The global Solar Water Pump Systems Market is estimated to be valued at US$ 1.92 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Solar water pump systems are powered by solar energy and help pump water from borewells, open wells, water bodies, and reservoir tanks for irrigation and drinking water purposes. They have minimal operations and maintenance requirements compared to diesel pumps. Solar pumps offer farmers energy independence, saving them the diesel costs and helping improve livelihood.
Market key trends:
One of the key trends in the solar water pump systems market is the increasing adoption of solar-powered irrigation in the agriculture sector. Solar pumps are increasingly being used for irrigation needs as they provide a sustainable and cost-effective alternative to diesel pumps. According to surveys, solar pumps can reduce irrigation costs by 60-80% compared to diesel pumps. They require no fuel, which significantly reduces the operating expenses for farmers. Furthermore, governments across the world are promoting the use of solar pumps in the agriculture sector through various subsidy schemes in order to improve farm productivity and income. This is expected to further drive the adoption of solar pumps for irrigation over the forecast period.
Segment Analysis
The global solar water pump systems market is segmented by pump type, power rating, application and end user. Based on pump type, the submersible pumps segment dominated the market in 2022 due to their ability to operate in deep bore wells. These pumps are preferred more as they can lift water from greater depths compared to other pump types.
Key Takeaways
The global Solar Water Pumps Market Share is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing need for sustainable water supply solutions.
Regional analysis
Regionally, Asia Pacific region dominated the solar water pump systems market in 2022 with a market share of over 35%, owning to rapid agricultural growth and government initiatives for renewable energy adoption in countries such as India and China. The region is expected to continue its dominance during the forecast period as well.
Market size
The global solar water pump systems market size was valued at US$ 1.92 billion in 2023. The market is expected to grow substantially driven by rising agricultural activities and initiatives by governments worldwide to support the adoption of renewable energy for irrigation purposes.
Key players
Key players operating in the solar water pump systems market are Grundfos, Lorentz, Shakti Pumps, CRI Pumps, Tata Power Solar, Bright Solar, USL, Lubi Electronics, Solar Power & Pump Co, JNTech, JISL, ADA, Hanergy, CRI Pump, Dankoff Solar, Greenmax Technology, Rainbow Power Co, SunEdison, Solartech, Megha Engineering. The top players are focusing on new product launches and expansion strategies to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it