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Solar Pumps Market

Solar Pumps Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Energy & Natural Resources | Author Name: Harshad

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Solar Pumps Market: Overview

The market size for Solar Pumps Market was USD 1.4 Billion in 2021, projected to grow at a CAGR of 9.2 percent during the forecast period. Deep underground is where submersible solar water pumps are installed. Its suction head is more than ten meters deep, adding depth. As a result, it can pull water from far deeper groundwater deposits. Alternative clean and renewable pumps to wind turbines and fuel-powered generators include solar pumps. For water extraction, solar water pumps are employed. The pumps are occasionally used to draw groundwater from 10 meters underground. Electricity is used extensively throughout this operation. However, solar energy can provide the necessary power for this pump. In metropolitan areas, the use of solar water pumps is growing. The demand for solar pumps is growing in developed locations due to their energy and financial efficiency.

Government-sponsored programs and incentives given to consumers for solar panel purchases fuel the market for solar water pumps. For instance, in India, the Ministry of New and Renewable Energy (MNRE) and the National Bank of Agriculture and Rural Development are the central government's channels for providing capital subsidies (NABARD). Such government measures promote the use of solar pumps by customers in the agricultural industry. Governments aggressively implement policies to minimize rising carbon emissions to slow global warming. Such activities result in an increasing industry-wide reliance on wable energy sources to cut down on energy prices and overall environmental carbon footprints. The need for solar Such initiatives are driving the need for solar pumps; Grundfos expanded its line of solar-powered submersible pumps with the introduction of 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 this sector, installing solar water pumps is a significant barrier. Installing solar water pumps is a challenging process. The installation cost has an impact market's cost-efficiency advantages. Solar water pumps are more prevalent in rural than urban regions. The infrastructure of the electrical grid is inadequate in rural areas. Both the amount of area and solar energy needed is significant. Because of this, installing solar water pumps is expensive. Large tracts of land are needed to produce high solar energy. Once the solar panels are installed, the site cannot be used for other purposes. These are the limitations that could prevent market expansion. SunEdison signed a framework agreement in June 2020 to reorganize 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.

Solar Pumps Market: COVID-19 Impact

The market trends for Covid 19 solar water pumps reflect a decline. Fewer investments and changes in the economy are the causes of the decline. The demand and supply chains for solar water pumps are negatively impacted by COVID-19. Another tangible impact on this market is the price drop. The slowdown in mining, groundwater extraction, and treatment negatively impacts the solar water pump market. Furthermore, the potential for a fresh wave of COVID will result in market closures and lockdowns for the solar water pump sector. Additionally, the cost of raw materials is rising, which disrupts the production of solar water pumps. Ultimately, these reasons are slowing down demand for and growth in solar pumps.

Solar Pumps Market: Drivers

Demand for Clean Energy is Growing, Supporting Global Solar Pumps Market

Solar water pumps support social advancement in several ways. Although a steady clean water supply is a basic requirement, many people do not currently have access to it. Solar water pumps are frequently the most cost-effective technology for isolated areas not serviced by traditional power lines. In addition to providing environmental protection, solar water pumps can replace diesel- or grid-powered devices. The running of diesel generators releases CO2, while grid-based energy is often produced using coal, oil, or natural gas, all of which produce large amounts of CO2. Systems for pumping water using solar energy do not emit greenhouse gases. Therefore, extensive use of solar water pumps can result in a considerable reduction in greenhouse gas emissions. The market for solar water pumps is expanding globally due to these causes.

Rising Use of Solar Pumps in Emerging Economies' Agriculture Sector has Fuelled Market Growth

The global market for solar pumps is being driven by increased use in agriculture. Compared to fossil fuel pumps, solar pumps require less effort and upkeep. These pumps can reduce the timework required to irrigate crops. In general, the work hours used to operate PV systems are just 14% of those used to operate diesel generators. Therefore, the demand for affordable and low-maintenance items is expanding in India, China, and Bangladesh, where many low-income farmers practice agriculture. Once produced, solar PV systems are closed systems; when producing energy, they don't need inputs like fuel or produce any outputs like solids, liquids, or gases (apart from electricity). Furthermore, recycling solar panels is already profitable because 80% of their bulk material is recyclable. Farmers and manufacturers of solar equipment are receiving subsidies from governments in several nations, including India. The need for solar pumps is being driven by such initiatives.

Solar Pumps Market: Restraints

High Cost of Installation and Adoption Of Solar Pumps is Hindering Market Growth

In this sector, installing solar water pumps is a significant barrier. Solar water pump installation is a challenging process. The installation cost has an impact market's cost-efficiency advantages. Rural areas tend to have more solar water pumps than urban ones. The infrastructure of the electrical grid is inadequate in rural areas. Both the amount of area and solar energy needed are significant. Because of this, installing solar water pumps is expensive.

Solar Pumps Market: Segment Overview

DC Suction Segment Dominated Market Due to Rising Drip Irrigation

The DC suction category is predicted to hold the top spot in the global market for solar water pumps over the review period among all the product categories. Rising drip irrigation operations, particularly in emerging nations in the Middle East & Africa and the Asia Pacific, are the main factor driving the segment's growth. On the other hand, the segment for AC submersible pumps is anticipated to show the highest CAGR throughout the research period.

Agricultural Segment Dominated Market Due to Pervasive Use

The agriculture sector is anticipated to hold the top spot on the global market for solar water pumps over the next few years among all the application sectors. The increase in agricultural operations and the requirement for irrigation water are anticipated to accelerate the segment's expansion.

Solar Pumps Market: Regional Landscape

Asia-Pacific to Dominated Market Due to High Demand For Agricultural Solar Pumps

Over the period under review, the Asia-Pacific region is expected to lead the market for solar water pups. Due to the high demand for these pumps in the region's countries, including Indonesia, China, and Australia, the regional market is expanding. There is a huge need for these pumps in nations like Japan, Malaysia, Thailand, and India. It is the perfect area to introduce innovative solar pumps. A few key factors driving the regional market's expansion throughout the review timeframe were lower labor costs and a plentiful supply of raw resources throughout the region. Additionally, the expanding number of government projects and industrial operations encourage many regional solar pump investments. The region's need for solar water pumps is increasing due to expanding research and development investments. The region's fast-growing population will probably present participants in the industry with lucrative expansion prospects. Over the next few years, North America's market for solar water pumps is expected to expand significantly. The primary factor promoting the expansion of the regional market is the expanding renewable energy industry throughout the region.

Solar Pumps Market: Competitive Landscape

C.S.C. teamed up with Tata Power in April 2021 to install solar-powered water pumps and microgrids. Through the agreement, Tata Power will be able to put up distributed, small-scale solar power systems in rural areas and offer homes and businesses continuous power supplies. Village-level business owners are brought into the collaboration by C.S.C. to offer quick, affordable service and assist rural consumers with a distributed solar power supply. In August 2020, Lorentz won the Energy Globe Award for its environmentally friendly drinking water project in the African nation of Cape Verde. The project entails installing and operating a Lorentz PSk2 solar water pumping system by LORENTZ Partner GTEK Lda.

Few of the players in the Solar Pumps Market include KSB SE & Co. KGaA, Kirloskar Brothers Limited, Grundfos, Franklin Electric, BW Solar (Waterboy), Mono Pumps (NOV), Shakti Pumps (India) Ltd., Stanley Black & Decker, Inc, Glynncorp Electrical, KG, C.R.I., Bernt Lorentz GmbH & Co., Pumps Private Limited, and Solar Mill.

Solar Pumps Market is Segmented as Below:

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

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

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Solar Pumps Market

  • Solar Pumps Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2021
  • Volume Consumption at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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