New York, United States , July 10, 2023 (GLOBE NEWSWIRE) -- The Global Solar Water Pump Market Size is to grow from USD 3.07 billion in 2022 to USD 7.75 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period.
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A solar water pump harnesses solar energy to pump water from a source to a desired location. It consists of photovoltaic panels that convert sunlight into electricity, powering the pump. These pumps are environmentally friendly, sustainable, and ideal for remote areas with limited access to electricity or high electricity costs. They find applications in agriculture for irrigation, livestock watering, and drinking water supply. Solar water pumps offer advantages such as reduced operating costs, low maintenance requirements, and silent operation without greenhouse gas emissions. By utilizing renewable energy, solar water pumps contribute to a greener and more efficient water pumping system.
Report Coverage
This research report categorizes the market for solar water pump market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the solar water pump market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the solar water pump market.
Browse key industry insights spread across 210 pages with 130 Market data tables and figures & charts from the report on, "Global Solar Water Pump Market Size, Share, and COVID-19 Impact Analysis, By Type (Submersible Pump and Surface Pump), By Motor Type (AC Pumps and DC Pumps), By Power (Upto 5 HP, 5 HP to 10 HP, 10 HP to 20 HP, and More than 20 HP), By Application (Agriculture, Water Treatment, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The submersible pump segment dominated with more than 52.4% market share in 2022.
Based on type, the global solar water pump market is segmented into submersible pump and surface pump. The submersible pump segment has emerged as the dominant market share holder in the solar water pump market. This can be attributed to several factors because the submersible pumps are designed to be placed underwater, allowing for efficient water extraction from wells, boreholes, or other water sources. These pumps offer advantages such as higher energy efficiency, lower maintenance requirements, and quieter operation compared to other pump types. Additionally, submersible pumps are well-suited for various applications, including agriculture, residential water supply, and commercial uses. Their ability to handle a wide range of water depths and deliver water directly to the desired location makes them a popular choice among consumers.
The agriculture segment held the largest market share with more than 59.6% in 2022.
Based on the application, the global solar water pump market is segmented into agriculture, water treatment, and others. The agriculture segment has emerged as the largest market share holder in the solar water pump market. This can be attributed to the significant demand for efficient irrigation systems in agricultural practices. Solar water pumps offer a sustainable and cost-effective solution for farmers, enabling them to access a reliable water supply for crop irrigation. Additionally, the agriculture sector's increasing focus on environmental sustainability and reducing dependence on conventional energy sources has further driven the adoption of solar water pumps. With the ability to operate in remote areas and the potential for cost savings, solar water pumps have become a preferred choice for farmers, leading to the dominance of the agriculture segment in the market.
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Europe is expected to grow at a higher CAGR of around 10.4% over the projected period.
Based on region, Europe is expected to experience the fastest growth in the solar water pump market during the forecast period. Several factors contribute to this trend because the European Union has set ambitious renewable energy targets, encouraging the adoption of solar technologies across various sectors. Additionally, government incentives, subsidies, and favorable policies aimed at promoting renewable energy contribute to market growth. The region's increasing focus on sustainability, coupled with the need for energy-efficient water pumping solutions, further drives market expansion. Moreover, advancements in solar technology and decreasing costs of solar panels make solar water pumps more accessible and attractive to consumers in Europe. These factors combined create a conducive environment for the rapid growth of the solar water pump market in Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global solar water pump market include Alpex Solar Pumps, Aqua Group, Bright Solar Limited, C.R.I. Pumps Private Limited, Crompton, LORENTZ, Dankoff Solar, Duke Plasto Technique Private Limited, EcoSoach, Ecozen Solutions, Franklin Electric, Grundfos, Jackson Group, K.S.B.Limited, Novergy Energy Solutions Pvt. Ltd., Shakti Pumps, SunEdison Infrastructure, Surya International, Tata Power Solar, and Waaree Energies Ltd and others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global solar water pump market based on the below-mentioned segments:
Solar Water Pump Market, By Type
- Submersible Pump
- Surface Pump
Solar Water Pump Market, By Motor Type
- AC Pumps
- DC Pumps
Solar Water Pump Market, By Power
- Upto 5 HP
- 5 HP to 10 HP
- 10 HP to 20 HP
- More than 20 HP
Solar Water Pump Market, By Application
- Agriculture
- Water Treatment
- Others
Solar Water Pump Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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