Solar Pumps Market - Market Size & Forecast To 2032
The solar pumps market is estimated to be worth of USD 3.73 billion in 2032 and is regsitering a CAGR of 9.34% during the forecast period. Growing demand for sustainable agriculture equipment coupled withgovernment subsidies for acquisition of the same, high energy costs, technological development in terms of improvingthe efficiency, and product awareness are some of the key factors driving the market growth during the forecastperiod. Solar pumps are powered by photovoltaic arrays that convert solar energy into electricity to run the motorpump. The system requires open areas for the deployment of photovoltaic panels/arrays. Solar pumps have beengaining importance among agricultural, municipal, and residential applications owing to increase concerns of powershortages affecting water supply. Today solar pumps are available in AC and DC pumps that are further classified assurface suction, submersible, and floating based on type of operations. Major limitations for solar pumps include highinitial cost, land areas for photovoltaic arrays, and technological complexity that is expected to overcome during theforecast period.
The solar pumps market is segmented by capacity, application, product type, and operations. By capacity this marketis segmented by below 5HP, 5 - 8 HP, and above 8 HP. This market is dominated by below 5HP capacity segmentowing to wide availability and increasing demand from various agricultural and residential applications. The 5 -8 HPsegment is estimated to register fastest growth with a sizeable market during the forecast period owing to increasedcapacity demand for irrigation activities. The above 8HP segment is estimated to be an emerging segment with focuson municipal and large irrigation projects.
By application, this market is segmented by agriculture, industrial/ municipal, residential, and other segment. Thissegment is dominated by agriculture that has witnesses’ tremendous technological advancements in the developingagrarian countries. Some of these countries have undertaken initiatives to develop support infrastructure foragriculture practices. The agriculture segment is further classified as irrigation, livestock, and aquaculture. Theirrigation segment is single largest market in agriculture resulting for strong demand during the forecast period. Theindustrial & municipal is a key potential market for solar pumps. Uneven power supply coupled with water shortagesis expected to drive the demand for solar pump in industrial & municipal. Rural regions in many countries are yet towitness complete electrification. This leads to a potential market for solar pumps that provides independentoperations. Residential is an emerging market, where solar pumps are witnessing increasing demand for independenthouses especially for submersible pumps.
By product type, this market is further segmented by submersible solar pumps, and surface solar pumps. Thesubmersible pumps are expected to dominate the market owing to demand for agriculture applications with suctionfrom underwater sources including tube-well, bore-wells, and so on. Submersible pumps are effective in theapplications in comparison surface pumps.
By operations, this market has been segmented by AC and DC pumps. The AC power sources pumps are gainingmomentum with increasing demand in agriculture applications. In addition, this demand for AC pumps is focused onsubmersible forms. Almost 6 out of 10 solar pumps sold in last year accounted for AC submersible pumps. The DCpumps have been conventional pumps with a strong market share with comparatively lower prices. However, theiroperations in remote locations have a few challenges includes maintenance and repair.
By region, this market is segmented by North America, Asia Pacific, Europe, Middle East & Africa, and South America.
Asia Pacific is estimated to largest market for solar pumps owing to dominance of agriculture based countries withuneven power supply. There have number of subsidies provided by government for the purchase of solar equipment.
In addition, decreasing prices of photovoltaic panels is expected to boost demand in this region. This region isestimated to register fastest growth during the forecast period. In addition, this region has been one of the dynamicregions in terms of number of developments witnessed by global players in recent years. North America and Europeare estimated to be matured markets with stable demand for the solar pumps during the forecast period. U.S., Canada,UK, Germany, France, Italy, and Spain are some of the major countries driving the demand in these regions. MiddleEast & Africa is another major market for solar pumps with applications areas including deep well pumps, desalinationplants, and others. In addition, uneven energy distribution and plenty of solar power catchment areas is expected toboost the demand in the region.
The competitive scenario highlights the performance of major companies operating in this market. This includesdetailed profiling of major companies and their competitive benchmarking. Product profiling provides key informationincluding products/solutions offered, key developments, company performances, and strategies adopted in the recentyears. Major companies profiled in the market include Jain Irrigation Systems Ltd., PM Pump makers GmbH, SchneiderElectric SE., Shakti Pumps Ltd., Tata Power Solar Systems Ltd., Waaree Energies Ltd. These companies have adoptedproduct development, expansion, and merger strategies to consolidate market position amongst intense competition.