Solar Pumps Market
Solar Pumps Market Study by Below 4 HP, 4 to 6 HP, and 6 to 8 HP Capacity for Farming, Residential, Commercial, and National Parks from 2023 to 2033
Analysis of Solar Pumps Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Solar Pumps Market Outlook (2023 to 2033)
Expanding at a stellar CAGR of 12.1%, the global solar pumps market is forecasted to surge from a valuation of US$ 1.5 billion in 2023 to US$ 4.7 billion by the end of 2033.
- Submersible solar pumps are specifically made to pump groundwater from deeper wells or boreholes where surface pumps cannot be used, and these variants currently account for around 60% share of overall sales.
A solar pump, also known as a solar-powered pump, is a mechanism used to pump water using electricity produced by photovoltaic (PV) panels. Since it produces energy using sunshine, it serves as a good substitute for conventional generators that burn fossil fuels to pump water.
Solar pumps can irrigate plants, supply water to animals, or provide drinkable water. In comparison to internal combustion engine-powered pumps, solar-powered pumps require less maintenance and have a minimal environmental impact. The industry for solar pumps will grow as a result of low operating costs and the depletion of fossil fuel supply.
In rural areas with poor electricity penetration, the usage of smart solar pumps can be a boon. Solar pumps have minimum operational costs coupled with higher efficiency and longer lifespan as compared to conventional pumps, which, in turn, is prompting more people to invest in solar pumps. In remote areas, solar water pumps offer an adequate, reliable water supply. However, care should be taken to ensure that the installation of solar water pumps does not increase the usage of groundwater. Solar pump PV technology has many environmental advantages over previous methods.
The hazardous effects of carbon emissions on the environment and health are rapidly increasing the demand for products that run on solar energy. Emerging economies have been shifting their focus towards renewable energy sources to reduce energy consumption.
Governments of several countries are offering various incentive schemes such as subsidies for the installation of solar pumps to promote the use of renewable energy. This is therefore anticipated to create plenty of opportunities for players operating in the solar pumps market.
Solar pumps are increasingly used in remote locations to pull water from reservoirs with the least amount of waste due to the increasing water needed for deep well plumbing and livestock watering applications. In turn, this is fueling market expansion. New developments in solar pumps by key manufacturers through strategic collaborations and the growing awareness of their advantages are supporting market expansion.
Solar Pumps Market Size (2023)
US$ 1.5 Billion
Projected Market Value (2033)
US$ 4.7 Billion
Global Market Growth Rate (2023 to 2033)
Market Share of Submersible Solar Pumps (2023)
Key Companies Profiled
Why is Adoption of Solar Pumps Surging across Regions?
“Increasing usage of Solar Pumps to Lower Carbon Emissions”
Solar pumps provide environmental preservation by taking the place of diesel-powered or grid-based devices. During operation, diesel generators release CO2, and grid-based energy is often produced using coal, oil, or natural gas, all of which produce sizable amounts of CO2.
Solar pump systems don't emit any greenhouse gas emissions. Hence, the widespread use of solar pumps can result in a significant reduction in greenhouse gas emissions. The market for solar pumps is expanding globally due to these factors.
“More Initiatives by Governments for Advancements in Renewable Energy Technologies”
Governments around the world are putting more emphasis on the generation of renewable energy to lessen reliance on traditional energy sources. Increased subsidies by governments to farmers, as well as the implementation of strict regulations to reduce carbon footprint, would increase product penetration over the coming years.
Due to limited energy availability, a reliance on rainfall that is significant, and logistical challenges with fuel delivery in remote areas, solar pumps will be in great demand. The continual efforts to improve energy efficiency in industrial facilities have created a positive business environment for the solar pump market. Throughout the forecast period, federal tax incentives, subsidies, and policies that support the advancement of renewable energy technology will have a favorable impact on market growth.
“Growing Need for Alternative Energy Sources”
The need for solar pumps will be driven by growing urbanization. The market for solar pumps is expanding primarily due to the rising need for alternative energy sources. Solar energy is also commonly employed since it is a cheap source of electricity, and contributes to lower energy costs.
Solar pumps would see an increase in demand due to their use in providing portable water and water for crop irrigation. Since solar energy is widely available, the need for solar pumps, particularly for agricultural applications, is anticipated to rise sharply and fuel market expansion.
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What is Restraining Global Demand for Solar Pumps?
“Lack of Awareness among Rural Residents Regarding Capabilities of Solar Pumps”
It is anticipated that rising initial investment prices and wide accessibility of electricity pumps will restrain the market growth throughout the projection period. The lack of awareness of solar pumps among rural residents is limiting market expansion. The ability of solar technology to produce electricity is still largely unknown to many farmers and landowners.
It is crucial to remember that incorporating and utilizing solar pumps can present some difficulties. The availability of high-quality goods and services and the financial status of small farmers continue to be major issues in many countries. Moreover, difficulties in everyday operations and maintenance have been brought on by a lack of fundamental understanding of the design and functioning of solar pumps.
Which Region Provides Optimistic Opportunities for Market Players?
“Increasing Demand for Solar Pumps in Agriculture Sector in Asia Pacific”
- Asia Pacific accounts for 50% share of the global market due to the rising need for solar pumps from the agriculture sector and the increase in building integrated photovoltaic (BIVP) demand.
Solar energy is widely employed in the region to generate electricity for stand-alone power systems and rural electrification.
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Which European Country is Likely to Be a Prominent Marketplace?
“Increasing Need for Clean Water Supply in Germany”
Rising environmental awareness, growing demand for solar pumps in home applications, and the increasing need for a clean water supply are the elements driving market growth in Germany. Increased agricultural activities and a water supply for animals are boosting market value in the country.
Why is the United States Exhibiting High Sales of Solar Pumps?
“Rising Installation of PV Panels in the United States”
The market in the United States is projected to expand significantly over the coming years because of the growing demand for renewable energy sources, notably in the agricultural sector. Rapid urbanization, the rising installation of PV panels, and an increase in the local supply of raw materials are boosting market expansion.
- According to the United States Department of Agriculture (USDA), there are more than two million farms in the country, which accounts for around 30% of the country's total land area.
Why is India a Prominent Market for Solar Pump Suppliers?
“Rise in Government Subsidies to Encourage Adoption of Solar Pumps”
Government organizations in India are offering various subsidy schemes to help individuals and organizations in procuring solar energy systems at reduced capital cost.
- In India, the Ministry of New and Renewable Energy (MNRE) and the National Bank of Agriculture and Rural Development (NABARD) offer capital subsidies.
Farmers are concentrating on utilizing solar pumps to their fullest potential for irrigation and other agricultural tasks. The considerable growth of the agricultural industry, extensive research and development (R&D) activities, and the launch of more efficient product versions were some of the factors propelling market growth.
Why are Submersible Solar Pumps Highly Preferred?
“Submersible Solar Pumps Popular Due to Their High Efficiency”
Based on type, the market is divided into submersible and surface.
- Submersible solar pumps account for 60% share of the global market.
The provision of drinkable water and irrigation are the two main uses of submersible solar pumps. As these pumps don't generate greenhouse gases, the oil and gas industry is also utilizing them for chemical injection. Owing to their high efficiency, productivity, and low maintenance cost, submersible solar pumps are more in demand as compared to surface pumps.
Submersible solar pump demand is expected to increase throughout the projection period because of the rising need for pumps with improved efficiency, particularly in emerging countries. Submersible solar pumps are also used to dewater mines and deliver domestic water to large residences.
Which Application is Forecast to Gain a Leading Market Share?
“Rise in Agricultural Activities and Need for Irrigation Water Driving Demand for Solar Pumps in Farming”
Solar pumps are used in farming, residential, commercial, national parks, and industry water treatment applications. The demand for solar pumps in farming is expected to increase over the forecast period due to a rise in agricultural operations and the need for irrigation water.
In farming, solar pumps are used for irrigation and desalination. Solar pumps in agriculture can increase profits while reducing operating expenses for farmers. Solar pumps can also assist farms in lowering their carbon footprint.
The global market for solar pumps is being driven by an increase in their use in agriculture. Compared to fossil fuel pumps, solar pumps require less effort and upkeep. These pumps can cut down on the time and work required to irrigate crops.
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Technological innovation is a crucial trend that is becoming more popular in the market. Top solar pump manufacturers are creating advanced technologies and focusing on quality control following safety regulations to boost the performance of solar panels and water pump systems.
Prominent players are setting a new benchmark by expanding their product offerings in terms of higher efficiency and expanding their market presence to better serve the needs of consumers. They are focusing on product standards, supply chain management, and pricing trends to maintain their position in the market.
- In 2019, KSB SE & Co. KGaA extended its product portfolio by introducing submersible borehole pumps. New sizes developed by the company have a diameter of up to 50 inches.
- In 2022, a unidirectional solar water pump with a grid-tied power generation system was granted a patent by Shakti Pumps Limited, an Indian manufacturer of water pumps and motors. By employing panels and producing extra electricity to feed the grid, the new technique guarantees effective performance.
Key Segments of Solar Pumps Industry Research
By Type :
- Alternating Current (AC)
- Direct Current (DC)
- Alternating Current (AC)
- Direct Current (DC)
By Capacity :
- Below 4 HP
- 4 to 6 HP
- 6 to 8 HP
- Above 8 HP
By Application :
- Swimming Pools
- Pond Management
- National Parks
- Industry Water Treatment
By Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- FAQs -
What is the estimated CAGR for the solar pumps market?
Worldwide demand for solar pumps is set to increase at a prolific CAGR of 12.1% through 2033.
What is the anticipated value of the solar pumps market for 2033?
The global solar pumps market is predicted to reach US$ 4.7 billion by 2033.
What is driving the demand for solar pumps?
Rising need for clean and renewable energy sources and government subsidies for installing solar pumps are boosting market growth.
Which is the most dominant region in the global market?
Asia Pacific accounts for 50% sales of solar pumps.
Who are the prominent suppliers of solar pumps?
SunTech Drive LLC, Advanced Power Inc., and Bernt Lorentz GmbH are some of the leading solar pump providers.