Europe Solar Pumps Market

Europe Solar Pumps Market Size (2024-2029):

The Europe Solar Pumps Market is expected to grow at a CAGR of 14.91% during the forecast period 2024-2029. The market value was at USD 985.40 million in 2023, and the value is expected to reach USD 2268.73 million by the end of 2029.

According to a report from Market Research, the Europe Solar Pumps Market is growing due to the growing demand for pumps in household and agricultural applications, primarily for water supply on farms and for irrigation. In addition, solar water pumps are increasingly preferred in oil and gas hydraulic fracturing activities to reduce the environmental impact of these activities. The rising acquisition of solar power for irrigation and agricultural practices across the globe is the main driver of the solar pump market. A solar pump consists of a pump and a photovoltaic panel that has semiconductors. When this panel is exposed to the sun, it generates current and helps pump water. Solar pumps have a wide range of applications, from home to agriculture and irrigation.

MARKET DRIVERS:

The solar water pump market is mainly fueled by government-backed initiatives and subsidies given to consumers for the purchase of solar panels. These government initiatives are supporting the adoption of solar pumps among consumers in the agricultural sector. Governments around the world are actively implementing initiatives to reduce the increase in carbon emissions with the aim of reducing global warming. These initiatives result from the growing dependence on the use of renewable energy sources in all industries to reduce energy consumption costs and the total carbon footprint on the environment. These initiatives are stimulating the demand for solar pumps.

MARKET RESTRAINTS:

Lack of awareness of solar pumps in rural areas is likely to hamper the growth of the solar pump market, to some extent during the forecast period. Many farmers and farmland owners are still unaware of solar technology and its ability to generate electricity. Moreover, the simplicity of availability of electric pumps, coupled with their lower maintenance costs, discourages farmers from switching to solar pumps. Hence, these factors are likely to restrain the growth of the market in the coming years.

MARKET OPPORTUNITIES:

The future of solar pumps looks brighter in developing countries, especially in Europe, where much of the economy is focused on agriculture. As the industry moves rapidly into solar or renewable energy, manufacturers remain focused on enhancing the potential of solar pumps in irrigation and related agricultural tasks. Various government efforts to initiate the widespread use of solar pumps that can help promote sustainable development in these countries have also led to a realignment of manufacturers' strategies.

MARKET CHALLENGES:

However, it is imperative to note that there are also some challenges associated with incorporating and using solar pumps. A study concludes that the financial situation of small farmers and the accessibility to high-quality products and services remain among the main problems in several countries. In addition, the lack of basic knowledge about the configuration and functions of solar pumps has created challenges in daily operations and maintenance.

EUROPE SOLAR PUMPS MARKET REPORT COVERAGE:

Market Segmentation:

Europe Solar Pumps Market - By Capacity:

• Below 4 HP
• 4-6 HP
• 6-8 HP
• Above 8 HP

Europe Solar Pumps Market - By Product Type:

• Submersible
• AC
• DC
• Surface
• AC
• DC

DC suction dominated the market, accounting for more than 83% in 2023. 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.

Europe Solar Pumps Market - By Application:

• Farming
• Irrigation
• Livestock
• Aquaculture
• Residential
• Building
• Drinking
• Commercial
• Swimming Pool
• Pond Management
• National Parks
• Industry Water Treatment

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.

Market Regional Analysis:

• Germany
• UK
• France
• Italy

Europe has become the second-largest solar pump region in the world. Countries in this region like Germany, the UK, Italy, and France are the main consumers of solar pumps. Increased agricultural activities in these regions, as well as a water supply for livestock, are expected to increase market penetration in this region over the next seven years.

Market Key Players:

The key players in the Europe Solar Pumps Market include

1. Alpex Solar Pvt. Ltd
2. American West Windmill
3. Solar Company
4. Bright Solar Pvt. Ltd.
5. Claro Energy Pvt. Ltd.
6. Conergy Energy System Pvt.
7. Tata Power Solar Systems Ltd.

The vendor competition will increase with an increase in technological innovations, service extensions, and Mergers and acquisitions. The global solar pump market is highly competitive owing to the presence of many well-diversified key players across the globe.

Market Recent Developments:

• In Nov 2020, KSB Pumps Ltd., a worldwide provider of pumps, valves, and systems, released the latest product called KSBSol.