Wilmington, Delaware, United States, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global solar pumps market stood at US$ 1.2 billion in 2021 and is projected to reach US$ 3.38 billion in 2031. The global solar pumps market is anticipated to expand at a CAGR of 11.1% between 2022 and 2031.
The solar cell in the photovoltaic panel is exposed to sunlight to produce electricity that is supplied to water pumps in order to irrigate farms. This system is connected to a mobile phone so that farmers can automatically control the irrigation of their farms. The solar pumps market is expected to witness an increase in product diversity as several international companies with R&D capabilities are expected to enter the arena of solar pump manufacturing, aiming to obtain maximal market share. Companies operating in the market are also introducing technologically advanced DC solar pumps to enhance their market share post the COVID-19 pandemic.
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Solar pumps use solar energy to irrigate crops, water livestock, or provide potable drinking water. Solar-powered pumps run on electricity generated by photovoltaic (PV) panels or the radiated thermal energy available from sunlight, as opposed to grid electricity or diesel-run pumps. Solar pumps are robust, easy to install, and usually require low or minimum maintenance.
The lifespan of solar pumping systems is a maximum of 20 years. These systems are primarily used where a consistent power supply is not accessible. Solar-powered pumps are more cost-effective in operation, offer lower maintenance costs, and have a lesser environmental impact than pumps powered by an internal combustion engine.
The use of smart solar pumps is expected to be high in rural areas where the penetration of electricity is limited. Solar water pumps provide a reliable, safe, and adequate water supply in remote locations. Use of solar pump PV technology provides several environmental benefits as compared to traditional technologies; however, care should be taken that the installation of solar water pumps does not increase the use of groundwater.
Solar Pumps Market: Key Players
- C.S.C. partnered with Tata Power to install solar-powered microgrids and water pumps. The partnership will allow Tata Power to bring technology and financial strength to set up distributed, small-scale solar power systems in rural areas and provide round-the-clock power supply to households and businesses. C.S.C. brings to the partnership village-level entrepreneurs to provide quick, low-cost service, and support rural consumers with distributed solar power supply.
Competitive Landscape
- Bernt Lorentz GmbH
- Bright Solar Ltd.
- C.R.I. Pumps Private Limited
- Dankoff Solar
- Franklin Electric
- Grundfos
- K.S.B. Ltd.
- PM Pumpmakers GmbH
- Schneider Electric SE
- Tata Power Solar Systems Ltd.
Key Takeaways of Market Report
- Global solar pumps market to generate absolute dollar opportunity worth US$ 3.38 billion until 2031.
- Global solar pumps market from 2023 to 2031 is 11.1%
- The global solar pumps market is valued at US$ 1.5 billion in 2023.
- The global solar pumps market stood at US$ 1.2 billion in 2021.
Solar Pumps Market: Growth Drivers
- Increase in the usage of solar pump for agriculture purposes is driving the solar pumps global market. Solar pumps require less labor and maintenance as compared to fossil fuel pumps. These pumps can reduce the amount of labor and time that is needed to irrigate crops.
- PV systems generally require only 14% of diesel generators' labor hours. Thus, the demand for low-cost and low-maintenance products is rising in countries such as India, China, and Bangladesh where agriculture is practiced by a large group of low-income farmers.
- Solar water pumps contribute to social development in several ways. A reliable and clean water supply is an essential need; however, a large number of people, currently, lack this basic provision. Solar water pumps are often a cost-effective preferred technology for remote locations beyond the reach of conventional power lines.
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Solar Pumps Market: Regional Landscape
- Asia Pacific is expected to hold dominant position in the global solar pumps market during the forecast period. Agriculture is a major revenue-generating sector in the region. Manufacturers operating in the region are focused on maximizing the potential of solar pumps for irrigation and other agricultural duties. Strategies of manufacturers have changed as a result of government initiatives to boost the adoption of renewable energy in order to promote the sustainable development of countries in Asia Pacific.
- The market in North America and Europe is anticipated to grow at a considerable pace in the near future, owing to rise in the demand for solar pumps in these regions. Countries such as the U.S., Canada, Germany, France, the U.K., and Italy are shifting from fossil fuel energy to renewable energy sources in order to contribute to a sustainable environment.
- The Middle East & Africa is an emerging market for solar pumps due to the decrease in the cost of PV panels and solar-powered water pumps and several advancements in PV technology.
Solar Pumps Market: Segmentation
- Type
- Submersible Pumps
- Surface Pumps
- Operation
- AC Pumps
- DC Pumps
- Price
- Low
- Medium
- High
- Application
- Agriculture
- Water Treatment
- Others (water for livestock, housing applications, etc.)
- Distribution Channel
- Direct
- Indirect
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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