Solar Water Pump Market is anticipated to grow at a considerable CAGR of 5.8% during the forecast period. The market growth is mainly attributed to the adoption of solar water pumps over diesel pumps owing to zero fuel costs and less labor and maintenance. The prominence of solar water pumps has been increasing gradually over the years due to its offering of clean, sustainable energy solutions when compared to fuel-powered pumps. The rise in fuel prices coupled with the shortage of the same is major restraints of diesel pumps, in turn boosting the adoption of solar water pumps. Furthermore, the high maintenance and other financial risks associated with the diesel pumps have resulted in an increased inclination toward solar water pumps, owing to their relatively greater advantages. In addition, increasing cohesive government initiatives promoting the use of solar water pumps in several countries is stimulating the growth of the solar water pump market.
However, certain factors are affecting the growth of the market. Higher initial investment costs could be a barrier to market growth. Although despite the initial investment costs, once installed, the solar water pumps can be used as an affordable source of electricity to reduce energy bills.
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Market Coverage
- The market number available for – 2021-2029
- Base year- 2020
- Forecast period- 2023-2029
Segment Covered-
- By Type
- Component
- Applications
- End-user
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Tata Power Solar Systems Ltd., Grundfos Pumps Corp., Bright Solar Ltd., LORENTZ, Shakti Pumps Ltd.
Recent Strategic Initiatives in the Global Solar Water Pump Market
- In March 2021, Shakti Pump Ltd. announced that it has received a contract from the Uganda Government from the Ministry of Water and Environment for the Supply of solar-powered water pumping systems. The order export was $35 million from Uganda.
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Solar Water Pump Market Report Segment
By Type
- Surface Water Pumps
- Submersible Water Pumps
By Applications
- Agricultural
- Water Supply
- Other (Oil and Gas Fracking Activities)
By End-User
- Small-Scale Based
- Large-Scale Based
Solar Water Pump Market by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Alpex Solar Pvt. Ltd.
- Bright Solar Ltd.
- R.I. Pumps Private Ltd.
- Grundfos Pumps Corp.
- Jain Irrigation Systems Ltd.
- JJ PV Solar
- Kirloskar Brothers Ltd.
- LORENTZ
- Lubi Electronics
- Rainbow Power Company Ltd.
- Shakti Pumps (India) Ltd.
- Span Pumps Pvt Ltd.
- SunEdison, Inc.
- Tata Power Solar Systems Ltd.
- Topsun Energy Ltd.
- Udhaya Semiconductors Ltd.
- Waaree Energies Ltd.
- Symtech Solar Group.
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