June 23, 2024
Solar Water Pump Systems Market

Solar Water Pump Systems Market is expected to be Flourished by Growing Demand for Affordable Agriculture Irrigation Solutions

Solar Water Pump Systems are equipment that uses solar panels and electric motors to pump water from underground or surface water resources, such as lakes, rivers, or shallow wells for varied agricultural and drinking purposes without using fuel or grid electricity. These pumps are gaining popularity as a renewable energy-based irrigation solution, especially in developing countries where grid connectivity and fuel supply is limited in rural areas. Provision of drinking water to remote communities is also a key use case where these systems offer an economical alternative.

The global solar water pump systems market is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways

The Global Solar Water Pump Systems Market Growth is expected to witness high growth over the forecast period. The global solar water pump systems market is estimated to be valued at US$ 2.22 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031.

The Asian region, led by India and China, dominates the market currently. India has ambitious plans to replace over 15 million diesel pumps with solar alternatives to boost farm incomes. The Asia Pacific region accounts for around 60% share of the global solar water pump systems market. Within Asia, India is the largest market owing to various government initiatives. The ‘Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan’ (PM-KUSUM) scheme aims to install 17.5 lakh solar pumps in the country by 2022. This is a major driver for the regional market.

Market Dynamics:

The solar water pump systems market is expected to be flourished by the growing demand for affordable agriculture irrigation solutions. Farmers, especially smallholders in developing nations are increasingly adopting these systems as they provide a cost-effective way for lifting water without reliance on fuel or grid electricity. According to the Food and Agriculture Organization (FAO) of the United Nations, around 80% of the global poor population resides in rural areas and mostly depends on agriculture for their livelihoods. With concerns rising around fuel price volatility and availability, solar water pumps have emerged as a resilient alternative to address the irrigation needs of this population. Additionally, government schemes and initiatives promoting adoption of renewable energy in agriculture are further driving the demand. For example, under its ‘Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan’ (PM-KUSUM) scheme, the Government of India aims to install 17.5 GW of renewable energy in the agriculture sector by 2022, which is expected to boost installation of solar water pumps in the country.

Segment Analysis

The global solar water pump systems market is dominated by the submersible solar water pump segment. This segment holds around 60% share of the total market owing to higher efficiency and reliability compared to surface solar water pumps. Submersible pumps can be installed in deep bore wells and lift water directly from the source. Moreover, they are less prone to issues like algal growth which commonly plague surface pumps.

PEST Analysis

Political: Various governments across the world are promoting the use of solar energy through incentives and subsidies. This has boosted the adoption of solar water pumps among farmers.

Economic: Solar pumps provide long term irrigation solutions to farmers at low operating costs. They reduce dependence on grid electricity and fossil fuels. This improves income and profitability.

Social: Solar pumps improve access to irrigation and clean water in remote off-grid areas. They help improve livelihoods and living standards of rural communities.

Technological: Advancements in solar panel efficiency and battery storage has increased the output and operational duration of solar pumps. Improved designs have also made them more durable.

Key players

Key players operating in the solar water pump systems market are PERI Group, Doka Group, ULMA Construction, Waco International, RMD Kwikform, MESA Imalat Sanayii ve Ticaret A.S, Uni-Span Holdings (Pty) Ltd., Acrow, Faresin Formwork S.p.A, Pilosio S.p.A, Staluform (Pty) Ltd., and Pre-Form (Pty) Ltd.

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