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Growing Demand Solar Pump Market for clean and sustainable energy sources is driving the growth at a CAGR of 6.98% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global solar pump market” that contains the information from 2019 to 2032. The Solar pump Market is estimated to register a CAGR of 6.98% during the forecast period of 2023 to 2032.


MRFR recognizes the following companies as the key players in the Global solar pump market market— as Shakti Pumps, Waaree Energies Ltd, Bright Solar Limited, LORENTZ, Grundfos, and Crompton


Market Highlights


The Global solar pump market is accounted for to register a CAGR of 6.98% during the forecast period and is estimated to reach USD 5,220.51 million by 2032.


Solar water pumps are systems that use photovoltaic (PV) panels to convert sunlight into electricity to power a pump to draw water from a source such as groundwater, river, lake or well. These systems are a clean, sustainable, and economical alternative to conventional pumps run on grid electricity or diesel generators. Solar water pumps have several advantages over traditional water pumps powered by fossil fuels or grid electricity. They are more environmentally friendly, as they do not produce any emissions. They are also more reliable, as they are not affected by power outages or fuel shortages. Additionally, solar water pumps can be used in remote areas where there is no access to grid electricity.


The market is being driven by the increasing demand for clean and sustainable energy sources, the rising cost of conventional energy, and the growing need for water in agriculture and other sectors. Solar water pumps are used in a variety of applications, including irrigation, livestock watering, drinking water supply, and industrial water treatment. The agricultural sector is the largest end-user of solar water pumps, accounting 57% of the market share. This is due to the increasing demand for irrigation water to meet the growing food demand. Growing demand for irrigation water in agriculture: Solar water pumps are a clean and efficient way to pump water for irrigation, and their use is expected to increase as agricultural production grows. Governments and businesses around the world are increasingly focused on reducing their reliance on fossil fuels and increasing their use of renewable energy sources. Solar water pumps are a renewable energy source that can be used to pump water for a variety of applications. The Government of India has set an ambitious target to install 500 GW of non-fossil fuel-based energy capacity by 2030. A significant proportion of this target is expected to be met by solar pow­er installations. While utility-scale solar po­w­er projects have grown rapidly, the distributed solar segment has seen a relatively slower pace of growth.


Agriculture is the largest application for solar water pumps, accounting for 57% of the market. Solar water pumps are used to pump water from wells, boreholes, or other water sources to irrigate crops in areas where there is no access to grid electricity or where grid electricity is unreliable.


Access full report @ https://www.marketresearchfuture.com/reports/solar-water-pumps-market-3980


Segment Analysis


The Global solar pump market has been segmented based on product type, motor type, Power Rating, phase, and application.


Based on the product type, the global solar water pump market has been bifurcated into Submersible Pump and Surface Pump. Among these, submersible pump is projected to dominate the Global solar pump market revenue through the projected period as estimated by MRFR analysts. Submersible solar pump systems are predominantly employed for irrigation and potable water supply. The oil and gas sector are also embracing these pumps for chemical injection, benefiting from their eco-friendly nature as they do not release greenhouse gases, thus fostering the growth of solar power pump systems. The increased demand for submersible solar pumps can be attributed to their superior efficiency, productivity, and cost-effectiveness in terms of maintenance, making them a preferred choice over surface pumps. Anticipated demand for submersible solar pumps is poised to grow throughout the projection period, driven by the escalating need for more efficient pumping solutions, especially in emerging economies.


Based on motor type, the solar pump market has been segmented into DC pumps and AC pumps. Solar pump is used to melt iron in the cupola furnace of iron foundries. AC motor-driven solar water pumps are known for their energy efficiency. They can convert solar energy into electricity more effectively and are capable of pumping water with minimal energy wastage. This is particularly important in regions with limited access to grid power. AC motor-driven solar water pumps can be used for a wide range of applications, including irrigation, livestock watering, domestic water supply, and more. Their versatility makes them attractive to a broad customer base. AC motors are well-established and widely used in various applications, including water pumps. They are known for their reliability and durability, making them a preferred choice for many users. As a result of these factors, the demand for AC motor-driven solar water pumps is expected to continue growing as more individuals, farmers, and businesses seek sustainable and cost-effective water pumping solutions while reducing their carbon footprint.


Based on the power rating, the global solar water pump market has been bifurcated into Up to 5 HP, 5 HP – 10 HP, 10 HP – 20 HP and More than 20 HP. Up to 5 HP solar pumps has garnered highest market share. 5HP solar water pump is a popular choice for a variety of applications, including irrigation, livestock watering, and domestic use. 5HP solar water pumps are typically used to lift water from wells or boreholes. They are a cost-effective and environmentally friendly alternative to traditional diesel-powered water pumps. It is much cheaper than other power ratings and provides maximum suction head. A 5HP (Horsepower) solar water pump has a power rating of approximately 3.73 kilowatts (kW). This makes it suitable for pumping a substantial volume of water, typically ranging from 15,000 to 30,000 liters per hour, depending on factors such as the pump's efficiency and the solar panels' capacity.


Based on the phase, the global solar water pump market has been bifurcated into Single and three phase Pump. Single phase pump has acquired major share in the market. The demand for single-phase solar water pumps is expected to grow in the coming years, driven by several factors, including the increasing cost of grid electricity, the decreasing cost of solar panels, and the growing popularity of sustainable energy solutions. They are typically powered by a single-phase inverter, which converts the direct current (DC) output of the solar panels to alternating current (AC) that can be used to run the pump.


Based on the application, the global solar water pump market has been bifurcated into Agriculture, Water Treatment, and others. The dominant market share in the solar water pump industry is expected to be held by the agriculture application, primarily due to the widespread adoption of solar pumps in this sector. In India, approximately 40% of the workforce relies on the agriculture sector, irrigation is of utmost importance. Solar water pumps are extensively used in agriculture to manage water and electricity supply, thereby enhancing groundwater management.


Regional Analysis


By region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the Asia Pacific emerged as the leading and the fastest-growing region for Solar pump market. The market in Asia-Pacific has been divided into China, Japan, India, South Korea, Malaysia, Indonesia, Australia & New Zealand, and the Rest of Asia-Pacific. The Asia-Pacific market dominated the global solar pump market and is expected to show a similar growth trend during the forecast period. Countries such as China, India, Bangladesh, and Pakistan in this region boast significant agricultural sectors and abundant solar energy resources. One of the key factors contributing to this growth is the insufficient power generation capacity and grid infrastructure for irrigation and community water supply in the region, creating favorable conditions for the adoption of solar water pumps in place of conventional pumps.


The North American market has been further divided into the US and Canada, while the European market has been segmented into Germany, the UK, Russia, France, Spain, Italy, and the rest of Europe. The United States is a leader in the development and adoption of solar technologies. The country also has a large agricultural sector, which is a major driver of demand for solar water pumps. The growth of the market in North America is attributed to supportive government policies, increasing solar energy adoption, and growing agriculture sector. Because of the growing need for renewable energy sources, particularly within the agricultural industry, the United States stands as a pivotal market for solar pumping systems in North America.


The South American market has been further categorized as Brazil, Mexico, Argentina, and the rest of Latin America, while the market in the Middle East & Africa has been segmented into Turkey, Saudi Arabia, the UAE, Egypt, South Africa, and the Rest of the Middle East & Africa. Agriculture is a major industry in many South American countries, and there is a growing demand for irrigation water to meet the needs of this sector. Solar water pumps are a cost-effective and sustainable solution for providing irrigation water, as they do not require grid electricity. Governments in South America are increasingly supporting the adoption of solar water pumps through subsidies and other incentives.


Key Findings of the Study



  • The Global solar pump market is expected to reach USD 5,220.51 million by 2032, at a CAGR of 6.98% during the forecast period.

  • The North America region accounted for the fastest growth in the global market.

  • Based on product Type, the submersible pumps segment was attributed to holding the largest market in 2022.

  • Based on motor type, the AC pumps segment was attributed to holding the largest market in 2022.

  • Based on power rating, up to 5 HP pumps has garnered major market share.

  • Based on phase, single phase was attributed to holding the largest market in 2022.

  • Based on Application, the agriculture segment was attributed to holding the largest market in 2022.

  • Shakti Pumps, Waaree Energies Ltd, Bright Solar Limited, LORENTZ, Grundfos, and Crompton are the key market players.

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