The global solar water pump market is expected to grow at a considerable CAGR of 5.8% during the forecast period (2024-2031). The major factors augmenting the growth of the solar water pump market include cohesive government policies, increasing need for alternative energy sources, and increasing renewable energy generation. Additionally, increasing urbanization, the need for clean and potable water, shortage of electricity and fuel, and rising demand for solar pumps in domestic applications are also contributing to the market growth. For instance, under the Madhya Pradesh Mukhyamantri Solar Pump Subsidy Scheme, in India (2021), free solar pumps will be provided to the farmers by replacing the diesel pumps.
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The global solar water pump market is segmented by type (into surface water pumps and submersible water pumps), end-user (into small-scale and large-scale based), application (into agriculture, water supply, and others), and regions (into North America, Europe, Asia-Pacific, and the Rest of the World).
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Key Market Trends
- Asia-Pacific is estimated to be one of the major markets for solar water pumps, attributing to the significant contribution of developing economies such as China and India. The market growth in these countries is majorly driven by favorable government initiatives. For instance, the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme was initiated by the Government of India to increase the income of farmers and provide sources for irrigation and de-dieselize the farm sector.
- Additionally, the growth in industrialization and increasing electricity demand in several industries including agriculture are also contributing to industry growth in the Asia Pacific region. Also, an increase in awareness about the use of solar energy is driving industry growth in the region.
- Bangladesh is using solar water pumps in the water industry to supply water. The country is adopting solar water pumps for household purposes and the products are available at affordable costs.
- Apart from Asia-Pacific, the African region will also witness considerable market growth owing to the increasing need for irrigation systems in countries including Morocco, Nigeria, Namibia, and Kenya. The region also has favorable weather conditions for market growth.
- The submersible water pump segment holds a significant market share driven by increasing investments in the construction industry for rapid growth in urbanization and high demand for the submersible pump in the agriculture field for deep well pumping and irrigation systems.
The key players in the solar water pump market include Tata Power Solar Systems Ltd., Grundfos Pumps Corp., Bright Solar Ltd., LORENTZ, Shakti Pumps Ltd., C.R.I. Pumps Private Ltd. and SunEdison, Inc. These players are adopting different business strategies, contributing significantly towards the market growth. However, the industry growth is restrained by the high initial investments.
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