May 28, 2024
Solar Water Pump Systems Market

Solar Water Pump Systems Market Is Expected To Be Flourished By Increasing Adoption Of Renewable Energy Sources

Solar water pump systems utilize solar energy to pump water without electricity for agricultural and domestic purposes. These systems include photovoltaic panels, electric motor pump, mounting structure, cables, and other fittings. Solar water pumps are majorly used for irrigation in farms and for supplying drinking and non-potable water in rural areas. Farmers prefer solar water pumps as it helps reduce dependency on grid electricity and diesel generators, thereby lowering operational costs.

The global solar water pump systems market is estimated to be valued at US$ 3 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Solar Water Pump Systems Market is Expected to be Flourished by Increasing Adoption of Renewable Energy Sources:
Increasing adoption of renewable energy sources across the world is a major driver propelling growth of the solar water pump systems market. Various government policies and initiatives are promoting installation of renewable energy systems including solar water pumps to address rising energy demand in a sustainable manner. According to the IRENA report, globally over 170 countries have introduced renewable energy targets and policies to accelerate energy transition by 2030.

Another driver for the market growth is the increased application of solar water pumps in agriculture. Farmers are installing solar water pumps for irrigation needs as it helps reduce their dependence on conventional energy sources and minimizes irrigation costs. Moreover, solar water pumps require very low maintenance and have long lifespan without moving parts, which adds to its attractiveness for agricultural use.

Segment Analysis

The solar water pump systems market is segmented into subsurface and surface segments based on type. The subsurface solar water pump systems segment is dominating the market and is projected to maintain its dominance during the forecast period. This is due to its ability to draw water from deep borewells or open wells up to 150 feet of depth, with no electricity running costs, making it a viable option for agricultural use.

PEST Analysis

Political: Solar water pumps find support through various government schemes and subsidy programs across countries to promote renewable energy and sustainable agriculture. This is driving adoption.
Economic: Solar water pumps offer a better alternative to farmers compared to diesel pumps, as they reduce operating costs over time. This improves farmers’ profitability and livelihood.
Social: Growing awareness about renewable energy and carbon emissions is prompting people and communities to adopt eco-friendly solutions like solar water pumps for agriculture.
Technological: Continuous technology advancements are making solar panels more efficient. New innovations like Cloud-based IoT solutions for remote monitoring are also gaining traction. This is boosting the potential of solar water pump systems.

Key Takeaways

The global Solar Water Pump Systems Market Share is expected to witness high growth.

Regional analysis – The Asia Pacific region dominates the market currently due to the large customer base in China and India. Government initiatives to boost solar energy adoption and the large agricultural sector are driving market growth. Key players include- Kirloskar Brothers Limited, Lorentz and Schneider Electric.

Key players 

Lorentz, Kirloskar Brothers Limited and Schneider Electric are the key players operating in the solar water pump systems market. Lorentz specializes in renewable energy products including solar water pumps. Kirloskar Brothers Limited provides a wide range of products from pumps to generators catering to agriculture. Schneider Electric offers end-to-end solutions and services for solar pumping applications.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it