Global Solar Water Pump Market Insights Forecasts to 2032

• The Global Solar Water Pump Market Size was valued at USD 3.07 Billion in 2022.
• The Market is growing at a CAGR of 9.7% from 2022 to 2032
• The Worldwide Solar Water Pump Market Size is expected to reach USD 7.75 Billion by 2032
• Europe is expected to grow the fastest during the forecast period

The Global Solar Water Pump Market Size is expected to reach USD 7.75 Billion by 2032, at a CAGR of 9.7% during the forecast period 2023 to 2032.

Market Overview

A solar water pump is a device that utilizes the power of the sun to pump water from a source, such as a well, river, or reservoir, to a desired location. It is an eco-friendly and sustainable alternative to traditional water pumps that rely on electricity or fossil fuels. Solar water pumps consist of photovoltaic (PV) panels that convert sunlight into electricity, which then powers the pump to move water. These pumps are typically used in remote areas with limited access to electricity grids or in regions where the cost of electricity is high. They are commonly employed in agriculture for irrigation, livestock watering, and drinking water supply. Solar water pumps offer numerous benefits, including reduced operating costs, minimal maintenance requirements, and the ability to operate silently without contributing to greenhouse gas emissions.

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.

Driving Factors

The solar water pump market is driven by several factors that contribute to its growth and adoption, due to the increasing need for sustainable and renewable solutions for water pumping, particularly in remote areas, drives the demand for solar water pumps. Additionally, the rising awareness of environmental concerns and the need to reduce greenhouse gas emissions propel the market as solar water pumps provide a clean energy alternative to conventional pumps. The declining costs of solar panels and advancements in solar technology further fuel the market by making solar water pumps more affordable and efficient. Government initiatives and subsidies promoting the use of solar energy for water pumping also play a crucial role in driving market growth. Moreover, the agricultural sector's growing demand for efficient irrigation systems and the need for reliable water supply for livestock contribute to the market's expansion. Overall, these drivers combine to create a favorable environment for the widespread adoption of solar water pumps in various applications.

Restraining Factors

Despite the positive factors driving the solar water pump market, there are certain restraints that can hinder its growth. One major restraint is the high upfront costs associated with installing solar water pump systems, which can be a barrier for individuals or organizations with limited financial resources. Another challenge is the intermittent nature of solar power, as water pumping needs may not align with sunlight availability, requiring the use of storage solutions or backup power sources. Additionally, the lack of awareness and technical knowledge about solar water pumps among potential users can impede market growth. Overall, inadequate infrastructure, such as poor roads or limited access to maintenance services, can pose challenges for the installation, operation, and maintenance of solar water pump systems in remote areas.

Market Segmentation

• In 2022, the AC pumps segment accounted for around 63.2% market share

On the basis of the motor type, the global solar water pump market is segmented into AC pumps and DC pumps. The AC pumps segment currently holds the largest market share in the solar water pump market. This can be attributed to several factors because AC pumps have been widely used for water pumping applications for a long time, making them more familiar and established in the market. Additionally, AC pumps offer high power output and can handle large water volumes, making them suitable for various commercial and industrial applications. AC pumps are also compatible with existing electrical infrastructure, making them a convenient choice for areas with access to electricity grids. Moreover, the initial investment cost of AC pumps is often lower compared to other types of solar water pumps. However, it's important to note that the demand for DC and hybrid solar pumps is also increasing as technology advances and customers seek more energy-efficient and environmentally friendly solutions.

• In 2022, the upto 5 HP segment dominated with more than 45.6% market share

Based on the type of power, the global solar water pump market is segmented into upto 5 HP, 5 HP to 10 HP, 10 HP to 20 HP, and more than 20 HP. The up to 5 HP segment has emerged as the dominant market share holder in the solar water pump market. Several factors contribute to its dominance, the up to 5 HP pumps are commonly used for smaller-scale applications such as residential water supply, small-scale irrigation, and livestock watering. These pumps cater to the needs of individual households, small farms, and rural communities. Additionally, the up to 5 HP segment offers a cost-effective solution with relatively lower installation and operational costs compared to higher horsepower pumps. Moreover, the compact size and ease of installation make them more accessible for a wider range of users. Furthermore, advancements in pump technology have improved the efficiency and performance of up to 5 HP pumps, making them a reliable choice for various low to medium-power applications.

Regional Segment Analysis of the Solar Water Pump Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific dominated the market with more than 43.2% revenue share in 2022.

Based on region, Asia-Pacific currently holds the largest market share in the solar water pump market. This can be attributed to several key factors, due to this region has a large agricultural sector with a high demand for efficient irrigation systems, driving the adoption of solar water pumps. Additionally, Asia-Pacific is home to several densely populated countries with a significant portion of the population residing in remote areas with limited access to electricity grids, making solar water pumps a practical and cost-effective solution. Moreover, government initiatives and favorable policies promoting renewable energy and rural development contribute to market growth. The region's rapid economic growth, industrialization, and increasing awareness of environmental sustainability also play a significant role in driving the adoption of solar water pumps. With a combination of these factors, Asia-Pacific remains the dominant market for solar water pumps.

Recent Development

• In April 2022, Shakti Pumps Limited, an Indian producer of water pumps and motors, was given a patent for a unidirectional solar water pump with a grid-connected power generating system. The new technology ensures effective performance by using panels and creating extra power to supply the grid.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global solar water pump 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.

List of Companies:

• 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
• Waaree Energies Ltd.

Key Target Audience

• Market Players
• Investors
• End-Users
• Government Authorities 
• Consulting and Research Firm
• Venture Capitalists
• Value-Added Resellers (VARs)

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