected to reach USD 1.08 billion by 2029, at a CAGR of 10.30% from 2024 to 2029.
Developing countries provide opportunities for the expansion of the solar water pump market, as the largest adoption of solar pumps has been seen in the Asia Pacific, especially India, China, and Japan. This is mainly attributed to the boom in agricultural activities and an increased call for electricity from renewable sources of production. India has set a goal of deploying 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 at a tremendous rate. This has been attributed to the low cost of the low price of photovoltaic panels, the strong presence of solar water pump producers, and a strong awareness of solar water pumping, due to the regulations of various countries and local governments aimed at promoting production. of energy from renewable sources in order to reduce dependence on fossil fuels and minimize polluting emissions. The rapid development of photovoltaic technology has benefited the market by reducing the price of solar water pumps.
The continued expansion of agriculture, and the need for other water-intensive industries, coupled with growing support from the government, are the main expansion driver of the solar pump market. Due to the industry shift towards eco-friendly features, the call for solar pumps from the Asia Pacific is escalating, which is a secondary factor driving the expansion of this market.
The COVID-19 outbreak has disrupted the worldwide solar industry by shutting down operations. At present, the solar industry imports almost 80% of its main solar panels from China. The pandemic affected China's manufacturing capabilities, as all major shipping container organizations had stopped operating out of Chinese ports and transporting items from China to other countries, including India. While Chinese production is predicted to move in the right direction again, the resumption of the Chinese-sourced supply chain is supposed to help restart the Indian solar industry.
With the escalating development in industrial, residential, and agricultural industries along with lower operating and maintenance costs, the market call for solar pumps in Asia-Pacific is escalating rapidly. The solar pump works with electricity produced by thermal energy or by photovoltaic panels. It has a shelf life of 16 years, providing opportunities for the Asia Pacific market.
The high cost of capital, unavailability of spare parts, and after-sales services are the main problems that hinder the expansion of the market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
10.30% |
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Segments Covered |
By Product, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Country Covered |
India, China, Korea, Japan, and Others. |
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Market Leaders Profiled |
Lorentz (Germany), C. R. I. Pumps Private Limited (India), Tata Power Solar Systems Ltd (India), Shakti Pumps (India) Ltd (India), WenlingJintai Pump Factory Limited (China), Bright Solar Limited (India), Grundfos (Denmark), Symtech Solar (Oman), PhotonSolar.com (Australia), Urja Global Limited (India), Kavita Solar Energy Private Limited (India), and Others. |
DC suction dominated the market, accounting for more than 80% of the market in 2020. The increase in the drip irrigation business, especially in developing countries in Asia-Pacific, is predicted to drive pumps. by solar energy during the foreseen period mentioned above. AC submersible pumps are predicted to experience the highest expansion rate during the foreseen period. Escalatingcall for higher-efficiency solar pumps, especially in developing countries of India and Bangladesh, is predicted to drive call for AC submersible pumps during the foreseen period.
Agriculture was the dominant application category, accounting for 60% of the total market in 2020. Increased agricultural activities coupled with the water needed for irrigation are predicted to boost the market for solar pumps for this application. Government subsidies to solar pump farmers and manufacturers, especially in developing countries in Asia and the Pacific, are predicted to drive the expansion of the solar pump market during the foreseen period.
Asia-Pacific has the largest share of the solar water pump market due to escalating industrialization and the immediate need to meet the call for electricity for agriculture and water and water treatment. waste, which would stimulate the market for solar water pumps in the region. China has dominated the Asia-Pacific region due to its huge population and the growing infrastructure sector to serve the massive population. Asia-Pacific has become the largest regional market and accounted for 32.9% of the total market volume in 2020. Asia-Pacific is also predicted to be the fastest-growing regional market for solar pumps. The region is predicted 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 predicted to boost the regional market during the foreseen period.
SunEdison launches solar water pumps in India. SunEdison, a leading solar technology manufacturer and provider of solar technology and solar energy services, today launched the SunEdison Solar Water Pump, a high-performance photovoltaic solar water pump specially designed for agriculture.
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