Solar Pumps Market to Reach US$3.38 Billion by 2031; Growing Adoption in Agriculture Sector Boosts Growth: TMR Study

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Sep 07, 2022, 21:30 ET

Rise in preference of clean energy technology over diesel-powered and conventional grid-based systems in agriculture sector propelling revenue generation; governments' subsidies on farmers and solar equipment manufacturers boosts prospects
Asia Pacific highly lucrative region in solar pumps market, underpinned by rising use in irrigation applications and policy impetus for adoption of renewable energy sector in agriculture

WILMINGTON, Del., Sept. 8, 2022 /PRNewswire/ -- The solar pump market size is projected to reach US$3.38 Bn by 2031, advancing at a CAGR of 11.1% from 2022 to 2031 (the forecast period). Focus toward commercialization of technologically advanced solar photovoltaic water pump (SSPWP) is boosting the outlook of solar pump global market. Lower maintenance requirement than diesel-powered pumps and cost-effectiveness of solar power are key propositions anchoring the adoption of solar pumps in agriculture, water treatment, and household applications.

Many solar pump manufacturers are tapping DC solar pumps to capture value-grab opportunity in smart solar pumps. Solar pump for agriculture presents a lucrative avenue. The increasing trend of renewable power in agriculture sector in a bid to reduce the carbon footprint is a key underpinning for the expansion of the solar pumps market. Low penetration of grid-based power in rural areas of emerging economies has unlocked lucrative demand for solar pumps. Their commercialization is gathering momentum from the need for sustainable ways to achieve clear water supply for various agriculture activities.

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Key Findings of Solar Pumps Market Study

Adoption of Renewable Energy Sources to Spur Demand: Increasing trend of shift from fossil-fueled power toward renewable power for pumping systems is impelling the demand for solar pumps market. Both economic and environmental benefits of solar pumps are catalyzing the market prospects. Diesel generators incur high costs both in labor and electricity, which has nudged farmers to look for cost-effective and reliable power supply. The trend is boosting the outlook of the market.
Trend of Clean Energy for Pumps Reduce GHG Emissions: Policy impetus toward adopting clean energy in sectors responsible for glaring greenhouse gas emission (GHG) is steering the need for solar-powered systems, especially for water pumping applications. In agriculture industry, the demand is massive and will spur the product adoption especially in emerging economies. The low penetration of grid-based electricity in emerging economies is also bolstering the prospects.

Solar Pumps Market: Key Drivers

Growing demand for clean energy for irrigation activities especially in emerging economies is a key driver of the solar pumps market. Of note, the demand has risen in regions where disruptions in grid-based electricity are frequent. Coupled with this, the growing demand for solar pumps among small farmers is enriching the market prospects.
Growing preference of solar submersible pumps and smart solar pumps over fossil-fueled pumps is a key driver of the solar pumps market

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Solar Pumps Market: Regional Growth Dynamics

Opportunities in North America and Europe are expected to rise at promising pace during the forecast period. The U.S., Canada, France, the U.K., and Germany are witnessing businesses in end-use industries transitioning to clean energy technologies, which has created massive lucrative prospects in these regional markets.
Asia Pacific is expected to hold a major share of the global solar pumps market during the forecast period. A bulk of demand for smart solar photovoltaic water pumps emanates from agriculture applications. Stridently, an expanding agriculture sector has propelled revenue generation in the Asia Pacific market.

Solar Pumps Market: Key Players

The study finds that mergers and acquisitions is one of the key competitive strategies adopted by key players to grow their shares in solar pumps market.

Some of the key players in the solar pumps market are Schneider Electric SE, PM Pumpmakers GmbH, K.S.B. Ltd., Grundfos, Franklin Electric, C.R.I. Pumps Private Limited, Dankoff Solar, and Bright Solar Ltd.

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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

Regions

North America
Europe
Asia Pacific
Middle East & Africa
South America

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