Solar Pump Market

Global Solar Pump Market Size (2024-2032):

The size of the global solar pump market was worth US$ 2.68 Billion in 2023. The global market is anticipated to grow at a CAGR of 8.34% from 2024 to 2032 and be worth US$ 5.51 billion by 2032 from US$ 2.90 billion in 2024.

Current Scenario of the Global Solar Pump Market

The solar pump market has been growing at a rapid pace over the last few years. This was attributed to the low cost of PV panels, the large presence of solar water pump manufacturers, and widespread awareness of solar water pumping as a result of various country and local government regulations encouraging the production of energy from renewable sources to reduce reliance on fossil fuels and reduce pollution emissions. The market has experienced major growth from the rapid advancement of PV technology by lowering the cost of solar water pumps. The solar water pump market is growing in developing countries, with considerable adoption seen in Asia-Pacific, particularly in India, China, and Japan. This is mostly because of the increase in agricultural activity and a rise in demand for power generated from renewable sources. The increased product acceptance creates an opportunity for solar pump market players and innovators to profit from the commercial potential of such pumps while also improving rural livelihoods. Solar pump technology and business models from companies like Shakti Pumps, Bengal Renewables, and others are becoming more affordable and accessible to smallholder farmers. Various industry players regard increased growth as a potential opportunity to significantly alter the market landscape. As a result, such factors are propelling the industry's share.

MARKET DRIVERS

In this modern era, conserving energy is of the utmost importance in reducing the effects of climate change.

 Electric generation using various sources like fossil fuels eliminates the significant amount of hazardous air pollutants that lead to environmental pollution, which will affect the climatic conditions. According to the US Energy Information Administration, over 60% of the electricity was generated using fossil fuels in 2021. The simple steps towards the adoption of solar pumps in various applications can reduce harmful gas emissions, which will eventually surge the growth rate of the market.

Solar pumps also have huge benefits in the agriculture sector. In recent years, solar pumps have greatly evolved in the agriculture sector in various ways.

In emerging countries like India, farming is the major source of economic growth, and utilizing advanced techniques in agriculture can meet the challenges faced by traditional irrigation methods. Solar pumps in the agriculture sector evolved sustainable and eco-friendly solutions that optimized the usage of water to the crops in a more effective way. In addition, solar pumps can also enhance agricultural productivity by providing water to livestock in a more effective way. There are wide varieties of solar pumps available, and a farmer can choose according to their application in the field, eventually increasing the growth rate of the solar pump market. According to the Punjab Energy Development Agency, almost 300 million people do not have an electricity supply in the agricultural farmlands, especially in India. The penetration of solar pumps can encourage farmers to reduce their investments in fuels like kerosene and diesel. More than 50% of people employed in agriculture in India, where the changes in traditional methods and adopting new technologies can combat the release of harmful gases into the air, are attributed to boosting the growth rate of the market.

MARKET RESTRAINTS

Solar pumps can be more reliable and effective in various applications, but on cloudy days, these systems do not work appropriately due to a lack of energy sources.

The lower functionality of solar pumps due to low sunlight, especially on cloudy days, is the biggest factor that is hindering the growth rate of the market. In addition, the initial costs of setting up this equipment are very high, and common people cannot afford them, which slightly impedes the market’s growth. Irrespective of emptying pockets for installation, the overall cost of solar pumps is effective when compared with the overall costs of fuels and maintenance, which boosts the growth rate of the solar pump market.

MARKET OPPORTUNITIES

The growing prominence of adopting clean energy to reduce carbon footprints and save the earth from future disasters is likely to propel growth opportunities for the solar pump market.

The UK is the major country in steeping forward to focus on cutting emissions from energy generation. UK initiatives include using only renewable sources of energy like solar rather than coal to cut the emission of greenhouse gases while generating energy using fossil fuels. From the latest survey reports, the UK is esteemed for producing more than 40% of electricity using solar pumps, which is a positive factor for the market to grow in the coming years. The climate change act reported that the UK government is all set to reach its goal in completely declining the levels of carbon emissions by 2050. Therefore, the strategies to lower the environmental pollution will eventually surge the growth rate of the solar pumps market. Also, the growing prevalence of increased crop productivity with minimal energy consumption is likely to propel the growth rate of the solar pump market in the coming years.

MARKET CHALLENGES

Solar pumps are mainly applicable in the agriculture sector. Farmers are likely to not adopt the new technologies due to lack of proper knowledge over the benefits which is one of the challenging factors for the market key players. Creating awareness in remote areas over the benefits conquered in solar pumps is attributed to bolster the growth rate of the market in the foreseen years. Availability only limited storage capacity is also one of the restraints for the solar pumps market growth rate.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Solar Pump Market Analysis By Product

The market is divided into surface suction, submersible, and floating. The submersible segment has been the largest contributor to market revenues, due to the increase in the use of submersible solar pumps for the extraction of water from all sizes of boreholes, irrigation systems for agriculture, including drip and sprinkler irrigation systems, and booster applications. Submersible solar pumps are also used for the domestic water supply of large residences and multi-story apartments and for the dewatering of mines.

Global Solar Pump Market Analysis By End-User

The solar pump market trends are researched in agriculture, water management, and others. The agricultural segment dominated the market. This is attributed to the fact that Asia-Pacific countries like India are increasingly installing solar pumps for irrigation purposes.

Global Solar Pump Market Analysis By Operation

The market is divided into AC pumps and DC pumps. The AC pump segment has the largest share of the solar pump market. It is resistant to corrosion by nature and offers high resistance to wear as it reduces operating costs due to its high pumping efficiency and long life. It can work continuously for a long period of time, and therefore is very reliable even under difficult conditions.

REGIONAL ANALYSIS 

The Asia-Pacific solar pump market is studied in China, Japan, South Korea, Australia, and the rest of Asia-Pacific. In Asia-Pacific, solar energy is widely used in power generation for off-grid systems and rural electrification. The development of the solar pump market in the Asia Pacific is driven by increased government initiatives, such as Akshay Urja, which includes the electrification of rural areas. These initiatives are expected to increase the demand for photovoltaic power as governments distribute solar pumps to rural areas. These initiatives are forecasted to increase the demand for solar pumps and contribute to market growth.

KEY PLAYERS IN THE GLOBAL SOLAR PUMP MARKET

Companies playing a prominent role in the global solar pump market include Lorentz (Germany), C. R. I. Pumps Private Limited (India), Tata Power Solar Systems Ltd (India), Shakti Pumps (India) Ltd (India), Wenling Jintai 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),

RECENT HAPPENINGS IN THE GLOBAL SOLAR PUMP MARKET

• Solar pumps are becoming pivotal for the Indian government to fulfill its mission of increasing farmers' incomes by 2022. Rajasthan is one of the few states that has taken the initiative to popularize solar pumps on a large scale in rural areas and the budget announcement is likely to provide further impetus.

• The Bangladeshi government has issued guidelines for net metering and grid integration of solar pumps, but there are concerns that the new rules will discourage adoption by farmers who may need to reduce the grid electricity grid also using solar energy generated by the systems.

DETAILED SEGMENTATION OF THE GLOBAL SOLAR PUMP MARKET INCLUDED IN THIS REPORT

This research report on the global solar pump market has been segmented and sub-segmented based on product, end-user, operation and region.

By Product

• Surface Suction    
• Submersible          
• Floating

By End-User

• Agriculture            
• Water Management

By Operation

• AC Pump 
• DC Pump

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa