The global solar pump market was valued at $1.21 billion in 2019, and is projected to reach $2.05 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027. Over the last few years, the solar water pump market has been developing at a considerable pace. This was attributed to low cost of low price of PV panels, strong presence of solar water pump producers, and high awareness of solar water pumping, due to various country and local governments’ regulations to promote production of energy from renewable sources to reduce dependency on fossil fuels and minimize the emission of pollutants. Rapid development of PV technology has benefited the market by decreasing the price of solar water pump.
Developing nations are providing opportunity for the growth of the solar water pump market, as major adoption of solar pump has been witnessed in Asia-Pacific, particularly in India, China, and Japan. This is majorly attributed to surge in agricultural activities and increase in demand for electricity from renewable source of generation. India has set a target to deploy more than 100,000 sun pump by 2020, with Bangladesh targeting 50,000 by 2025. Africa and the Center East are other two different fundamental markets for solar water pump, wherein there was an accelerated water demand observed for irrigation. Kenya, Morocco, Namibia, and Nigeria are all expected to offer solar pump market opportunity to grow.
The global solar pump market is segmented into product, end-user industry, operation, and region. On the basis of product, the market is divided into surface suction, submersible, and floating. The submersible segment was the highest revenue contributor to the market, due to increase in use of submersible solar pump for water extraction from all size of bores, irrigation systems for agriculture, including drip & sprinkler systems and pressure boosting applications. Submersible solar pump are further utilized for domestic water supply to large residences and multi-storied apartments and dewatering of mines.
By Product
Floating segment is projected to grow with a CAGR of 8.7% during the forecast period.
By end-user industry, the solar pump market trends are studied across agriculture, water management, and others. The agriculture segment dominated the market. This is attributed to countries in Asia-Pacific, such as India, are increasingly installing solar pump for water irrigation purpose. As solar energy is easily available, it is expected that the demand for solar pump, particularly for farming application will increase notably, which is anticipated to boost the market growth.
By End-user Industry
Agriculture is projected as the most lucrative segment.
Depending on operation, the market is segregated into AC pump and DC pump. The AC pump segment holds the largest solar pump market share. It is anti-corrosion nature and provides high wear resistance as it reduces the operating costs due to its high pumping efficiency and longevity. It can work continuously for a prolonged period, and thus are highly reliable even under harsh conditions.
By Operation
DC Pump is projected as the most lucrative segment.
Region wise, the global solar pump market size is analyzed across into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor to the market. Asia-Pacific solar pump market is analyzed across China, Japan, South Korea, Australia, and rest of Asia-Pacific. In Asia-Pacific, solar energy is widely used in generation of electricity for standalone systems and rural electrification. The growth of the Asia-Pacific solar pump market is driven by increase in government initiatives, such as Akshay Urja, which includes electrification of rural areas. These initiatives are expected to increase the demand for PV energy, as governments would distribute solar pump in rural areas. Such initiatives are expected to increase the demand for solar pump, and contribute toward the growth of the market.
By Region
Europe is expected to grow with a CAGR of 8.5% during the forecast period.
The key players involved in the global solar pump industry are Vincent Solar Energy, TATA Power Solar Systems Ltd., Shakti pump, CRI Pump Pvt. Ltd., Oswal Pump Ltd., LORENTZ, The Lubi Group, Samking Pump Company, Greenmax Technology, and AQUA GROUP.
COVID-19 impact on global solar pump market
The outbreak of COVID-19 has disrupted the global solar industry by halting the operations. At present, the solar industry imports nearly 80% of its major solar panel materials from China. The pandemic has affected the manufacturing capacities of China, as all fundamental ship container organizations had additionally stopped functioning out of Chinese ports and transporting items from China to other countries, including of India. As the Chinese production is expected to again head in the right direction, it is assumed that the resumption of the China-originated deliver chain will help restart the Indian solar industry.
Key Benefits for Stakeholders:
- The report provides extensive qualitative and quantitative analyses of the current market trends and future estimations of the market from 2019 to 2027 to determine the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the solar pump market growth is provided.
- Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume.
- Profiles of leading players operating in the global solar pump market analysis are provided, and this helps in understanding the competitive scenario globally.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.
- The global solar pump market forecast is done from 2020 to 2027.
Solar Pump Market Report Highlights
| Aspects | Details |
 By Product |
|
 By End Use Industry |
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 By Operation |
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 By Region |
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 Key Market Players | LORENTZ, Lubi Electronics, Samking Pump Company, Vincent Solar Energy Company, AQUA GROUP, Greenmax Technology, OSWAL PUMP LTD., Shakti Pump, TATA Power Solar Systems Ltd., CRI Pump |
Analyst Review
Factors such as of stringent government regulations to reduce carbon footprints and use of sun energy to pressure the pump, which cuts down the operating fee, are anticipated to boost the market growth during the forecast period. Furthermore, solar water pump are beneficial in faraway locations, wherein supply of power is insufficient, and places wherein the provision of conventional fuel for powering water pump is not available. However, high installation cost associated with solar water pumping and unavailability of specialized carrier vendors in remote places are expected to hamper the growth of the market.
Submersible pump is expected to hold the major share in the global solar pump market. Several Energy Grand projects are implemented in nine nations, out of which seven have been centered in Africa. These projects aim to facilitate the use of renewable energy in agriculture, with focus on solar water pump, which is expected to drive the global market growth.
The global solar pump market is projected to reach $2.05 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027.
The global solar pump market was valued at $1.21 billion in 2019.
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The China and India are the two topmost investment pockets for the global solar pumps attributed to the rapid expansion of agricultural activities and demand for power consumption while lacking reliable power generation and infrastructure needed for irrigation and community water supplies.
In Asia-Pacific, such as India, solar pumps are increasingly installed for water irrigation purpose. As solar energy is easily available, it is expected that the demand for solar pump, particularly for farming application will increase notably, which is anticipated to boost the market growth.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
The submersible segment was the highest revenue contributor to the market, due to increase in use of submersible solar pump for water extraction from all size of bores, irrigation systems for agriculture, including drip & sprinkler systems and pressure boosting applications.
Asia-Pacific was the highest revenue contributor to the market. The growth of the Asia-Pacific solar pump market is driven by increase in government initiatives, such as Akshay Urja, which includes electrification of rural areas. These initiatives are expected to increase the demand for PV energy, as governments would distribute solar pump in rural areas. Such initiatives are expected to increase the demand for solar pump, which is expected to contribute toward the growth of the market.
The company profiles are analyzed by performing a thorough study of the leading players in the Solar Pump market. Comprehensive analysis of recent developments and growth curves of various companies help to understand the growth strategies adopted by them and their potential effect on the market.
Over the last few years, the solar water pump market has been developing at a considerable pace. This was attributed to low cost of low price of PV panels, strong presence of solar water pump producers, and high awareness of solar water pumping, due to various country and local governments’ regulations to promote production of energy from renewable sources to reduce dependency on fossil fuels and minimize the emission of pollutants.
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