Solar water pump systems utilize solar energy to operate water pumps, drawing water from borewells, open wells or other sources of surface water for irrigation or drinking water purposes. These systems offer a clean, sustainable and cost-effective alternative to conventional diesel or electricity-powered pumps. With photovoltaic panels acting as the power source, solar water pumps do not require any fuel and offer irrigation independent of grid connectivity. The systems are well-suited for agricultural applications in remote areas without access to electricity. They find widespread adoption among farmers for lifting water from underground or open wells for irrigation of crops.
The global solar water pump systems market is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the solar water pump systems market is the increasing preference for submersible pumps. Submersible solar water pumps are completely immersed in water and offer various advantages over surface pumps. Being placed underwater, they require minimal piping and are more efficient in transferring water. Submersible pumps also allow drawing water from greater depths than surface pumps. Leading manufacturers are focusing on developing advanced submersible pumps with features like corrosion resistance, longer life and higher water yields. Moreover, investments in research have led to innovations like floating submersible pumps well-suited for irrigation of crops in flooded farms. Such innovations are expected to drive growth in the submersible pumps segment.
Porter’s Analysis
Threat of new entrants: Solar water pump systems have high initial setup costs for infrastructure and distribution channels. Established brands have strong brand recognition and customer loyalty in rural markets.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of substitutes. However, solar pumps provide a better value proposition in terms of accessibility and cost-savings in the long-run.
Bargaining power of suppliers: Key components like PV modules, pumps and controllers are available from a few global suppliers. This gives them moderate bargaining power over manufacturers.
Threat of new substitutes: Alternate energy sources like wind and biomass offer substitution potential. However, availability and reliability issues give solar pumps an edge in remote off-grid agricultural and community use cases.
Competitive rivalry: The market has a few global players and several regional and local manufacturers. Competition is based on product quality, warranty support and reliable after-sales service.
Key Takeaways
The Global Solar Water Pump Systems Market Size is expected to witness high growth over the forecast period. The global solar water pump systems market is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031.
Asia Pacific accounts for over 45% of the global market share led by India. China is also emerging as a major manufacturing hub. Africa holds significant growth potential supported by initiatives towards solar electrification of rural communities dependent on groundwater.
Key players: Key players operating in the Solar Water Pump Systems market are PERI Group, Doka Group, ULMA Construction, Waco International, RMD Kwikform, MESA Imalat Sanayii ve Ticaret A.S, Uni-Span Holdings (Pty) Ltd., Acrow, Faresin Formwork S.p.A, Pilosio S.p.A, Staluform (Pty) Ltd., and Pre-Form (Pty) Ltd. Players focus on expanding distribution channels and after-sales support especially in high growth regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it