Solar Water Pump Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Solar Water Pump Market Analysis
The solar water pump systems market is expected to register a CAGR of more than 5% during the forecast period, 2022-2027. The COVID-19 outbreak in Q1 of 2020 was moderately impacted, thus resulting in disruptions of importing solar cells and modules from Chinese companies. Factors such as increasing demand for clean energy pump systems and the supportive government incentives and tax rebates over the installation of solar water pump systems are expected to drive the market during the forecast period. However, the high installation costs and the limited specialized service personnel are restraining the market's growth.
- The submersible pump type segment, designed to pump water from deeper wells, where surface pumps cannot be used, is expected to drive the market during the forecast period.
- Powering Agriculture: An Energy Grand Challenge for Development (PAEGC) program aims to identify and support the development and deployment of clean energy solutions for increasing agriculture productivity in developing countries. The program is expected to create opportunities for the market studied.
- Asia-Pacific holds the largest market share and is also expected to be the fastest-growing region, owing to the massive increase in solar water pump system installations in countries like China and India.
Solar Water Pump Market Trends
This section covers the major market trends shaping the Solar Water Pump Systems Market according to our research experts:
Submersible Pump Type Segment to Dominate the Market
- Submersible pumps are located deep below the ground level, and their suction head is beyond 10 meters deep. Hence, it can lift water from significantly deeper sources. Government subsidies to farmers and solar pump manufacturers, especially in emerging economies of Asia-Pacific, are expected to drive the solar water pump systems market in the forecast period.
- Irrigation is a major application area for solar pumps in India. This makes India a land of huge market opportunities for solar submersible pumps. The Indian government had set ambitious targets for expanding the country's renewable energy generating capacity. In 2010, the country launched the Jawaharlal Nehru National (JNN) Solar Mission.
- The Ministry of New and Renewable Energy (MNRE), India, outlined the Solar Pumping Program for irrigation and drinking water, which sought to promote the adoption of solar pumps over the next five years. Due to such government support, the submersible pumps market in India is expected to provide ample opportunities for pump manufacturers during the forecast period.
- Moreover, the submersible solar pump systems are used majorly for irrigation and supply of potable water. The oil and gas sector is also embracing these pumps for chemical injection, as these pumps do not emit greenhouse gases, hence promulgating the growth of solar power pump systems.
- In March 2021, the Indian government inaugurated a 41 HP (50 KW) solar submersible carbon-neutral pump at Latoo, Kargil. The pump has a water lifting capacity at a direct head range of 130-160 meters that discharges water at 54 cubic meters per hour.
- Therefore, based on the mentioned factors above, the submersible pump type segment is expected to dominate the solar water pump systems market during the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominated the global market share and emerged as one of the largest solar pump markets. With inadequate power generation capacity and grid infrastructure for irrigation and community water supply facilities, solar water pumps have a good chance of replacing conventional pumps.
- The number of solar pumps in India has been increasing since the Jawaharlal Nehru National Solar Mission scheme started in 2014, with about 130,000 pumps installed. In February 2019, Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) Scheme was launched by the Ministry of New and Renewable Energy (MNRE) for setting up subsidized solar pumps and distributed solar power plants across the country. It is one of the biggest initiatives in the world to provide clean energy to more than 3.5 million farmers across India.
- The increasing power demand and need for drinking safe water have led to the deployment of solar water pumps in Bangladesh. Infrastructure Development Company Ltd (IDCOL), a financing company in Bangladesh, tried and tested the ownership model. The company uses micro-finance to enhance rural households' ability to afford capital-intensive solar home systems.
- Moreover, increasing awareness of the potential benefits of this technology has compelled several countries to accelerate the deployment of solar water pumps, with Bangladesh setting a target of 50,000 solar pumps by 2025.
- The PM-KUSUM scheme's Component B also aims to install 1.75 million standalone solar-powered agriculture pumps of individual capacity up to 7.5 HP by 2022, which is expected to drive the market in the Asia-Pacific region.
- Therefore, with various government initiatives launched by the countries like China and India, the Asia-Pacific region is expected to dominate the solar water pump systems market during the forecast period.
Solar Water Pump Industry Overview
The Solar Water Pump Systems Market is moderately fragmented. The key players in the market include Bright Solar Limited, C.R.I. Pumps Private Limited, KSB Limited, Shakti Pumps (India) Ltd, and Tata Power Company Limited.
Solar Water Pump Market Leaders
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KSB Limited
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Shakti Pumps (India) Limited
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Tata Power Company Limited
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Bright Solar Limited
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C.R.I. Pumps Private Limited
*Disclaimer: Major Players sorted in no particular order
Solar Water Pump Market News
- In January 2021, Energy Efficiency Services Limited (EESL) had invited bids to set up an aggregate of 317,975 quantities of 1-10 HP solar pumps across India under Component-B of the Kisan Urja Suraksha Evam Utthan Mahaabhiyan (KUSUM) rural solar scheme. The program's Component-B aims to assist farmers in installing standalone solar agriculture pumps to replace diesel-powered pumps.
- In January 2022, Gautam Solar has launched new solar pump controllers and remote monitoring units for solar PV systems. The solar pump controllers have homegrown Variable Frequency Drives and Remote Monitoring Units tuned for 1 - 10 HP of solar pumps (DC / AC and Surface / Submersible).
Solar Water Pump Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Pump Type
5.1.1 Surface Pump
5.1.2 Submersible Pump
5.1.3 Other Pump Types
5.2 Application
5.2.1 Agriculture
5.2.2 Drinking Water Supply
5.2.3 Other Applications
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Advanced Power Inc.
6.3.2 Bright Solar Limited
6.3.3 C.R.I. Pumps Private Limited
6.3.4 Kirloskar Brothers Limited
6.3.5 KSB Limited
6.3.6 Bernt Lorentz GmbH
6.3.7 Shakti Pumps (India) Ltd
6.3.8 Tata Power Company Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Solar Water Pump Industry Segmentation
The solar water pump systems market report includes:
| Pump Type | |
| Surface Pump | |
| Submersible Pump | |
| Other Pump Types |
| Application | |
| Agriculture | |
| Drinking Water Supply | |
| Other Applications |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Solar Water Pump Market Research FAQs
What is the current Solar Water Pump Systems Market size?
The Solar Water Pump Systems Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Solar Water Pump Systems Market?
KSB Limited, Shakti Pumps (India) Limited, Tata Power Company Limited, Bright Solar Limited and C.R.I. Pumps Private Limited are the major companies operating in the Solar Water Pump Systems Market.
Which is the fastest growing region in Solar Water Pump Systems Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Solar Water Pump Systems Market?
In 2024, the Asia Pacific accounts for the largest market share in Solar Water Pump Systems Market.
What years does this Solar Water Pump Systems Market cover?
The report covers the Solar Water Pump Systems Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Solar Water Pump Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Solar Water Pumps Industry Report
Statistics for the 2024 Solar Water Pumps market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Solar Water Pumps analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
