The global solar pump market size was valued at USD 1492 million in 2022. It is projected to reach USD 2729 million by 2031, growing at a CAGR of 6.94% during the forecast period (2023–2031).
Solar pumps are photovoltaic-powered water pumps used for irrigation and water management. It is a viable substitute for conventional generators that use fossil fuels to pump water because it produces electricity from sunlight. A solar-powered device called a solar water pump is used to move water for irrigation, communal water supplies, and potable drinking water, among other things. The demand for energy-intensive resources like coal, gas, and diesel has decreased thanks to solar water pumps. Market expansion is anticipated in the upcoming years through increased investment in agricultural applications.
The agricultural sector in developing countries offers enormous potential for the growth of the solar water pump market. Solar pumps offer a tremendous opportunity to conventional electric-powered and diesel pumps in rural areas where farmers face increases in gas prices and difficulty connecting to the electric grid. The most significant use of solar pumps has been observed in India, Africa, and the Middle East, where solar pumps are used for irrigation and water management in agricultural applications. Extensive use of solar water pumps can thus result in a significant reduction in greenhouse gas emissions. These factors are fueling the global expansion of the solar water pump market.
PV technology is cost-effective and an excellent choice for various end-use applications. However, compared to other emerging renewable technologies, the high capital costs associated with PV installations limit the market growth. The installation of pumps raises the overall cost of PV. It is expected to limit overall PV system deployment during the forecast period. Furthermore, solar energy is harnessed for a limited time, and the power is stored in batteries for later use. The market for solar pumps is expected to experience growth restraints because solar power batteries are costly, large, and require frequent replacement.
Solar water pumps are an efficient way to use electricity to boost agricultural productivity. Agriculture employs approximately 40% of the global population and is a source of income for many, but access to water remains a constant battle for many. The ability to make modern irrigation accessible for nearly 500 million small-scale farmers depends on fee reductions for solar water pumps in economies like India, Japan, and Africa. The primary emphasis is on small-sized solar water pumps, which are used by the majority of people. Governments in developing nations like India, Japan, and Africa are quickening the pace of solar water pump development and commercialization.
The global solar pump market is segmented by product, end-use, and operation.
Based on product, the global solar pump market is bifurcated into surface suction, submersible, and floating.
The submersible segment is the highest contributor to the market. A submersible solar water pump can be used while submerged. Submersible solar pumps are powered by solar panels, batteries, or, in some cases, an alternating current (AC) source. The market is anticipated to grow due to the increased use of submersible solar pumps for pressure boosting, irrigation systems, drip and sprinkler systems, and water extraction from all boreholes. Submersible solar pumps are also used for mine dewatering and domestic water supply to large homes and multi-story apartments, which significantly aids in expanding the global market.
Based on end-use, the global solar pump market is bifurcated into agriculture, water management, and others.
The agriculturesegment is the highest contributor to the market.Solar pumps are primarily used for irrigation in agriculture. Bore wells, rivers, ponds, and other water sources can all be drained using solar water pumps. Through the implementation of programs, government authorities have encouraged farmers to choose solar energy. For instance, the registration process for the significant government initiative PM Kisan Urja Suraksha evem Utthan Mahabhiyan (PM-KUSUM) in India, which focuses on providing agricultural solar pumps with a 90% subsidy, has already started in many states. The PM KUSUM 2020 goals are expected to provide approximately 20 lakh sun pumps across the country to solve all of the farmers' water problems. The global market is anticipated to grow significantly due to this factor.
Based on operation, the global solar pump market is bifurcated into AC pumps and DC pumps.
The AC pump segment is the highest contributor to the market. The AC solar pump uses an electric current that reverses direction regularly. Due to its long lifespan and high pumping efficiency, the AC solar pump is anti-corrosive and offers high wear resistance, which lowers operating costs. Additionally, it has a longer operating lifespan and can operate continuously without interruption. Additionally, this pump provides the best performance in challenging circumstances and is very reliable. The increasing use of AC solar pumps in livestock watering, irrigation, and water supply applications is expected to drive market growth. Additionally, the AC solar pump has optimum operational fluency and a compact design; thus, it is highly preferred for irrigation and water management.
Asia-Pacific Dominates the Global Market
The global solar pump market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is the most significant shareholder in the global solar pump market. The Asia-Pacific solar pump market is examined in China, Japan, South Korea, Australia, and the rest of the region. Solar energy is widely used in Asia and the Pacific region to generate electricity for stand-alone systems and rural electrification. Solar pumps are expected to play a significant role in rural areas, particularly agriculture. Agriculture is a primary source of revenue in the region. Manufacturers in the area are concentrating on utilizing solar pumps to their fullest potential for irrigation and other agricultural tasks. Manufacturers' strategies have shifted due to government initiatives to increase the use of renewable energy to promote Asia Pacific countries' sustainable development.
Europe is expected to grow during the forecast period.Europe solar pumps are being researched in Germany, France, Italy, Spain, the United Kingdom, and the rest of Europe. Innovations and advancements in the solar industry are driving the market growth for European solar pumps. Solar pumps are increasingly used in Europe to save electricity in the agricultural sector, significantly contributing to market growth. It is anticipated that implementing strict environmental regulations to reduce carbon emissions will increase demand for solar pumps throughout Europe, supporting market growth.
The United States is home to over two million farms, which account for roughly 30% of the country's total land area. These farms employ various kinds of pumps for various operations, such as irrigation and cattle watering. As a result, it is anticipated that the market for solar pumping systems in North America will expand due to the growing demand for solar pumps from the agricultural sector for the anticipated period. In addition to agriculture, solar pumping systems are used in drinking water projects like neighborhood water schemes and remote off-grid areas. As a result, there is a rising need for potable water in remote areas, which is expected to increase demand for solar pumps in North America for the projection period.
The LAMEA solar pump market is being researched in Brazil, Saudi Arabia, South Africa, and the rest of LAMEA. The demand for pumps in the LAMEA region is increasing as the agricultural sector develops. The agricultural sector uses solar pumps to meet its irrigation and water management needs. Solar energy is a sensible option for energy generation because most countries in the region are closer to the equator, where sunlight is abundant. The main drivers of market expansion in developing nations are rising disposable income levels among people and growing public awareness of solar energy's advantages. In addition, international players have entered the market to meet the escalating demand for these goods.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|