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Solar Water Pump Systems Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033
Solar Water Pump Systems Global Market
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According to The Business Research Company's, The solar water pump systems market size has grown rapidly in recent years. It will grow from $1.52 billion in 2023 to $1.71 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to rural electrification initiatives, off-grid and remote area applications, water scarcity concerns, government incentives and subsidies, environmental sustainability.
The solar water pump systems market size is expected to see rapid growth in the next few years. It will grow to $2.69 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to continued focus on sustainable agriculture, climate change resilience, rising energy costs, expansion of water-intensive industries, government renewable energy targets. Major trends in the forecast period include government incentives and subsidies for solar pump adoption, shift towards direct current (DC) solar pumps, focus on modular and portable pump designs, integration of water conservation and precision irrigation, collaborations for research and development.
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Market Drivers and Trends:
The favorable government incentives for installing solar water pumps are driving the growth of the solar water pump systems market. Governments across the globe are promoting initiatives to focus on solar water pumps due to the rise in the price of diesel and the instability of electricity. The incentives or subsidies by governments to purchase solar-powered water pumps are focused on reducing dependence on other forms of electricity and also reducing operational costs over the long run. For instance, Innovators are invited to demonstrate their inventions as part of an expression of interest (EoI) published by the Ministry of New and Renewable Energy (MNRE). MNRE has invited bids for the installation of 50 inventive solar pumps through the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyaan (PM-KUSUM) program. MNRE will assist in the installation of 20 lakh standalone solar pumps rated at 7.5 HP by 2025-2026. Products must be cutting-edge and tested in a real-world setting in order to be approved, the Government of India launched the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan) scheme, an initiative to assist the installation of off-grid solar pumps on village land (rural areas), reducing their reliance on the grid. Under this scheme, 60% of the total installation cost is subsidized by the government. Therefore, the favorable government incentives for installing solar water pumps are propelling the growth of the solar water pump systems market.
Technological advancement is a key trend gaining popularity in the solar water pump systems market. The companies operating in the solar water pump systems market are developing innovative technologies to increase the operational efficiency of solar panels and water pump systems. For instance, in April 2022, Shakthi Pumps Limited, an India-based developer of water pumps and motors, received a patent for a unidirectional solar water pump with a grid-tied power generation system. The new technology ensures efficient performance by utilizing panels and generating extra power to feed the grid.
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Major Key Players of the Market:
Tata Power Company Limited, Wilo SE, Advanced Power Inc., Jain Irrigation Systems Ltd., Ginlong Technology Co Ltd., SunEdison Inc., Crompton Greaves Consumer Electricals Limited, Sunmotor International Ltd., KSB Limited, Lorentz Group Ltd., Mahindra Shakti Pumps Limited, Lubi Electronics, C.R.I. Pumps Private Limited, Solahart Industries Pty Ltd., Rainbow Power Company Ltd., Shakti Pumps India Ltd., Bernt Lorentz GmbH, CNP Pumps India Pvt Ltd., Greenmax Technology, Solar Power & Pump Company LLC, SunCulture, Bright Solar Limited, American West Windmill and Solar Company, Wenling Jintai Pump Factory Limited, Grundfos Pumps India Pvt Ltd., Kirloskar Brothers Limited, Solariver Co Ltd., SunPumps Inc., Zhejiang Feili Pump Co Ltd.
Solar Water Pump Systems Market 2024 Key Insights:
• The solar water pump systems market size is expected to see rapid growth in the next few years. It will grow to $2.69 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%.
• Government Incentives Fueling Growth In Solar Water Pump Systems Market
• Technological Advancements Transform The Solar Water Pump Systems Market
• Asia-Pacific was the largest region in the solar water pump systems market in 2023, and it is also expected to be the fastest-growing region in the forecast period
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