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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Solar Water Pumps Market Outlook
The global solar water pumps market is supported by the growth of the solar pumps market, which attained a value of USD 1.60 billion in 2023. The solar pumps market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 10.5%.
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The Asia Pacific to be one of the Leading Regional Markets for Solar Water Pumps
The Asia Pacific is one of the leading regional markets for solar water pumps. India, China, Bangladesh, Japan, and Indonesia are the significant markets within the region. The market in the Asia Pacific is expected to be driven by 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 solar 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. Meanwhile, the Middle East and Africa is also expected to be a significant market due to the high penetration of sunlight and investments by the governments in the region, encouraging the use of solar water pumps for irrigation.
Market Segmentation
Solar water pumps are water pumps that run on electricity generated either by thermal energy or by utilising the collected sunlight via photovoltaic panels rather than being run on diesel or grid electricity. The photovoltaic cells convert the solar power into electricity, which is then used for operating the motor pump. They are environmentally friendly and are cost-effective as they are not dependent on fuel sources.
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Based on types, the market can be divided into:
- Surface Pump
- Submersible Pump
- Screw Pump
- Centrifugal Pump
- Floating Pump
By current, the market can be bifurcated into:
- AC Pumps
- DC Pumps
The market can be broadly categorised based on its applications into:
- Agriculture
- Drinking Water
- Others
The EMR report looks into the regional markets of solar water pumps like North America, Europe, Latin America, the Asia Pacific, and the Middle East and Africa.
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Rising Environmental Consciousness and the Need to Reduce the Reliance on Fuel Sources to Drive the Market Growth of Solar Water Pumps
The rising adoption of solar water pumps in areas lacking access to grid electricity is driving the solar water pumps market forward. For instance, farmers in India are increasingly adopting solar pumps for irrigation due to unscheduled power cuts, with support from the government in the form of subsidies. Such measures to support the adoption of solar pumps, combined with stringent government regulations against carbon emissions are contributing to the market expansion. Numerous benefits offered by solar water pumps, like higher efficiency, cost-effectiveness, easy maintenance, long operating life, environmental-friendly, and less dependency on fuels, are accelerating the market development. The expanding agricultural activities to meet the increasing food demand and the need for a clean and fresh source of water are leading to the use of solar water pumps for irrigation purposes. Over the forecast period, the reduction in the prices of photovoltaic modules and the innovations in controller technology are expected to further propel the market for solar water pumps forward.
Key Players in the Global Market for Solar Water Pumps
The report gives a detailed analysis of the following key players in the global solar water pumps market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Lorentz
- Tata Power Solar Systems Ltd.
- Bright Solar Limited
- Rainbow Power Co., Ltd.
- Grundfos
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Current |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of approximately USD 1.60 billion.
The market is projected to grow at a CAGR of 10.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 3.95 billion by 2032.
The major drivers of the market include favourable incentives by various governments for the implementation of solar water pumps combined with stringent government regulations against carbon emissions.
The rising adoption of solar water pumps in areas lacking access to grid electricity and increasing agricultural investments are expected to be key trends guiding the growth of the market.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with Asia Pacific accounting for the largest share in the market.
The types of solar water pumps available are surface pump, submersible pump, and floating pump. Submersible pumps are further divided into screw pump and centrifugal pump.
Solar water pumps find applications in agriculture, and drinking water, amongst others.
Solar water pumps can be divided based on current into AC pumps and DC pumps.
The leading players in this market are Lorentz, Tata Power Solar Systems Ltd., Bright Solar Limited, Rainbow Power Co., Ltd., and Grundfos Holdings A/S, amongst others.
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