Solar Water Pumps Market share is projected to exceed USD 2,873.9 Million by 2030, growing at a CAGR of 9.50% during the forecast period.
Solar Water Pumps Market size is estimated to grow at a CAGR of 9.50% to reach USD 2,873.9 Million during the forecast period 2022-2030.
Submersible solar water pumps are located deep below the ground level. Adding to the depth, its suction head is beyond 10 meters deep. Hence, it can lift water from significantly deeper groundwater resources. Agriculture is a volatile and weather-dependent activity and hence, government subsidies to farmers and solar pump manufacturers should be increased, especially in emerging economies. Solar pump systems have major contributions to irrigation and the supply of potable water. The oil and gas sector conducts activities that embrace these pumps for chemical injection. The solar water pumps do not emit greenhouse gases.
Irrigation is a major activity for more than half of the population and application area for solar pumps in India. This makes India reflect opportunities of becoming a land of huge market opportunities for solar submersible pumps. The Indian government has been setting ambitious targets for expanding the country’s renewable energy generating capacity. In 2010, the Jawaharlal Nehru National (JNN) Solar Mission was launched.
Solar pumps are exceptional as they pump water through energy produced by sunlight. The solar pumps are essential in rural or undeveloped areas that have no electric grid infrastructure. There is a wide range of solar pumps for various operations. The solar pumps are designed to use DC electric power through photovoltaic modules. The variation in solar pumps is pool pumps. Transfer pumps, circular pumps and irrigation pumps are some of the crucial types of solar water pumps.
Solar pumps are alternative clean and renewable pumps for windmills and fuel generators. The solar water pumps are used for water extraction purposes. Sometimes the pumps are used for groundwater extraction of 10 meters depth. During this process, there is a high requirement for electricity. However, the powering required for this pump is available through solar energy. The use of solar water pumps is rising in urban areas. The energy efficiency and cost efficiency features increase the need for solar pumps in developed regions.
The covid 19 solar water pumps market trends shows a decrease. The factors responsible for the decrease are fewer investments and economic fluctuations. Due to covid 19, the demand and supply chain of the solar water pumps market is severely affected. The price reduction is another covid effect on this market.
The slowdown of mining, groundwater extraction and treatment is adversely affecting the demand for solar water pumps. Furthermore, the possibilities of newer wave of covid will lead to lockdowns and market shut down for the solar water pump industry. Also, the raw materials price is increasing that disturbs the manufacturing process of solar water pumps. Ultimately, all these factors are declining the demand and growth rate of solar pumps.
There is plenty of competition in the solar water pumps market. The demand for clean and energy is driving more key players towards this market. Also, there is going to be massive market expansion measures during the forecast period. Technological advancements will be a crucial part of market growth.
The key players of the solar water pumps market are
The regional spaces in the Asia Pacific regions have been witnessing a major pump for solar water pump activities. The Ministry of New and Renewable Energy (MNRE) in India, has outlined the Solar Pumping Program for irrigation and drinking water. The plant plays a major role in the promotion of adopting solar pumps over the next five years. The government support is rising and because of the same, the submersible pumps market activities in India will help in providing ample opportunities for pump manufacturers. Also, there has been an increasing power need that goes along with the need for drinking safe water. It has led to the deployment of solar water pumps in other Asia Pacific regions like Bangladesh. Some financing companies in the region like Infrastructure Development Company Ltd (IDCOL), have tried and tested the ownership model. It uses micro-finance to enhance rural households' ability to afford capital-intensive solar home systems.
The investment for infrastructural developments is the major demand driving factor of the market. During the next decade, the infrastructure is growing at an exponential rate. Countries such as China, Japan, Indonesia, China and Asia Pacific regions are the largest investors in infrastructural developments. These countries are spending more on these development projects. Increasing infrastructure enhances water extraction. Especially, these developments are happening in rural and undeveloped regions. It ultimately changes solar water pumps market outlook in the forecast period.
Today, many governments are supporting the generation of clean and renewable energy. As part of the governmental initiative, water storage, water extraction and water recycling are crucial measures. The environmental organisations are approaching the government to invest more in energy-efficient solar-water pumps. This support by the government is also another demand driving factor of the solar water pumps market.
The adoption of renewable energy technologies such as solar water pumps will rise in the upcoming years. Further, there is high inclination towards affordable and clean energy. Many end users are attracted to technologies that use clean and cost-efficient energy alternatives. Therefore, the use of solar water pumps will grow in the construction and industrial sectors. All these crucial drives will enhance the demand and profitability of the market.
The increasing rate of urbanisation provides solar water pumps market growth opportunities. The growth of urbanisation will lead to water and water treatment measures. The development is expected to raise the use of solar water pumps in the forecast period. Urbanisation will play a key role in the solar water pumps market expansion.
The growing population in urban areas requires energy-efficient water pumps for a constant water supply. The use of solar pumps in the urban area will be high in the upcoming years. Also, solar water pumps are crucial in the agricultural sector. The agricultural sector has a high demand for irrigation equipment. Solar water pumps are an exceptional technology in rural and agricultural lands. Also, it is a pump that can work without electric grid infrastructure. Therefore, the adoption of solar water pumps in the agricultural sector will create remarkable growth opportunities.
The installation of solar water pumps is a serious restraint in this market. There are plenty of complications involved in installing solar water pumps. The cost of installation affects the entire cost efficiency advantages of this market. Most solar water pumps are prevalent in rural areas. The rural areas do not have proper electrical grid infrastructure. The land required and solar energy required is high. This makes the installation of solar water pumps costly. To generate high solar energy vast land is required. After the installation of solar panels, the land cannot be used for any other operations. These are the restraints that can hamper market growth.
There is high competition in the solar water pumps industry. Local and regional companies create serious market challenges. Providing cheap-quality alternatives is a challenge for this. It affects the reliance on solar water pumps manufacturer. These local companies take over demand through price effectiveness. Due to the proximity advantages, unorganized companies take over the demand much earlier. All these factors hamper the entry of global players into the regional soar water pumps market. The key players are taking measures to increase awareness for quality solar pumps in the forecast period.
The high installation costs of the solar water pumps are major barriers to market growth. There is going to be more awareness about quality solar pumps. Also, the growth of the market depends on the effectiveness, energy-efficiency and low operating cost. These are the topmost concerns of global market growth. Awareness about quality solar pumps players a major role in market expansion. Promoting the benefits of quality will increase the solar pumps market value. Further, the market drivers such as infrastructural development demand for renewable energy and demand from the agricultural sector will benefit the market.
Asia pacific holds a maximum of solar water pumps market share. The increase in urbanization, industrialization and population create more opportunities for the solar pumps market in Asia pacific. Furthermore, the investments in the market will reach billions in the forecast year. The establishment of new solar water panels is the major growth factor for the market. India and China are investing huge capital in clean energy. Also, these factors fuel the demand for solar pumps in the upcoming years. The Asia Pacific region will record the highest demand rate.
By power rating
By drive type
The Asia Pacific is the rapidly growing solar water pumps market in the world. Countries having massive demand for solar pumps in Asia pacific are Australia, China and Indonesia. Other Asia Pacific regions that will have surging demand are India, Thailand, Malaysia, and Japan. It is a suitable region for the installation of new solar pumps. The abundance of raw materials and fewer labour costs are the reasons for the high production rate in the regions.
Also, industrial operations and governmental aid are enabling high investments for solar pumps. The R& D programs for solar water pumps are continuously rising in the Asia pacific. The surging population is another factor that offers growth opportunities for solar pumps. Europe, North America and other regions are witnessing high demand due to renewable energy. Further, the European market is witnessing massive growth due to the high demand for solar pumps in the agricultural sector.
|Market Size||2030: USD 2,873.9 Million|
|CAGR||9.50% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Solar water pumps, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Lorentz (Germany), C. R. I. Pumps Private Limited (India), Tata Power Solar Systems Ltd (India), Shakti Pumps (India) Ltd (India), Wenling Jintai Pump Factory Limited (China), Bright Solar Limited (India), Grundfos (Denmark), Symtech Solar (Oman), PhotonSolar.com (Australia), Urja Global Limited (India), and Kavita Solar Energy Private Limited (India)|
|Key Market Opportunities||
|Key Market Drivers||
The growth rate of the solar water pumps market is estimated at 9.50%.
The submersible solar water pumps segment is the most profitable in this market.
1. Kavita Solar Energy Private Limited 2. Lorentz 3. Urja Global Limited 4. C. R. I. Pumps Private Limited 5. Symtech Solar 6. Shakti Pumps 7. Bright Solar Limited 8. PhotonSolar.com 9. Symtech Solar 10. Tata Power Solar Systems Ltd