The global solar pump market was valued at $ 1.32 billion in 2021 and is anticipated to reach $ 2.11 billion in 2026, registering a CAGR of 6.7% from 2021 to 2026. A solar pump consists of a pump and a photovoltaic panel which 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. The solar pump market is anticipated to grow at a faster rate during the forecast period, owing to the escalation in agricultural and irrigation practices, mainly in developing countries in Asia-Pacific, Middle East and from Africa. A solar pump is an important solar equipment product. It consists of a pump and a photovoltaic panel which has semiconductors. When this panel is exposed to the sun, it generates current and helps pump water.
The solar pump market is growing due to the growing demand for pumps in household and agricultural applications, primarily for water supply on farms and for irrigation, according to a report from Transparency Market Research. 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. Alternating Current (AC) submersible pumps are specially designed to pump groundwater from drilled wells or deeper wells, where surface pumps cannot be used. Because of their high efficiency, productivity, and fewer maintenance costs in the agricultural sector, submersible solar pumps are much more in demand than surface pumps.
Recent Developments in the Solar Pumps Industry:
In Sept 2020, India launches tender for innovative solar pumps. Bidders must deploy their technology in real conditions in the field. Shortlisted candidates will be given sites to install solar pumps under India's Rural PV Program. India's Ministry of New and Renewable Energy (MNRE) has called on manufacturers and developers to participate in the government's plan to promote innovative solar pump technologies.
Solar Pumps 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. For example, in India, the central government provides capital grants through the Ministry of New and Renewable Energy (MNRE) and the National Bank for Agriculture and Rural Development (NABARD). 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.
Solar Pumps Market Restraints:
Lack of awareness of solar pumps in rural areas is likely to hamper the growth of 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.
Opportunities in the Solar Pumps Market:
The future of solar pumps looks brighter in developing countries, especially in Asia-Pacific, 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.
Challenges in the Solar Pumps Market:
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.
Solar Pumps Market - By Capacity:
Solar Pumps Market - By Product Type:
DC suction dominated the market, accounting for more than 80% of the market in 2020. 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. Escalating call 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.
Solar Pumps Market - By Application:
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 is 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 expansion of the solar pump market during the foreseen period.
Solar Pumps Regional Analysis:
The Asia-Pacific region has dominated the global market share and has emerged as one of the largest solar pump markets. With inadequate power generation capacity and grid infrastructure for community irrigation and water supply facilities, solar water pumps stand a good chance of replacing conventional pumps. The number of solar pumps in India is increasing, with around 140,000 pumps installed since 2015, since the start of the government plan. In June 2019, the Gujarati government in India launched SuryashaktiKisanYojana (SKY), a pilot project to enable 13,500 farmers in 34 districts to generate solar energy and use part of that energy for irrigation.
The growing demand for energy and the need for clean water have led to the deployment of solar water pumps in Bangladesh. Infrastructure Development Company Ltd. (IDCOL), a proven ownership model in Bangladesh, in which microfinance was used as a tool to improve the ability of rural households to pay for capital-intensive solar home systems solutions are applied to solar pumping. In addition, growing awareness of the potential benefits of this technology has forced several countries to accelerate the deployment of solar water pumps, with Bangladesh setting a target of deploying 55,000 solar pumps by 2025 and India, 120,000 by 2020, thus stimulating the market in Asia-Pacific.
Europe has become the second-largest solar pump region in the world. Countries in this region like Germany, UK, Italy, and France are the main consumers of solar pumps. Increased agricultural activities in these regions, as well as water supply for livestock, are expected to increase market penetration in this region over the next seven years. The Middle East and Africa also experience significant growth during the forecast period. The shift in trend to reduce dependence on imported fossil fuels in the form of diesel and butane for their primary energy needs to generate electricity for agriculture and drinking water.
The key players in the solar water pump market include Alpex Solar Pvt. Ltd, American West Windmill and Solar Company, Bright Solar Pvt. Ltd., Claro Energy Pvt. Ltd., Conergy Energy System Pvt., Tata Power Solar systems ltd., and so on. The vendor competition will increase with an increase in technological innovations, service extensions, and Mergers and acquisitions. The global solar pumps market is highly competitive owing to the presence of many well-diversified key players across the globe.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 DC Surface Suction
5.1.3 AC Submersible
5.1.4 DC Submersible
5.1.5 AC Floating
5.1.6 Y-o-Y Growth Analysis, By Product
5.1.7 Market Attractiveness Analysis, By Product
5.1.8 Market Share Analysis, By Product
5.2.3 Drinking Water
5.2.4 Y-o-Y Growth Analysis, By Application
5.2.5 Market Attractiveness Analysis, By Application
5.2.6 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Product
220.127.116.11 By Application
6.1.4 Market Attractiveness Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Product
126.96.36.199 By Application
6.1.5 Market Share Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Product
220.127.116.11 By Application
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.4 Bright Solar
8.6 TATA Power Solar Systems Ltd.
8.7 Shakti Pumps
8.8 CRI Pumps
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures