Solar Water Pump Systems Global Market Report 2024

The solar water pump systems market size has grown rapidly in recent years. It will grow from $1.52 billion in 2023 to $1.71 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The observed growth in the historic period can be attributed to several key factors. These include initiatives aimed at rural electrification, the implementation of off-grid and remote area applications for energy, concerns regarding water scarcity that prompted energy-efficient solutions, government incentives and subsidies supporting renewable energy adoption, and a growing emphasis on environmental sustainability driving the demand for eco-friendly energy alternatives. Each of these elements played a crucial role in driving growth and development within the energy sector during that period.

The solar water pump systems market size is expected to see rapid growth in the next few years. It will grow to $2.69 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. Anticipated growth in the forecast period is expected to be driven by several key factors. These include a persistent focus on sustainable agriculture practices, efforts to enhance climate change resilience in agricultural sectors, the impact of rising energy costs prompting the adoption of renewable energy solutions, the expansion of water-intensive industries seeking efficient water management solutions, and government targets promoting the adoption of renewable energy sources. Additionally, major trends projected for this period encompass government incentives and subsidies encouraging the adoption of solar pumps, a shift towards the use of direct current (DC) solar pumps, a focus on modular and portable pump designs for flexibility, the integration of water conservation techniques and precision irrigation methods, and collaborative efforts in research and development within the agricultural sector. These trends are poised to shape the future landscape of agricultural technology and contribute to growth in the forecast period.

Favorable governmental incentives driving the installation of solar water pump systems are catalyzing growth within this market segment. Globally, governments are promoting solar water pumps due to escalating diesel prices and electricity instability. For example, India's MNRE invited innovative proposals for 50 solar pumps via the PM-KUSUM program, aiming to install 20 lakh standalone 7.5 HP solar pumps by 2025-2026. The scheme subsidizes 60% of the total installation cost, reducing reliance on conventional electricity and operational expenses. This favorable environment nurtures the expansion of the solar water pump systems market.

The surge in agricultural activities is poised to propel growth within the solar water pump systems market. These activities encompass diverse processes involved in food and agricultural production. Solar water pump systems, harnessed for irrigation and livestock water supply, contribute to sustainable and efficient agricultural practices. Notably, FAO's agricultural production statistics showcased a two percent increase, reaching 9.5 billion metric tons in global primary crop commodity production in 2021. Hence, the burgeoning agricultural activities drive the growth of the solar water pump systems market.

Technological advancements take center stage as a prominent trend in the solar water pump systems market. Companies within this sector are innovating to enhance the operational efficiency of both solar panels and water pump systems. For instance, in April 2022, Shakthi Pumps Limited, an India-based developer of water pumps and motors, secured a patent for a unidirectional solar water pump equipped with a grid-tied power generation system. This cutting-edge technology ensures superior performance by optimizing panel usage and generating surplus power for grid integration.

Leading companies in the solar water pump systems sector are focusing on innovative products such as solar pump controllers to address the growing demand for sustainable water pumping solutions. Solar pump controllers and Remote Monitoring Units (RMUs) are crucial components enhancing the performance and monitoring of these systems. In January 2022, GautamSolar Pvt. Ltd. unveiled enhanced versions of solar pump controllers and RMUs, designed for 1–10 HP solar pumps. These updates incorporate variable frequency drives, MPPT technology, remote monitoring, and protection devices, aiming to improve efficiency and monitoring while catering to diverse user expertise levels.

In October 2023, Maharashtra State Electricity Distribution Company Limited (MSEDCL), an Indian electric power distribution company, forged a partnership with Shakti Pumps India Limited. This collaboration aims to deploy 50,000 off-grid solar photovoltaic water pumping systems across Maharashtra, aligning with the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan's objectives to promote solar energy usage in the agricultural sector.

Major companies operating in the solar water pump systems market report are Tata Power Company Limited, Wilo SE, Advanced Power Inc., Jain Irrigation Systems Ltd., Ginlong Technology Co. Ltd., SunEdison Inc., Crompton Greaves Consumer Electricals Limited, Sunmotor International Ltd., KSB Limited, Lorentz Group Ltd., Mahindra Shakti Pumps Limited, Lubi Electronics, C.R.I. Pumps Private Limited, Solahart Industries Pty Ltd., Rainbow Power Company Ltd., Shakti Pumps India Ltd., Bernt Lorentz GmbH, CNP Pumps India Pvt. Ltd., Greenmax Technology, Solar Power & Pump Company LLC, SunCulture, Bright Solar Limited, American West Windmill and Solar Company, Wenling Jintai Pump Factory Limited, Grundfos Pumps India Pvt. Ltd., Kirloskar Brothers Limited, Solariver Co. Ltd., SunPumps Inc., Zhejiang Feili Pump Co. Ltd.

Asia-Pacific was the largest region in the solar water pump systems market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the solar water pump systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar water pump systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Solar water pump systems encompass various types such as surface pumps, submersible pumps, and other specialized pump variations. Surface pump systems are tailored to extract water from sources such as ponds, tanks, shallow wells, and springs. These systems come in different power ratings: below 3 HP, 3 HP to 10 HP, and above 10 HP. Moreover, they feature diverse drive types, including AC motor-powered and DC motor-powered solar water pumps. These water pump systems cater to a wide array of end-users spanning agriculture, residential, commercial, and industrial sectors, addressing their varied water pumping needs.

The solar water pump systems market research report is one of a series of new reports that provides solar water pump systems market statistics, including solar water pump systems industry, global solar water pump systems market size, regional shares, competitors with a solar water pump systems market share, detailed solar water pump systems market segments, market trends and opportunities, and any further data you may need to thrive in the solar water pump systems industry. This solar water pump systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solar water pump systems market consists of sales of pump, controller, solar panels. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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