The global solar pumps market size reached US$ 2.6 Billion in 2023. Looking forward, the market is projected to reach US$ 4.9 Billion by 2032, exhibiting a growth rate (CAGR) of 7.30% during 2023-2032. Rising environmental consciousness, the widespread product usage in the agricultural and allied sectors, and extensive research and development (R&D) activities for introducing more effective product variants represent some of the key factors driving the market.
Solar pumps are devices driven by the electricity generated from the photovoltaic (PV) panels. They also operate by converting radiant heat produced from the accumulated sun rays (photons). They usually create the direct current (DC) that enables the motor to pump water, and it further generates alternating current when the inverter is being utilized to operate the machine. As compared to conventional water pumps, they are more eco-friendly, flexible, easier to install, consistent, economical, simple to maintain, and offer superior reliability at minimal operational expenses.
Apart from this, solar pumps do not require electricity to perform, increase productivity by saving time, minimize the labor requirements and the need for external power, and offer longer operating life. As a result, solar pumps are extensively used in several agricultural, water management, and household applications. At present, they are commercially available in varying product variants and capacities.
Furthermore, the shifting consumer inclination towards clean, renewable energy sources has further encouraged regulatory bodies to subsidies solar energy usage across multiple industrial and residential infrastructures, which is acting as another growth-inducing factor. In line with this, the growing electrification in rural areas and the fueling water need for deep well plumbing and livestock watering applications have intensified the uptake of solar pumps in remote locations to draw water from reservoirs while ensuring minimum wastage. This, in turn, is contributing to the market growth. Other factors, such as the recent development of advanced solar pumps by key players through strategic collaborations and the increasing awareness regarding their benefits, are creating a positive outlook for the market.
2. What is the expected growth rate of the global solar pumps market during 2024-2032?
3. What are the key factors driving the global solar pumps market?
4. What has been the impact of COVID-19 on the global solar pumps market?
5. What is the breakup of the global solar pumps market based on the type?
6. What is the breakup of the global solar pumps market based on the capacity?
7. What is the breakup of the global solar pumps market based on the application?
8. What are the key regions in the global solar pumps market?
9. Who are the key players/companies in the global solar pumps market?
Solar pumps are devices driven by the electricity generated from the photovoltaic (PV) panels. They also operate by converting radiant heat produced from the accumulated sun rays (photons). They usually create the direct current (DC) that enables the motor to pump water, and it further generates alternating current when the inverter is being utilized to operate the machine. As compared to conventional water pumps, they are more eco-friendly, flexible, easier to install, consistent, economical, simple to maintain, and offer superior reliability at minimal operational expenses.
Apart from this, solar pumps do not require electricity to perform, increase productivity by saving time, minimize the labor requirements and the need for external power, and offer longer operating life. As a result, solar pumps are extensively used in several agricultural, water management, and household applications. At present, they are commercially available in varying product variants and capacities.
Solar Pumps Market Trends
The significant enhancements in the agriculture sector, along with the increasing need for water management supply solutions for crop irrigation and community water distribution, are some of the prime factors driving the market toward growth. Additionally, the escalating environmental concerns and the rising consumer awareness regarding the detrimental effects of using non-renewable resources are facilitating product demand in the market growth. This is further attributed to the enforcement of stringent green regulations by governments to minimize the reliance on fossil fuels, such as coal, and diesel and reduce greenhouse gas (GHG) emissions.Furthermore, the shifting consumer inclination towards clean, renewable energy sources has further encouraged regulatory bodies to subsidies solar energy usage across multiple industrial and residential infrastructures, which is acting as another growth-inducing factor. In line with this, the growing electrification in rural areas and the fueling water need for deep well plumbing and livestock watering applications have intensified the uptake of solar pumps in remote locations to draw water from reservoirs while ensuring minimum wastage. This, in turn, is contributing to the market growth. Other factors, such as the recent development of advanced solar pumps by key players through strategic collaborations and the increasing awareness regarding their benefits, are creating a positive outlook for the market.
Key Market Segmentation
This report provides an analysis of the key trends in each segment of the global solar pumps market, along with forecasts at the global, regional, and country level from 2024-2032. The report has categorized the market based on type, capacity and application.Type Insights:
- Submersible
- Alternating current (AC)
- Direct current (DC))
- Surface
- Alternating current (AC)
- Direct current (DC))
- Floating
Capacity Insights:
- Below 4HP
- 4-6 HP
- 6-8 HP
- Above 8 HP
Application Insights:
- Agriculture
- Water Treatment
- Others
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The report has also provided a comprehensive analysis of the competitive landscape in the global solar pumps market. Detailed profiles of all major companies have also been provided. Some of the companies covered includes Alpex Solar Pvt. Ltd., Aquasub Engineering, Bright Solar Limited, C.R.I. Pumps Private Limited, Crompton Greaves Consumer Electricals Limited, Duke Plasto Technique Private Limited, KSB SE & Co. KGaA, Oswal Pumps Ltd., Rainbow Power Company Ltd., SAMKING Solar Pump, Shakti Pumps India Limited, Solar Power & Pump Company LLC, Tata Power Solar Systems Limited, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.Key Questions Answered in This Report
1. What was the size of the global solar pumps market in 2023?2. What is the expected growth rate of the global solar pumps market during 2024-2032?
3. What are the key factors driving the global solar pumps market?
4. What has been the impact of COVID-19 on the global solar pumps market?
5. What is the breakup of the global solar pumps market based on the type?
6. What is the breakup of the global solar pumps market based on the capacity?
7. What is the breakup of the global solar pumps market based on the application?
8. What are the key regions in the global solar pumps market?
9. Who are the key players/companies in the global solar pumps market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Solar Pumps Market
6 Market Breakup by Type
7 Market Breakup by Capacity
8 Market Breakup by Application
9 Market Breakup by Region
10 Drivers, Restraints, and Opportunities
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Alpex Solar Pvt. Ltd.
- Aquasub Engineering
- Bright Solar Limited
- C.R.I. Pumps Private Limited
- Crompton Greaves Consumer Electricals Limited
- Duke Plasto Technique Private Limited
- KSB SE & Co. KGaA
- Oswal Pumps Ltd.
- Rainbow Power Company Ltd.
- SAMKING Solar Pump
- Shakti Pumps India Limited
- Solar Power & Pump Company LLC
- Tata Power Solar Systems Limited
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 137 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 2.6 Billion |
| Forecasted Market Value ( USD | $ 4.9 Billion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 13 |
