Global Solar Water Pump Market is valued approximately USD 3.15 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 10.20% over the forecast period 2023-2030. A solar water pump is a type of water pumping system that utilizes energy from the sun to pump water. It consists of a solar panel array, a pump, and sometimes a storage tank or battery system. The solar panels convert sunlight into electrical energy, which powers the pump to draw water from a water source such as well, river, or lake Solar water pumps contribute to sustainable water management by utilizing renewable energy, reducing carbon emissions, and conserving fossil fuels. They are an effective solution for accessing water in remote areas and promoting agricultural productivity and rural development. The Solar Water Pump market is expanding because of factors such as growing agricultural sector and rising government incentives and policies.
Solar water pumps are extensively used in the agricultural sector for irrigation purposes. As the global population continues to increase, the demand for food is also rising. Solar water pumps offer an efficient and sustainable solution for farmers, enabling them to irrigate their crops and increase productivity. The expanding agricultural sector, particularly in developing countries, is a significant driver for the growth of the solar water pump market. According to India Brand Equity Foundation, Indian agricultural sector is predicted to increase to USD 24 billion by 2025. Further the report states that Agriculture and allied activities recorded a growth rate of 3.9% in 2021-22. The Kenya National Budget, which was released on June 11, 2020, provided significant encouragement for the irrigation industry by announcing an investment of USD 35 million to expand community household irrigation. This will enable individual farmers to double their agricultural yield by using these solar pumps because they are powered by the sun and cost less to operate than conventional pumps because they do not require fuel. Thus, the rising agriculture sector is driving the market growth. In addition, rising adoption of sustainable energy sources and technological advancements in technology and pump designing is creating new opportunities to the market growth. However, high dependence on weather conditions and lack of awareness stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Solar Water Pump Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the factors such as rising agricultural activities, rising number of government favorable policies and incentives scheme, rising adoption of green energy resources rising investment in agriculture production in the region. Europe is projected to register a significant growth owing to factors such as rising government initiative for clean energy projects, rising development of sustainable irrigation technologies, rising green grid initiatives in the region.
Major market player included in this report are:
Alpex Solar Pvt Ltd
Bright Solar Limited
C.R.I. Pumps Private Limited
Crompton Greaves Consumer Electricals Limited
Duke Plasto Technique Private Limited
Novergy Energy Solutions Pvt. Ltd.
Recent Developments in the Market:
Ø In April 2021, Tata Power and C.S.C. collaborated to install solar-powered water pumps and microgrids. With the help of the cooperation, Tata Power will be able to put up distributed, small-scale solar power systems in rural areas and serve homes and businesses with electricity around-the-clock. While C.S.C. welcomes village-level business owners to the collaboration to offer quick, affordable service and serve rural consumers with a distributed solar power source.
Global Solar Water Pump Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Motor Type, Power Rating, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Motor Type:
By Power Rating:
Up to 5 HP
5 HP to 10 HP
10 HP to 20 HP
More than 20 HP
Middle East & Africa
Rest of Middle East & Africa