Press release
Solar Water Pump Systems Market Size Forecasted To Achieve $3.02 Billion By 2029 With Steady Growth
Solar Water Pump Systems Market
What Is the Projected Growth of the Solar Water Pump Systems Market?
In recent times, the solar water pump systems market has seen swift expansion. The market size, which stood at $1.69 billion in 2024, is projected to increase to $1.89 billion in 2025, marking a compound annual growth rate (CAGR) of 11.8%. Factors such as rural electrification efforts, use in off-grid and remote areas, water shortage issues, government inducements and subsidies, along with environmental conservation pursuits, have contributed to the growth witnessed in the historical period.
In the coming years, the market size for solar water pump systems is forecasted to witness swift expansion. By 2029, it is projected to reach a market valuation of $3.02 billion while growing at a compound annual growth rate (CAGR) of 12.4%. Factors such as heightened emphasis on climate change resilience, sustainable farming, increasing energy prices, expansion of industries that require extensive water supply, as well as governmental renewable energy goals are responsible for this predicted growth. Additionally, the forecast period will see pertinent trends such as government incentives and subsidies facilitating solar pump adoption, a transition towards direct current (DC) solar pumps, emphasis on modular and portable pump designs, integrating water conservation and precision irrigation, and the creation of partnerships for research and development.
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What Are the Different Solar Water Pump Systems Market Segments?
The solar water pump systems market covered in this report is segmented -
1) By Type: Surface Pump, Submersible Pump, Other Pump Types
2) By Power Rating: Below 3HP , 3HP To 10 HP , Above 10 HP
3) By Drive Type: AC Motor Powered Solar Water Pumps, DC Motor Powered Solar Water Pumps
4) By End-User: Agriculture, Residential, Commercial, Industrial
Subsegments:
1) By Surface Pump: Centrifugal Surface Pumps, Positive Displacement Surface Pumps, Diaphragm Surface Pumps
2) By Submersible Pump: Borewell Submersible Pumps, Open Well Submersible Pumps, Pressure Submersible Pumps
3) By Other Pump Types: Solar-Driven Water Pumps, Hybrid Water Pumps, Solar Irrigation Pumps
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What Are the Primary Drivers Shaping the Solar Water Pump Systems Market?
The growth of the solar water pump systems market is being fuelled by advantageous governmental incentives for the installation of solar water pumps. Governments the world over are pushing initiatives centered around solar water pumps, a move motivated by diesel price surges and electric power instability. The objective of such governmental incentives or subsidies encouraging purchase of solar-powered water pumps is to diminish reliance on disparate electricity forms and also to cut down on operational costs over time. For instance, the Ministry of New and Renewable Energy (MNRE) has issued an Expression of Interest (EoI) inviting innovators to present their creations. Bids for the installation of 50 inventive solar pumps have been invited by MNRE as part of the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyaan (PM-KUSUM) program. The goal is to facilitate the installation of 20 lakh standalone solar pumps with a rating of 7.5 HP by 2025-2026 with the help of MNRE. The PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan) scheme was launched by the Government of India to support the installation of off-grid solar pumps in rural locales, thereby reducing grid dependence. Under this scheme, the state takes care of 60% of the total installation cost. These beneficial governmental incentives for the installation of solar water pumps are hence leading to substantial growth in the solar water pump systems market.
Which Companies Are Leading in the Solar Water Pump Systems Market?
Major companies operating in the solar water pump systems market include Tata Power Company Limited, Wilo SE, Advanced Power Inc., Jain Irrigation Systems Ltd., 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, 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.
What Solar Water Pump Systems Market Trends Are Gaining Traction Across Different Segments?
Progress in technology is emerging as a significant trend in the solar water pump systems market. The businesses in this market are creating groundbreaking technologies to boost the performance efficiency of solar panels and water pump systems. For instance, Shakthi Pumps Limited, an Indian company that manufactures water pumps and motors, achieved a patent in April 2022 for a unidirectional solar water pump integrated with a grid-tied power generation system. This novel technology improves performance by effectively using panels and producing extra power to supply the grid.
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What Are the Top Revenue-Generating Geographies in the Solar Water Pump Systems Market?
Asia-Pacific was the largest region in the solar water pump systems market in 2024, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the solar water pump systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Solar Water Pump Systems Market?
2. What is the CAGR expected in the Solar Water Pump Systems Market?
3. What Are the Key Innovations Transforming the Solar Water Pump Systems Industry?
4. Which Region Is Leading the Solar Water Pump Systems Market?
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