Solar Water Pump Systems Market

Solar Water Pump Systems Market Size (2023-2028):

The Global Solar Water Pump Systems Market size was valued at US$ 2.73 billion in 2022 and is anticipated to reach US$ 4.37 billion by 2028 and increase at a CAGR of 8.50% between 2023 and 2028.

Market Overview:

Increased renewable energy output, particularly solar power, and increased infrastructural investment in developing nations are credited with expanding global solar water pump systems. Solar water pump systems, as the name implies, use solar energy to pump water. A solar PV panel, motor pump sets compatible with a photovoltaic array, and pipelines make up the solar water pump system. The solar water pump system runs on electricity generated by a photovoltaic system. Solar pumps are unique in that they use the energy provided by sunshine to pump water. Solar pumps are critical in rural or underdeveloped areas where there is no access to electricity. Solar pumps are available for a variety of applications. Solar pumps are made to run on DC electricity generated by photovoltaic panels. Pool pumps are one type of solar pump. Some of the most basic solar water pumps are transfer pumps, circular pumps, and irrigation pumps.

Market Drivers:

The increasing infrastructural investment in developing countries and rising subsea operations and agricultural activities are the major factors responsible for the global solar water pump systems market growth during the forecast period. The biggest demand-driving driver in the market is infrastructural development investment. Infrastructure will expand at an exponential rate during the next decade. China, Japan, Indonesia, China, and the Asia Pacific area are the most active investors in infrastructure development. These countries are increasing their investment in development initiatives. Water extraction is improved by expanding infrastructure. These changes are particularly noticeable in rural and underdeveloped areas. It eventually alters the market outlook for solar water pumps over the projection period. Many governments are now encouraging the development of clean and renewable energy sources. Water storage, water extraction, and water recycling are all critical components of the government's effort. Environmental groups are urging the government to increase funding for energy-efficient solar water pumps. Another demand-driving aspect of the solar water pump market is the government's support. Renewable energy technology, such as solar water pumps, will become more popular in the following years.

Furthermore, there is a strong preference for low-cost, clean energy. As a result, many end consumers are drawn to technology that utilizes environmentally friendly and cost-effective energy sources. As a result, the use of solar water pumps in the construction and industrial sectors will increase. All of these essential factors will boost market demand and profitability. Furthermore, the market for solar water pumps is expected to develop as the incidence of urbanization rises. This is because water and water treatment methods will become more critical as cities grow. During the projected period, this advancement is expected to increase the use of solar water pumps. Therefore, the rise of the solar water pump market will be aided by urbanization.

For a consistent supply of water, the expanding population in metropolitan areas necessitates energy-efficient water pumps. Therefore, solar pumps will be widely used in urban areas in the following years. Solar water pumps are also essential in the agricultural industry. Irrigation equipment is in high demand in the agriculture sector. Therefore, these fundamental factors boost the global solar water pump systems market growth in the upcoming years.

Market Restraints:

Solar water pump installation is a major stumbling block in this sector. The installation of solar water pumps is fraught with difficulties. The cost of installation has an impact on the market's overall cost-effectiveness. The majority of solar water pumps are found in rural areas. The electrical grid infrastructure in rural areas is inadequate. The amount of land and solar energy necessary is substantial. As a result, solar water pumps are more expensive to install. A lot of areas are needed to create a lot of solar energy. The site cannot be used for any other purposes after the solar panels have been installed. These are the constraints that can stifle global solar water pump systems market expansion.

Moreover, in the solar water pump systems market, there is a lot of competition. Local and regional businesses pose significant market obstacles. Providing low-cost, high-quality alternatives is a challenge. It has an impact on manufacturers of solar water pumps. These small businesses take over the demand by being cost-effective. Unorganized enterprises take over requests considerably earlier due to location advantages. These considerations make it difficult for global players to enter the regional market for solar water pumps. During the projected period, essential stakeholders are taking steps to raise awareness about the importance of high-quality solar pumps.

SOLAR WATER PUMP SYSTEMS MARKET REPORT COVERAGE:

Market Segmentation:

Solar Water Pump Systems Market - By Pump Type:

• Submersible pump
• Surface Pump
• Floating Pump

Based on pump type, submersible pump attributes hold the most significant global solar water pump systems market share during 2022 - 2027. Submersible pumps are positioned below ground level and have a suction head that extends beyond 10 meters, allowing them to move water from much deeper sources. In the forecast period, government subsidies to farmers and solar pump manufacturers, particularly in Asia-growing Pacific economies, are projected to drive the solar water pump systems market. Furthermore, submersible solar pump systems are primarily employed for irrigation and potable water delivery. Because these pumps do not release greenhouse gases, they are also being used by the oil and gas industry for chemical injection, promoting the growth of solar power pump systems.

Solar Water Pump Systems Market - By Current Type:

• AC Pumps
• DC Pumps

Compared to AC Pumps, DC pumps are more efficient because they require fewer solar panels to run. In addition, when compared to AC pumps, the DC solar pump has a longer lifespan and produces less noise. It is, however, difficult to maintain in remote regions because it requires specialist service centres and is also more expensive than AC pumps.

Solar Water Pump Systems Market - By Application:

• Agriculture
• Drinking water supply
• Industrial

The Indian government is paying subsidies to farmers to encourage the use of solar water pump systems. Furthermore, several non-governmental organizations (NGOs) are working to install these pump systems in various parts of India, which would help the entire industry grow.

Market Regional Analysis: 

The Global Solar Water Pump Systems Market Report includes the segmentation of Regions:

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

The Asia Pacific region dominates the global solar water pump systems market during the foreseen period due to the increasing number of solar pumps in India. Moreover, the rising demand for safe drinking water has led to the deployment of solar water pump systems.

North America is anticipated to grow with the highest CAGR in the global solar water pump system market due to the increasing awareness of the benefits of solar water pump systems, mainly in China and Canada.

In Europe, the demand for pumps in household and agricultural applications is increasing daily, which further fuels the global solar water pump systems market in the near future.

Impact of COVID-19 on the Solar Water Pump Systems Market:

The market for solar water pump systems is declining due to COVID-19. Fewer investments and economic fluctuations are the reasons for the decline. However, the solar water pump market's demand and supply chain have been harmed due to COVID-19. Another COVID consequence on this market is the price reduction.

The market for solar water pump systems is being harmed by the slowdown in mining, groundwater extraction, and treatment. Furthermore, the newer COVID capabilities will result in market lockdowns and shutdowns for the solar water pump business. In addition, the cost of raw materials is rising, disrupting the solar water pump manufacturing process.

Market Key Players:

The companies covered in the report include:

1. Bright Solar Limited 
2. C. R. I Pumps Pvt Ltd
3. Grundfos
4. Lorentz
5. Tata Power Solar Systems Ltd
6. Solar Power & Pump Company LLC
7. SunEdison Inc.
8. American West Windmill
9. Solar Company
10. Shakti Pumps (India) Ltd.
11. Wenling Jintai Pump Factory Limited

Market Recent Developments:

• Tata Power Company Limited introduced Tata Solar 1HP-AC, which comprises several features. Moreover, the advanced system safety protection features are dry run, reverse polarity, lightning arrestor, and low voltage. It consists of a pipe, cable, rope, and galvanized iron module mounting structure.

• KSB Limited introduced a new product named KSBSol, which is a submersible pump set. It comprises high energy efficiency and reliability suited to run with the help of solar power.