What Has Been The Historical And Current Growth Of The Solar Water Pump Systems Market?
The solar water pump systems market has seen considerable growth due to a variety of factors.
• Recent years have seen a swift expansion in the market of solar water pump systems. The market size, which stands at $1.69 billion in 2024, is expected to increase to $1.89 billion in 2025, with a compound annual growth rate (CAGR) of 11.8%.
The historical growth in this market is as a result of rural electrification drives, applications in off-grid and remote areas, concerns about water shortage, as well as government incentives and subsidies, and emphasis on environmental sustainability.
What Can Be Expected from the Solar Water Pump Systems Market in the Coming Years?
The solar water pump systems market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of solar water pump systems is predicted to experience a sharp increase. The projection shows it will rise to $3.02 billion by 2029, with a compound annual growth rate (CAGR) of 12.4%.
Factors influencing this growth during the forecast period include a strengthened emphasis on sustainable agriculture, resilience to climate change, fluctuating energy prices, the growth of water-intensive industries, and governmental renewable energy goals. The key trends to note during this prediction period involve governmental incentives and grants for adopting solar pumps, a shift towards DC solar pumps, an emphasis on modular and portable pump designs, the integration of water conservation and precision irrigation, and partnerships for research and development.
What Are The Primary Growth Drivers In The Solar Water Pump Systems Market?
The growth of the solar water pump systems market is being fueled by advantageous government incentives for their installation. Increased focus on solar-powered water pumps has been noted globally, as governments initiate efforts to combat the soaring prices of diesel and unpredictable electricity supply. Such initiatives aim to lessen the reliance on other electricity forms while curbing operational costs over time. For example, the Ministry of New and Renewable Energy (MNRE) has issued a call for innovators to showcase their concepts under an Expression of Interest (EoI). Through the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyaan (PM-KUSUM) initiative, MNRE aims to encourage the setup of 50 unique solar pumps. Additionally, they plan to back the establishment of 20 lakh standalone solar pumps rated at 7.5 HP by 2025-2026. Products need to embody innovation and have been practically tested for approval. The Indian government enacted the PM-KUSUM scheme to facilitate the installation of off-grid solar pumps in rural regions, to decrease the villages' grid dependency. The government offers a subsidy that covers 60% of the total installation cost under this scheme. Thus, the constructive governmental incentives for solar water pump installation are significantly contributing to the expansion of the solar water pump systems market.
How Is the Solar Water Pump Systems Market segmented?
The solar water pump systems 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
Subsegments:
1) By Surface Pump: Centrifugal Surface Pumps, Positive Displacement Surface Pumps, Diaphragm Surface Pumps
2) By Submersible Pump: Borewell Submersible Pumps, Open Well Submersible Pumps, Pressure Submersible Pumps
3) By Other Pump Types: Solar-Driven Water Pumps, Hybrid Water Pumps, Solar Irrigation Pumps
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What New Trends Are Influencing the Solar Water Pump Systems Market?
The continued evolution of technology is a major trend being observed in the solar water pump systems market. Firms active in this sector are focused on creating cutting-edge tech to enhance the efficiency of solar panels and water pump systems. An example of this occurred in April 2022, when Shakthi Pumps Limited, an Indian company that creates water pumps and motors, was awarded a patent for its unique, unidirectional solar water pump paired with a grid-tied power generation system. This advanced innovation optimizes performance by effectively using panels and generating additional power for the grid.
Who Are the Key Players in the Solar Water Pump Systems Market?
Major companies operating in the solar water pump systems market include:
• Tata Power Company Limited
• Wilo SE
• Advanced Power Inc.
• Jain Irrigation Systems Ltd.
• 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
• 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.
What Is The Most Dominant Region In The Solar Water Pump Systems Market?
Asia-Pacific was the largest region in the solar water pump systems market in 2024, 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.
