Press release
Emerging Trends to Drive Solar Water Pump Systems Market Growth at 11.9% CAGR Through 2029
Solar Water Pump Systems Market
Solar Water Pump Systems Market Size Growth Forecast: What to Expect by 2025?
The market size for solar water pump systems has seen swift expansion in the past few years. The market is projected to increase from a value of $1.69 billion in 2024 to roughly $1.87 billion in 2025, depicting a compound annual growth rate (CAGR) of 10.2%. The historical growth of this market sector is associated with aspects like initiatives for rural electrification, applications in off-grid and remote areas, concerns over water shortage, governmental incentives and subsidies, and the push for environmental sustainability.
How Will the Solar Water Pump Systems Market Size Evolve and Grow by 2029?
Expectations are high for the solar water pump systems market size to experience rapid expansion in the forthcoming years. Forecasts predict the market will expand to a value of $2.93 billion by 2029, representing a compound annual growth rate (CAGR) of 11.9%. This predicted progression over the forecast period is largely due to an ongoing commitment to sustainable farming, resilience to climate change, the rising cost of energy, and the development of water-intensive industries, in addition to governmental renewable energy goals. Key trends projected to develop over the forecast period include solar pump incentives and subsidies from the government, a shift toward using direct current (DC) solar pumps, a focus on transportable and modular pump designs, and amalgamation of water saving and precision irrigation, along with collaborations for research and development.
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What Drivers Are Propelling the Growth of Solar Water Pump Systems Market Forward?
The stimulation of the solar water pump systems market can be attributed to the advantageous governmental incentives related to the installation of solar water pumps. As global diesel prices escalate and electrical stability decreases, governments worldwide are throwing their weight behind solar water pump initiatives. These incentives and subsidies for the acquisition of solar-powered water pumps aim to lessen reliance on alternative electricity sources and curtail long-term operational expenditure. To illustrate, the Ministry of New and Renewable Energy (MNRE) has instigated an expression of interest (EoI), beckoning innovators to exhibit their inventions. Under this, the MNRE solicits proposals for establishing 50 groundbreaking solar pumps via the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyaan (PM-KUSUM) program. Moreover, the MNRE plans to facilitate the installation of 20 lakh standalone solar pumps with a power rating of 7.5 HP by 2025-2026. Under the terms of the Indian Government's PM-KUSUM scheme, the products have to be state-of-the-art and undergo real-world testing for approval. This initiative supports the installation of off-grid solar pumps in villages, thereby decreasing their dependency on the grid. Under the scheme framework, the government covers 60% of the total cost of installation. Consequently, these attractive governmental incentives for implementing solar water pump systems are fuelling the market's expansion.
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What Are the Key Trends Driving Solar Water Pump Systems Market Growth?
Advancements in technology are a prominent trend emerging in the solar water pump systems market. Companies in this sector are pioneering innovative technologies to enhance the operational productivity of solar panels and water pump systems. For example, Shakthi Pumps Limited, an Indian manufacturer of water pumps and motors, obtained a patent for a unidirectional solar water pump featuring a grid-tied power generation system in April 2022. This novel technology works efficiently by leveraging panels and producing additional power to supply the grid.
What Are the Key Segments in the Solar Water Pump Systems Market?
The solar water pump systemsmarket 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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Who Are the Key Players Shaping the Solar Water Pump Systems Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.
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