The solar water pump systems market has seen rapid growth, with the market size expected to rise from $1.52 billion in 2023 to $1.71 billion in 2024, reflecting a CAGR of 12.1%. This growth is attributed to rural electrification initiatives, off-grid and remote area applications, water scarcity concerns, government incentives, and environmental sustainability. The market is expected to continue growing rapidly, reaching $2.69 billion by 2028, with a CAGR of 12.1%. Future growth drivers include a focus on sustainable agriculture, climate change resilience, rising energy costs, expansion of water-intensive industries, and renewable energy targets. Major trends include government incentives for solar pump adoption, direct current (DC) solar pumps, modular pump designs, water conservation integration, and R&D collaborations.
Major Driver In The Solar Water Pump Systems Market
The growth of the solar water pump systems market is driven by favorable government incentives for their installation. Governments worldwide are actively promoting solar water pumps as an alternative to mitigate the rising costs of diesel and the instability of electricity. Incentives and subsidies provided by governments aim to reduce dependence on conventional electricity sources and lower operational costs in the long term. For instance, the Indian government, through the Ministry of New and Renewable Energy (MNRE), has invited bids for 50 innovative solar pumps under the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyaan (PM-KUSUM) program. This initiative aims to install 20 lakh standalone solar pumps rated at 7.5 HP by 2025-2026, with a substantial 60% government subsidy on the total installation cost. The favorable government incentives for solar water pumps are expected to drive market growth, evident in 2023 and continuing through 2024 and 2028.
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Solar Water Pump Systems Market Competitive Landscape
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.
Key Solar Water Pump Systems Market Trend
Technological advancement is a key trend gaining popularity in the solar water pump systems market. The companies operating in the solar water pump systems market are developing innovative technologies to increase the operational efficiency of solar panels and water pump systems. For instance, in April 2022, Shakthi Pumps Limited, an India-based developer of water pumps and motors, received a patent for a unidirectional solar water pump with a grid-tied power generation system. The new technology ensures efficient performance by utilizing panels and generating extra power to feed the grid.
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Solar Water Pump Systems Market Segmentation
The solar water pump system market covered in this report is segmented –
1) By Type: Surface Pump, Submersible Pump, Other Pump Types
2) By Power Rating: Below 3HP , 3HP to 10 HP , Above 10 HP
3) By Drive Type: AC Motor Powered Solar Water Pumps, DC Motor Powered Solar Water Pumps
4) By End-User: Agriculture, Residential, Commercial, Industrial
By Geography:The regions 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.
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 Solar Water Pump Systems Global Market Report 2024 furnishes information about the global solar water pump systems market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
