Solar Water Pumps Market Forecasts to 2028 – Global Analysis By Type (Floating Pump, Surface Pumps, Submersible Pumps and Other Types), Motor Type (DC Pumps, AC Pumps and Other Motor Types), Power Rating, Application and By Geography

Solar Water Pumps Market Forecasts to 2028 – Global Analysis By Type (Floating Pump, Surface Pumps, Submersible Pumps and Other Types), Motor Type (DC Pumps, AC Pumps and Other Motor Types), Power Rating, Application and By Geography

According to Stratistics MRC, the Global Solar Water Pumps Market is accounted for $3.2 billion in 2022 and is expected to reach $6.4 billion by 2028 growing at a CAGR of 12.2% during the forecast period. Solar water pumps are water pumps that run on electricity generated either by thermal energy or by utilising the collected sunlight via photovoltaic panels. The pumps are essential in rural or undeveloped areas that have no electric grid infrastructure. There is a wide range of solar pumps for various operations. The solar pumps are designed to use DC electric power through photovoltaic modules.

According to The Ministry of New and Renewable Energy (MNRE), India, outlined the Solar Pumping Program for irrigation and drinking water, which sought to promote the adoption of solar pumps over the next five years.

Market Dynamics:

Driver:

The enlargement of urbanisation

The expansion of urbanisation will lead to water and water treatment measures. The growing population in urban areas requires energy-efficient water pumps for a constant water supply. The agricultural sector has a high demand for irrigation equipment. These pumps are an exceptional technology in rural and agricultural lands. Also, it is a pump that can work without electric grid infrastructure. Therefore, these factors are driving the growth of the market.

Restraint:

The lack of awareness

The lack of awareness about solar pumps in rural areas is likely to hinder the growth. A lot of farmers and agricultural land owners are still unaware about solar technology and its ability to generate electricity. In addition, the ease of availability of electrical pumps, along with their lower maintenance costs, discourages farmers from shifting toward solar pumps. Therefore, such factors are likely to restrain the market growth.

Opportunity:

Mounting Environmental Consciousness

The rising use of solar water pumps in areas without grid electricity is propelling the market. The policies to encourage the use of solar pumps, combined with stringent government regulations on carbon emissions, are boosting the growth of the market. Numerous advantages provided by solar water pumps, like higher efficiency, cost-effectiveness, ease of maintenance, long operating life, environmental friendliness, and less reliance on fuels, are accelerating market growth.

Threat:

High Cost of Installation

Solar water pump installation is a challenging process. Rural areas tend to have more solar water pumps than urban ones. The infrastructure of the electrical grid is inadequate in rural areas. Both the amount of area and solar energy needed are significant. Because of this, installing solar water pumps is expensive. Therefore, this factor is expected to impede the market growth.

Covid-19 Impact

Due to covid 19, the demand and supply chain of the market is severely affected. The price reduction is another effect on this market. The slowdown of mining, groundwater extraction and treatment is adversely affecting the demand for market. Also, the raw materials price is increasing that disturbs the manufacturing process of solar water pumps. Eventually, all these factors are declining the demand and growth rate of solar pumps.

The submersible pump segment is expected to be the largest during the forecast period

The submersible pump segment is estimated to have a lucrative growth, due to increasing deepwater exploration activities and rising subsea operations. These pumps are completely submerged in the water source, mainly in wells and bore wells. These pumps can be installed horizontally inside water reservoirs at a minimum depth. They are well suited for pushing water over long distances. These factors are influencing the segment growth.

The agriculture segment is expected to have the highest CAGR during the forecast period

The agriculture segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increase in agricultural operations and the requirement for irrigation water.
The government of India is providing farmers with subsidies to promote the deployment of these pumps. Moreover, several NGOs are taking initiatives to install these pump systems across different parts of India which will boost the growth of the overall market.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rising agricultural activities in the region, combined with the lack of access to grid electricity in agricultural lands. The strong presence of market players and their initiatives to provide pumping systems for agricultural irrigation to help increase the production and income of farmers through inexhaustible solar energy for sufficient water supply is providing impetus to the solar water pumps market growth.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to increase in focus on clean energy sources, countries adopt renewable energy powered technologies. Increasing agricultural activities in these regions coupled with livestock water supply, farmers shifting preference towards renewable energy, government stringent regulation for CO2 emission has made a positive impact on the market growth.

Key players in the market

Some of the key players profiled in the Solar Water Pumps Market include LORENTZ, Dankoff Solar, Bright Solar Limited, Tata Power Solar, Ecozen Solutions, Crompton, Aqua Group, Franklin Electric, Novergy Energy Solutions Pvt. Ltd., Alpex Solar Pumps, Surya International, Shakti Pumps, Waaree Energies Ltd, SunEdison Infrastructure, Duke Plasto Technique Private Limited, C.R.I. Pumps Private Limited, Grundfos, Jackson Group, K.S.B.Limited and EcoSoach.

Key Developments:

In September 2021, Grundfos introduced the SQFlex Large, extending its long-standing SQFlex solar-powered submersible pump range. The company expanded the product offering across Asia Pacific with the rise in demand for solar energy pumps as well as withstanding the diverse weather conditions spanning the region.

In June 2020, SunEdison entered into a framework agreement to restructure and transfer its solar business. Under the proposed restructuring plan, the completed projects and under completed projects will be separated, focusing mainly on residential and small commercial rooftop solar segments.

In August 2020, Tata Power stated that three of its wholly-owned subsidiaries, Coastal Gujarat Power Ltd (CGPL), Tata Power Solar Systems (TPSSL), and Af-Taab Investment Business (Af-Taab), will be amalgamated with the parent company for improved finance, compliance, and supervision efficiencies.

Types Covered:
• Floating Pump
• Surface Pumps
• Submersible Pumps
• Other Types

Motor Types Covered:
• DC Pumps
• AC Pumps
• Other Motor Types

Power Ratings Covered:
•More than 20 HP
•10 HP to 20 HP
•5 HP to 10 HP
•Upto 5 HP
•Other Power Ratings

Applications Covered:
• Agriculture
• Drinking Water
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements