Solar Water Pumps Market Size to Surpass USD 4.5 Billion by 2032 with 9.7% CAGR

BEIJING, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The Solar Water Pump Market is expected to grow at a significant rate during the forecast period, owing to the increasing demand for renewable energy sources and the rising cost of electricity. The market is also being driven by the favorable regulatory environment in several countries, which is promoting the use of renewable energy applications. In addition, the improved cost economics of solar water pumps is also contributing to the growth of the market. The solar water pump market is segmented on the basis of type, application, and region. Based on type, the market is segmented into surface pumps and submersible pumps. Surface pumps are further sub-segmented into centrifugal pumps and positive displacement pumps. Submersible pumps are further sub-segmented into monoblock pumps and submersible deep well pumps. Based on application, the market is segmented into agriculture, industrial, and domestic. Based on region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The key players operating in the solar water pump market are Grundfos, Lorentz, Tata Power Solar Systems Limited, Mahindra Shakti Pumps Limited, CRI Pumps, Wilo, Lorentz, Solahart, and Solis. These players are focusing on expanding their product portfolio and geographical reach in order to gain a larger share of the market. The solar water pump market is expected to grow at a significant rate during the forecast period. The growth of the market can be attributed to the increasing demand for renewable energy sources, the rising cost of electricity, and the favorable regulatory environment in several countries.

Solar Water Pumps Market Highlights and Statistics:

• The Global Solar Water Pumps Market reached a valuation of USD 1.80 billion in 2022. It is projected to surpass USD 4.50 billion by 2032, progressing at a CAGR of 9.7% during 2023-2032.
• Asia Pacific held the leading share of over USD 792.0 million in 2022, driven by strong adoption in India and China.
• Under the motor types, the AC pumps segment covers over USD 1.120 billion revenue in the year 2022.
• Solar PV pumps are primarily used for agricultural irrigation and drinking water applications.

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Solar Water Pumps Market Report Coverage:

Solar Water Pumps Market Overview and Analysis:

The solar water pumps market outlook remains positive, driven by conducive regulatory scenarios and improved economics. Solar PV pumps offer benefits like low operating costs and easy maintenance compared to diesel pumps. However, high upfront costs remain a key restraint, especially for smallholder farmers. The emergence of pay-as-you-go models will boost adoption among such users.

Latest Trends and Innovations in the Solar Water Pumps Market:

• Development of smart pumps enabled with IoT connectivity for remote monitoring and control.
• Use of predictive analytics and machine learning to optimize pump performance.
• Growing adoption of retrofit solar pump systems.
• Launch of financial schemes and incentives to encourage farmer adoption.
• Increasing R&D focused on improving product reliability and energy efficiency.
  

Major Growth Drivers in the Solar Water Pumps Market:

• Favorable government regulations and subsidies for solar pumps, especially in developing countries.
• Falling prices of solar PV panels, improving cost economics.
• Growing adoption of solar-powered irrigation, driven by increased water scarcity.
• Rising demand for reliable and consistent water supply from the agricultural sector.
• High maintenance and fuel costs associated with conventional diesel pumps.
  

Key Challenges Hindering Market Growth:

Relatively high upfront investment costs compared to conventional pumps.

Lack of awareness and knowledge gaps regarding solar pump systems, especially in rural areas.

Intermittent solar resource availability affecting pumping reliability and output.

Limited financing and credit availability for smallholder farmers.

Underdeveloped maintenance and servicing infrastructure in remote regions.

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Solar Water Pumps Market Segmentation:

Based on the Type

• Surface Pump
• Submersible Pump

Based on the Type

• DC Pumps
• AC Pumps

Based on the Power Ratings

• 1HP to 5 HP
• 5 HP to 10 HP
• 10 HP to 20 HP
• Over 20 HP

Based on the Application

• Drinking Water
• Agriculture
• Other
  

Solar Water Pumps Market Regional Analysis:

Asia Pacific is the leading solar pumps market currently. North America and Europe also present significant opportunities given the rising adoption of solar irrigation. The MEA and Latin America markets will register the highest growth rates over the coming years.

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Key Companies in the Global Solar Water Pumps Market:

Major companies operating in the market include Tata Power Solar Systems Ltd., Shakti pumps, CRI pumps, Lorentz, Grundfos, Bright Solar, and Jain Irrigation Systems Ltd., among others. Leading players are focused on product differentiation, capacity expansions, and strategic partnerships to gain shares.

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