by The Solar Water Pump Systems Market is estimated to be valued at US$ 1.92 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Solar water pump systems are powered by solar panels to lift water from underground or surface water for irrigation and drinking purposes. They are increasingly being adopted in agricultural farms in rural areas, where access to grid electricity is limited. These pumps utilize solar energy to power a motor that lifts water through pipes. They are a cost-effective and sustainable alternative to diesel engines, and help improve the living standards in remote communities.
Market Dynamics:
Growing population has increased the demand for food, leading to rise in agricultural activities globally. However, unreliable power supply in rural regions hinders irrigation activities. Solar water pumps help address this issue by providing a reliable source of water without dependence on fossil fuels or grid connectivity. Additionally, deployment of solar mini-grids in off-grid areas has boosted the adoption of solar water pumps for domestic and livestock needs. The increasing investments by governments and private entities in expanding renewable energy access in rural regions across developing countries is expected to drive the growth of the solar water pump systems market over the forecast period.
SWOT Analysis
Strength:
– Solar energy is renewable and eco-friendly source of energy, reducing dependence on fossil fuels.
– Lower operation and maintenance costs than diesel pumps as there is no fuel required.
– Long operational lifespan of 20-25 years with negligible maintenance requirements.
Weakness:
– Higher initial installation cost than diesel pumps.
– Dependency on sunlight availability limits usage mostly to day time only.
Opportunity:
– Increasing focus on renewable energy and sustainability provides growth opportunities.
– Rural electrification programs in developing nations create a huge potential market.
Threats:
– Fluctuations in costs of solar modules affect supply and demand balance in the market.
– Competition from alternatives such as wind pumps.
Key Takeaways
The global Solar Water Pumps Market Share is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing adoption of renewable energy solutions and rural electrification programs across the world. Asia Pacific region currently dominates the market with a share of over 35% in 2023, led by China, India and other Southeast Asian countries rapidly investing in solar pumps to meet agriculture and drinking water needs.
Regional analysis
Asia Pacific is the fastest growing as well as dominating region in the global Solar Water Pump Systems market. Countries like India, China, Indonesia, and Vietnam account for a major chunk of the regional market share due to ongoing government initiatives for expanding solar energy infrastructure and access to electricity in rural areas. As per estimates, Asia Pacific Solar Water Pump Systems market stood at US$ 678 million in 2023 and is projected to reach around US$ 2 billion by 2030, growing at a CAGR of 15%.
Key players
Key players operating in the Solar Water Pump Systems market include Grundfos, Lorentz, Shakti Pumps, CRI Pumps, Tata Power Solar, Bright Solar, USL, Lubi Electronics, Solar Power & Pump Co, JNTech, JISL, ADA, Hanergy, CRI Pump, Dankoff Solar, Greenmax Technology, Rainbow Power Co, SunEdison, Solartech, and Megha Engineering. The market remains highly competitive with these players focusing on new product launches, partnerships, and mergers & acquisitions to gain shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
