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    Solar Water Pumps Market

    ID: MRFR/E&P/2663-CR
    155 Pages
    Anshula Mandaokar
    January 2024

    Solar water pump Market Research Report Information By Type (Submersible Pump and Surface Pump), Motor type (AC Pump and DC Pump), Power Rating (into Up to 5 HP, 5 HP – 10 HP, 10 HP – 20 HP and More than 20 HP), Phase (Single and Three), Application (Agriculture, Water Treatment and others) and By Region - Global Forecast to 2032

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    Solar Water Pumps Market Infographic
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    Solar Water Pumps Market Summary

    As per Market Research Future Analysis, the global solar water pump market is projected to grow significantly, with a CAGR of 6.98%. The market was valued at USD 2843.62 million in 2023 and is expected to reach USD 5,220.5 million by 2032. Solar water pumps utilize photovoltaic panels to convert sunlight into electricity for water extraction, offering a sustainable alternative to traditional pumps. The increasing demand for renewable energy sources, supported by government incentives and subsidies, is driving market growth. Key regions include North America, Europe, and Asia Pacific, with substantial investments in agricultural modernization and rural electrification initiatives. Major players are focusing on technological advancements and cost-effective solutions to enhance accessibility for smallholder farmers.

    Key Market Trends & Highlights

    The solar water pump market is witnessing transformative trends driven by government support and agricultural modernization.

    • Market Size in 2023: USD 2843.62 million; Expected Growth by 2032: USD 5,220.5 million.
    • CAGR during forecast period: 6.98%; North America leading with a CAGR of 7.15%.
    • Agricultural segment holds 57.5% market share; projected CAGR of 7.1% during the forecast period.
    • Government subsidies significantly reduce initial costs, enhancing adoption in rural areas.

    Market Size & Forecast

    2023 Market Size USD 2843.62 million
    2032 Market Size USD 5,220.5 million
    CAGR 6.98%

    Major Players

    Shakti Pumps, Waaree Energies Ltd, LORENTZ, Crompton, Grundfos, Tata Power Solar, Bright Solar Limited

    Solar Water Pumps Market Trends

    Increasing solar pumps in the agriculture sector and improving livelihood

    Increasing Government Subsidies in the form of Financial Incentives

    Indian government initiatives like Pradhan Mantri KisanUrja Suraksha Evam Utthan Mahabhiyan Yojana (PM-KUSUM), CPSU (Government Producers) Scheme - Phase II, and Solar Rooftop Phase II program are actively promoting solar water pump adoption and boosting solar energy generation across the country. Government support has undoubtedly propelled the growth of this market.

    To illustrate, consider the case of Kenya's National Budget announcement on June 11, 2020, which allocated a significant sum of USD 35 million to bolster the community household irrigation sector. This initiative allows individual farmers to double their agricultural yields by harnessing solar pumps, which are powered by the sun and eliminate the need for costly fuel. This represents a positive stride toward enhancing the productivity, resilience, and income of smallholder farmers. Consequently, the cost of investment becomes a driving force behind the adoption of these pump systems.

    Moreover, Tata Power Solar Systems, a prominent player in the market, secured a 250MW solar project award from the National Thermal Power Corporation Limited (NTPC) under the Central Public Sector Undertaking (CPSU) scheme. This project aligns with the company's "Make in India" mission and underscores its competitive edge and commitment to quality, establishing its leadership in utility-scale, rooftop solar, and solar pump businesses in the country.

    The increasing adoption of solar water pumps is reshaping agricultural practices, particularly in regions with limited access to conventional energy sources, thereby enhancing water management and promoting sustainable farming.

    U.S. Department of Energy

    Solar Water Pumps Market Drivers

    Market Growth Projections

    The Global Solar Water Pump Market Industry is poised for substantial growth, with projections indicating a market value of 2.96 USD Billion in 2024 and an anticipated increase to 6.39 USD Billion by 2035. This growth trajectory reflects a compound annual growth rate of 7.25% from 2025 to 2035, driven by various factors such as technological advancements, government incentives, and rising agricultural demands. The market dynamics suggest a robust expansion, with increasing investments in solar technologies and a growing emphasis on sustainable practices across multiple sectors. These projections highlight the potential for solar water pumps to play a critical role in addressing global water challenges.

    Technological Advancements

    Technological innovations significantly influence the Global Solar Water Pump Market Industry, enhancing the efficiency and reliability of solar water pumps. Recent advancements in photovoltaic technology and battery storage systems have led to the development of more efficient pumps that can operate under varying sunlight conditions. For instance, the integration of smart technology allows for remote monitoring and control, optimizing water usage in agricultural applications. These improvements not only increase the appeal of solar water pumps but also contribute to the projected market growth, with estimates suggesting a rise to 6.39 USD Billion by 2035, indicating a strong trajectory for technological integration in this sector.

    Increasing Agricultural Needs

    The Global Solar Water Pump Market Industry is significantly driven by the rising agricultural demands, particularly in regions facing water scarcity. As farmers seek efficient irrigation solutions, solar water pumps offer a sustainable alternative to traditional diesel-powered pumps. Countries such as Kenya and Australia are witnessing a shift towards solar-powered irrigation systems, which not only reduce operational costs but also enhance crop yields. This trend is particularly relevant in arid regions, where access to reliable water sources is crucial for food security. The growing agricultural sector is likely to propel the market further, aligning with global efforts to promote sustainable farming practices.

    Rural Electrification Initiatives

    Rural electrification initiatives are becoming increasingly relevant to the Global Solar Water Pump Market Industry, as many remote areas lack reliable access to electricity. Solar water pumps serve as a viable solution for these regions, providing essential water supply without the need for extensive electrical infrastructure. Countries like Bangladesh and Ethiopia are implementing solar water pumping systems to improve water access in rural communities, thereby enhancing quality of life and agricultural productivity. This trend not only addresses immediate water needs but also supports broader development goals, suggesting a sustained demand for solar water pumps in rural electrification efforts.

    Government Incentives and Policies

    Government policies play a pivotal role in shaping the Global Solar Water Pump Market Industry. Various nations are implementing incentives such as subsidies, tax rebates, and grants to encourage the adoption of solar technologies. For example, the United States has introduced programs that support the installation of solar water pumps in agricultural sectors, enhancing water management efficiency. These initiatives not only reduce initial investment costs but also stimulate market growth. As a result, the industry is expected to witness a compound annual growth rate of 7.25% from 2025 to 2035, reflecting the positive impact of supportive government frameworks on solar water pump adoption.

    Rising Demand for Sustainable Solutions

    The Global Solar Water Pump Market Industry experiences a notable surge in demand driven by the increasing emphasis on sustainable and renewable energy solutions. As nations strive to meet environmental targets, the adoption of solar water pumps is becoming more prevalent. For instance, countries like India and Brazil are investing heavily in solar technologies to enhance water accessibility in rural areas. This shift aligns with global initiatives aimed at reducing carbon footprints, thereby fostering a market projected to reach 2.96 USD Billion in 2024. The growing awareness of climate change impacts further propels this trend, suggesting a robust future for solar water pumps.

    Market Segment Insights

    Solar water pump Market by product Type Insights

    The Solar water pump Market has been categorized based on product type Submersible pump and Surface pump. Surface pumps hold a substantial market share of 65.0% with a market value of USD 1,742.8 million. It is projected to register a CAGR of 7.06% during the projected timeframe.

    Solar water pump Market by Motor Types Insights

    Based on Motor types, the Solar water pump market has been segmented into AC and DC pumps. In 2022, the AC Pumps drove the Solar water pump Market by holding a substantial market share of 69.2% with a market value of USD 1,826.8 million. It is projected to register a CAGR of 6.8% during the projected timeframe.

    Solar water pump Market by Power rating Insights

    Based on Power rating, the Solar water pump market has been segmented into bifurcated into Up to 5 HP, 5 HP – 10 HP, 10 HP – 20 HP and More than 20 HP. In 2022, the up to 5 Hp drove the Solar water pump Market by holding a substantial market share of 31.2% with a market value of USD 826.6 million. It is projected to register a CAGR of 6.8% during the projected timeframe.

    Solar water pump Market by phase Insights

    Based on Motor types, the Solar water pump market has been segmented into single and three phase. In 2022, the single phase drove the Solar water pump Market by holding a substantial market share of 62.1% with a market value of USD 1,650.0 million. It is projected to register a CAGR of 6.8% during the projected timeframe.

    Solar water pump Market by Application Insights

    Based on application, the Solar water pump market has been segmented into Agriculture, Water Treatment, and others. In 2022, the Agricultural segment drove the Solar water pump Market by holding a substantial market share of 57.5% with a market value of USD 1510.2 million. It is projected to register a CAGR of 7.1% during the projected timeframe.

    Get more detailed insights about Solar Water Pumps Market Research Report - Global Forecast till 2032

    Regional Insights

    By region, the global market is segmented into North America, Europe, Asia Pacific, South America, Middle East & Africa. Among these, the North America emerged as the leading and the fastest-growing segment with a CAGR of 7.15 %.

    Key Players and Competitive Insights

    The competitive landscape of the solar water pump market is influenced by several key players who offer products for various applications. Major market participants, including Shakti Pumps, Waaree Energies Ltd, Bright Solar Limited, LORENTZ, Grundfos, and Crompton, are dedicated to enhancing product capabilities to uphold their brand position. As an example, in June 2020, SunEdison initiated a framework agreement to restructure and transfer its solar business. This restructuring plan aims to separate completed and pending projects, enabling the company to concentrate primarily on residential and small commercial rooftop solar segments.

    In the market, technological innovation is a pivotal trend gaining increased popularity. Leading manufacturers of solar pumps are at the forefront of developing advanced technologies, placing a strong emphasis on quality control in compliance with safety regulations. This strategic approach aims to enhance the performance of both solar panels and water pump systems. Distinguished players in the industry are establishing a new standard by not only broadening their product range for higher efficiency but also expanding their market presence to cater more effectively to consumer needs.

    Their focus extends to maintaining high product standards, efficient supply chain management, and staying attuned to pricing trends, all of which contribute to sustaining their positions in the market.

    The Dubai Electricity and Water Authority (DEWA) welcomed the launch of its innovation center and the 800 MW third phase of the Mohammed bin Rashid Al Maktoum solar park. While DEWA's Innovation Center aims to be a global hub for innovation in renewable and clean energy. It will support innovation and creativity in clean and renewable energy, promote sustainability, develop Emirati talent, and strengthen the UAE's competitive advantage in this sector. Trina Solar Co., Ltd. announced that it has signed an agreement with the Yemeni PV company Al Raebi for Trading Co. as an authorized dealer in Yemen.

    This agreement is a further commitment to Trina Solar's expansion plans and to increase its presence in the Middle East and Africa.

    Key Companies in the Solar Water Pumps Market market include

    Industry Developments

    • Q1 2024: Shakti Pumps Launches New Range of Solar Water Pumps for Agriculture Sector Shakti Pumps announced the launch of a new series of high-efficiency solar water pumps designed specifically for the agricultural sector, aiming to improve irrigation efficiency and reduce energy costs for farmers.
    • Q2 2024: Lorentz Expands Manufacturing Facility in India to Meet Growing Demand for Solar Water Pumps Lorentz inaugurated a new manufacturing facility in India to increase production capacity for solar water pumps, targeting the rapidly expanding market in South Asia.
    • Q2 2024: India’s Tata Power Solar Wins Government Contract to Install 10,000 Solar Water Pumps Tata Power Solar secured a government contract to supply and install 10,000 solar water pumps across rural regions in India as part of a national renewable energy initiative.
    • Q2 2024: Government of Bangladesh Approves Subsidy Scheme for Solar Water Pumps The Bangladeshi government approved a new subsidy program to accelerate the adoption of solar water pumps in rural and agricultural areas, aiming to reduce reliance on diesel-powered irrigation.
    • Q3 2024: SunCulture Raises $27 Million in Series B Funding to Expand Solar Water Pump Solutions in Africa Kenyan startup SunCulture closed a $27 million Series B funding round to scale up its solar-powered irrigation solutions for smallholder farmers across Africa.
    • Q3 2024: CRI Pumps Partners with State Bank of India to Offer Financing for Solar Water Pump Installations CRI Pumps entered a partnership with State Bank of India to provide affordable financing options for farmers purchasing solar water pumps, aiming to boost rural adoption.
    • Q3 2024: Grundfos Announces Acquisition of Indian Solar Pump Manufacturer Apex Pumps Grundfos acquired Apex Pumps, an Indian manufacturer specializing in solar water pumps, to strengthen its presence in the South Asian renewable energy market.
    • Q4 2024: China’s Hanergy Signs MoU with African Development Bank for Solar Water Pump Projects Hanergy signed a memorandum of understanding with the African Development Bank to collaborate on large-scale solar water pump projects across several African countries.
    • Q4 2024: Franklin Electric Launches IoT-Enabled Solar Water Pump Monitoring Platform Franklin Electric introduced a new IoT-based platform for remote monitoring and management of solar water pumps, enhancing operational efficiency and maintenance.
    • Q1 2025: SolarNow Secures $15 Million Investment to Expand Solar Water Pump Distribution in East Africa SolarNow, a leading distributor of solar-powered water pumps, raised $15 million in new investment to expand its distribution network and after-sales service in East Africa.
    • Q2 2025: Lorentz Appoints New CEO to Drive Global Expansion of Solar Water Pump Business Lorentz announced the appointment of a new CEO, tasking the executive with accelerating the company’s global expansion and innovation in solar water pump technology.
    • Q2 2025: Kenya Approves Regulatory Framework for Solar Water Pump Installations The Kenyan government approved a new regulatory framework to streamline the installation and certification of solar water pumps, aiming to ensure quality and safety standards.

    Solar Water Pump Segmentation

    Solar Water Pump by Product Type Outlook (USD Million, 2019-2032)

    Solar Water Pump by Motor Type Outlook (USD Million, 2019-2032)

      • AC Pumps
      • DC Pumps

    Solar Power by Rating Outlook (USD Million, 2019-2032)

      • Up to 5 HP
      • 5 HP – 10 HP
      • 10 HP – 20 HP
      • More than 20 HP

    Solar Water Pump by Phase Outlook (USD Million, 2019-2032)

      • Single
      • Phase

    Solar Water Pump by Application (USD Million, 2019-2032)

      • Agriculture
      • Water Treatment
      • Others

    Solar Water Pump Regional Outlook

      • North America
        • US
        • Canada
      • Europe
        • Germany
        • UK
        • France
        • Russia
        • Spain
        • Italy
        • Netherland
        • Poland
        • Denmark
        • Rest of Europe
      • Asia-Pacific
        • China
        • Japan
        • India
        • South Korea
        • Rest of Asia Pacific
      • South America
        • Brazil
        • Argentina
        • Rest of Latin America
      • Middle East & Africa
        • South Africa
        • GCC Countries
        • Rest of Middle East & Africa

    Future Outlook

    Solar Water Pumps Market Future Outlook

    The Global Solar Water Pump Market is projected to grow at a 7.25% CAGR from 2024 to 2035, driven by increasing demand for sustainable irrigation and advancements in solar technology.

    New opportunities lie in:

    • Develop integrated solar water pumping solutions for agriculture to enhance efficiency.
    • Invest in smart water management systems utilizing IoT for real-time monitoring.
    • Expand into emerging markets with tailored financing options for solar installations.

    By 2035, the market is expected to be robust, reflecting substantial growth and innovation.

    Market Segmentation

    Solar Water Pump Regional Outlook

    North America
    • US
    • Canada

    Solar Power by Rating Outlook (USD Million, 2019-2032)

    • Up to 5 HP
    • 5 HP – 10 HP
    • 10 HP – 20 HP
    • More than 20 HP

    Solar Water Pump by Phase Outlook (USD Million, 2019-2032)

    • Single
    • Phase
    • Agriculture
    • Water Treatment
    • Others

    Solar Water Pump by Motor Type Outlook (USD Million, 2019-2032)

    • AC Pumps
    • DC Pumps

    Solar Water Pump by Product Type Outlook (USD Million, 2019-2032)

    • Submersible Pump
    • Surface Pump

    Report Scope

    Attribute/Metric Details
    Market Size 2023 USD 2843.62 Million
    Market Size 2024 USD 3042.10 Million
    Market Size 2032 USD 5220.5 Million
    Compound Annual Growth Rate (CAGR) 6.98% (2024-2032)
    Base Year 2023
    Forecast Period 2024-2032
    Historical Data 2019 & 2022
    Forecast Units Value (USD Million)
    Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    Segments Covered Type, Application, and Region
    Geographies Covered North America, Europe, Asia Pacific, Middle East & Africa, and South America
    Countries Covered The U.S, Canada, Mexico, Germany, France, UK, Italy, Russia, Netherland, Poland, Denmark, Spain, China, Japan, India, South Korea, Brazil, Argentina, GCC Countries, South Africa, Turkey.
    Key Companies Profiled Shakti Pumps, Waaree Energies Ltd, LORENTZ, Crompton, Grundfos, Tata Power Solar, Surya International, Bright Solar Limited, and Dankoff Solar 
    Key Market Opportunities ·       Increasing investments in agriculture applications spur market opportunities
    Key Market Dynamics ·       Increasing government subsidies in the form of financial incentives·       Increasing solar pumps in the agriculture sector and improving livelihood

    Market Highlights

    Author
    Anshula Mandaokar
    Team Lead - Research

    Anshula Mandaokar holds an academic degree in Chemical Engineering and has been contributing to the field for more than 5 years. She has expertise in Market Research and Business Consulting and serves as a Team Lead for a reputed Market Research firm under the Chemicals and Materials domain spectrum. She has worked on multiple projects, generating explicit results in a quick turnaround time. Her understanding of data interpretation justifies her role as a leader.

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    FAQs

    How much is the Solar water pump Market?

    The Solar water pump market is US$ 2843.62 Million in the year 2023.

    What is the growth rate of the Solar water pump Market?

    The growth rate of Solar water pump market is 6.98%

    Which region held the largest market share in the Solar water pump Market?

    The North America held the largest market share in the Solar water pump Market.

    Who are the key players in the Solar water pump Market?

    Shakti Pumps, Waaree Energies Ltd, Bright Solar Limited, LORENTZ, Grundfos, and Crompton

    Which product Type had the largest share in the Solar water pump Market?

    Submersible pump segment had the largest share in the Solar water pump Market.

    Which application had the largest market share in the Solar water pump Market?

    Agricultural have the largest market share in the Solar water pump Market.

    Solar Water Pumps Market Research Report - Global Forecast till 2032 Infographic
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