Solar Pumps Market

Solar Pumps Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Solar Pumps Market grew at a CAGR of 5.9% between 2017-2021 and is estimated to be US$ 1,532.1Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.1% and is expected to reach a valuation of US$ 3,042.2Mn by 2032 end.

A solar-powered system known as a solar water pump moves water for various uses, including irrigation, community water supplies, and potable drinking water. Solar water pumps have reduced the need for energy-dependent resources like coal, gas, and diesel. Increasing investment in agricultural applications is anticipated to drive market expansion in the upcoming years.

Market Dynamic

HIGH OPERATING COST OF DIESEL MOTORS AND NON-RELIABLE ELECTRICITY DISTRIBUTION

Running water pumps on diesel generators, which have enormous operating expenses, is one of the most expensive tasks for farmers in India and other nations that depend heavily on agriculture. There are still a lot of communities without widespread access to the energy grid. Solar water pump systems are becoming a better option for cutting irrigation costs for farmers and small electrification costs for the government.

Solar panels are also getting more affordable, greatly increasing consumer adoption. Due to the predicted cost decrease, demand will keep rising in the next years, particularly in the agricultural sector.

HIGH COST AND LACK OF AWARENESS OF SOLAR WATER PUMPS HINDER MARKET GROWTH

The cost of the system and the current financial situation, which pose the biggest obstacles to market expansion, are the main causes of the limited uptake of solar water pumps. As a result, due to their high costs and unfavorable terms, many other solutions are less appealing to smallholder farmers. Furthermore, even with subsidies, most of these pumps are too expensive for smallholder farmers, who make up the majority of the market for solar pumps.

Additionally, a lack of knowledge about the technology impedes market expansion. For perspective, a recent study in Tanzania found that despite the availability of the market, a sample of smallholder farmers had not heard of nor used this sort of water pump. Only 2.0% of small-scale farmers in India are aware of the government’s subsidies.

INCREASING INVESTMENTS IN AGRICULTURE APPLICATIONS SPUR MARKET OPPORTUNITIES

One of the key industries that significantly boosts a nation’s GDP growth is agriculture. The demand for solar water pumping systems is expected to expand with the increase in agricultural investment because irrigation is a crucial factor for farmers. The opportunities for solar pumps are expected to grow in the coming years due to the sector’s increased modernization and the gradual transition to sustainable energy sources.

Market Segments Covered in Report

By Capacity:

• Below 4 HP
• 4-6 HP
• 6-8 HP
• Above 8 HP

By Product Type:

• Submersible
• AC
• DC
• Surface
• AC
• DC

By Application:

• Agriculture
• Irrigation
• Livestock
• Aquaculture
• Residential
• Building
• Drinking
• Commercial
• Swimming Pool
• Pond Management
• National Parks
• Industry Water Treatment

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why does the submersible pump hold the dominant market share?

Surface pumps and submersible pumps are the two types of market segments. Which of these two types of pumps is more appropriate often depends on the water source. In wells and boreholes, submersible pumps are fully submerged in the water source.

Additionally, submersible pumps can be positioned horizontally inside water reservoirs at a minimum depth of 0.5 m, securely fastened, and equipped with a cooling sleeve to cool the motor adequately. This increases efficiency by using less power to move the fluid via the pump’s fluid path. Surface pumps are typically installed at a lake’s edge or on the water’s surface.

Why does the agriculture application hold a dominant market share?

By application, the market is divided into agricultural, water treatment, and other sectors. Farmers in India and the Sub-Saharan area are the major consumers of solar water pumps, accounting for almost 63% of the market’s value.

Irrigation is essential because a significant portion of the Indian workforce—nearly 40%—depends on the agricultural industry. These pumps are used in agriculture for irrigation, enabling farmers to manage groundwater better and control their water and electricity supplies using solar water pumps.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• With a market share of 9% in Europe, pump adoption is moderate, restricting sales of pumps and aftermarket components. However, governments are adopting renewable energy-powered technologies since there is a greater emphasis on clean energy sources, which is anticipated to drive market expansion throughout the region.
• Due to recent technological advancements and decreasing costs, the market for solar-powered water pumps is expanding across the Middle East and Africa, primarily in sub-Saharan Africa. The two most typical forms of water pumps are traditionally diesel pumps and electric pumps that are grid-connected. Solar-powered water pumps, on the other hand, have started to gain traction and will continue to expand throughout the forecast period due to the substantial drop in the price of PV panels.

Competition Analysis

By utilizing cutting-edge tactics to improve their product portfolio, major market participants concentrate on launching a new product line. Additionally, the businesses employ various corporate growth and expansion tactics, including developing strategic alliances and engaging in mergers, acquisitions, and partnerships. Key players can broaden the scope of their businesses internationally using these strategies.

The key developments in the Global Solar Pumps Market:

• In September 2021, Grundfos expanded its long-running SQFlex line of solar-powered submersible pumps by introducing the SQFlex Large. In response to the rising demand for solar energy pumps and the region’s varied weather, the company increased its product line across Asia and the Pacific.
• In June 2020, a framework agreement was put into by SunEdison to restructure and sell its solar business. The completed and unfinished projects will be divided according to the planned reorganization strategy, primarily targeting the rooftop solar markets for homes and small businesses.

A list of some of the key suppliers present in the market are:

• Alpex Solar Pumps
• Aqua Group
• Bright Solar Limited
• R.I. Pumps Private Limited
• Crompton
• LORENTZ
• Dankoff Solar
• Duke Plasto Technique Private Limited
• EcoSoach
• Ecozen Solutions
• Franklin Electric
• Grundfos
• Jackson Group
• S.B.Limited
• Novergy Energy Solutions Pvt. Ltd.
• Shakti Pumps
• SunEdison Infrastructure
• Surya International
• Tata Power Solar

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.