Solar Pump Market Size - (2024-2029):

The Global Solar Pump Market size is estimated at US$ 2.68 billion in 2023 and is anticipated to reach a valuation of US$ 4.00 billion in 2029, registering a CAGR of 8.34% during the foreseen period 2024 to 2029.

Market Overview:

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 in order 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:

The main drivers of growth in the global solar pump market are increased production of renewable energy, especially solar energy, and increased investment in infrastructure in developing countries. the increasing urbanization will drive the market demand for solar water pumps. The growing requirement for alternative energy sources has become the main driver of the growth of the global solar water pump market. In addition, solar energy is widely used because it is an affordable source of electricity and helps reduce energy bills while reducing CO2 emissions that affect our environment. This would increase the demand for solar water pumps, as they are used to provide water for crop irrigation and to provide portable water. As solar energy is readily available, the demand for solar pumps, especially for agricultural applications is expected to increase dramatically and expected to drive market growth. Governments around the world are focusing on renewable energy production to reduce dependence on conventional energy resources. The European Commission estimates that the government should invest $ 32 billion in renewable sources between 2021 and 2027. This would lead to an upsurge in the use of solar pumps across Europe. This investment would also include a solar-powered pumping system to meet demand from the agricultural sector. Increasingly, end-users are looking to automate water pump systems to pump water for irrigation, fish farming, and many other purposes. The many benefits of solar pumps over diesel pumps and the growing demand in domestic applications will contribute to the growth prospects of the solar pump market during the forecast period.

Market Recent Developments:

• 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.

SOLAR PUMP MARKET REPORT COVERAGE:

Market Segmentation:

Solar Pump Market - By Product:

• Surface Suction    
• Submersible          
• Floating

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.

Solar Pump Market - By End-User:

• Agriculture            
• Water Management  

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.

Solar Pump Market - By Operation:

• AC Pump 
• DC Pump 

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.

Market Regional Analysis:

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

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.

Impact of COVID-19 on the Global Solar Pump market:

The COVID-19 outbreak has disrupted the global solar industry by shutting down operations. At present, the solar industry imports almost 80% of its main solar panel materials from China. The pandemic affected China's manufacturing capabilities, as all major shipping container organizations stopped operating out of Chinese ports and transporting items from China to other countries, including India. While Chinese production is expected to move in the right direction again, the resumption of the Chinese-sourced supply chain is supposed to help restart the Indian solar industry.

Market Key Players:

The key players operating in the global solar water pump market are

1. Lorentz (Germany)
2. C. R. I. Pumps Private Limited (India)
3. Tata Power Solar Systems Ltd (India)
4. Shakti Pumps (India) Ltd (India)
5. Wenling Jintai Pump Factory Limited (China)
6. Bright Solar Limited (India)
7. Grundfos (Denmark)
8. Symtech Solar (Oman)
9. PhotonSolar.com (Australia)
10. Urja Global Limited (India)
11. Kavita Solar Energy Private Limited (India)