Market Size of Solar Water Pump Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solar Water Pump Market Analysis
The solar water pump systems market is expected to register a CAGR of more than 5% during the forecast period, 2022-2027. The COVID-19 outbreak in Q1 of 2020 was moderately impacted, thus resulting in disruptions of importing solar cells and modules from Chinese companies. Factors such as increasing demand for clean energy pump systems and the supportive government incentives and tax rebates over the installation of solar water pump systems are expected to drive the market during the forecast period. However, the high installation costs and the limited specialized service personnel are restraining the market's growth.
- The submersible pump type segment, designed to pump water from deeper wells, where surface pumps cannot be used, is expected to drive the market during the forecast period.
- Powering Agriculture: An Energy Grand Challenge for Development (PAEGC) program aims to identify and support the development and deployment of clean energy solutions for increasing agriculture productivity in developing countries. The program is expected to create opportunities for the market studied.
- Asia-Pacific holds the largest market share and is also expected to be the fastest-growing region, owing to the massive increase in solar water pump system installations in countries like China and India.
Solar Water Pump Industry Segmentation
The solar water pump systems market report includes:
| Pump Type | |
| Surface Pump | |
| Submersible Pump | |
| Other Pump Types |
| Application | |
| Agriculture | |
| Drinking Water Supply | |
| Other Applications |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Solar Water Pump Systems Market Size Summary
The solar water pump systems market is poised for significant growth, driven by the increasing demand for clean energy solutions and supportive government incentives. Despite challenges such as high installation costs and a shortage of specialized service personnel, the market is expected to expand steadily. The submersible pump segment, which is crucial for accessing deeper water sources, is anticipated to be a key driver of market growth. Programs like the Powering Agriculture: An Energy Grand Challenge for Development (PAEGC) are expected to create further opportunities by promoting clean energy solutions in agriculture, particularly in developing countries. The Asia-Pacific region, led by countries like China and India, holds the largest market share and is projected to be the fastest-growing area due to the substantial increase in solar water pump installations.
In India, the government's ambitious renewable energy targets and initiatives such as the Jawaharlal Nehru National Solar Mission and the PM-KUSUM scheme are significantly boosting the adoption of solar water pumps. These initiatives aim to replace conventional pumps with solar-powered alternatives, thereby enhancing irrigation and potable water supply. The submersible solar pump systems are also gaining traction in the oil and gas sector due to their environmentally friendly attributes. Similarly, in Bangladesh, the deployment of solar water pumps is being accelerated to meet the growing demand for power and safe drinking water. The market is moderately fragmented, with key players like Bright Solar Limited, C.R.I. Pumps Private Limited, and Tata Power Company Limited actively participating in the market. Overall, the Asia-Pacific region is expected to maintain its dominance in the solar water pump systems market, supported by various government initiatives and increasing awareness of the technology's benefits.
Solar Water Pump Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Pump Type
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2.1.1 Surface Pump
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2.1.2 Submersible Pump
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2.1.3 Other Pump Types
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2.2 Application
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2.2.1 Agriculture
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2.2.2 Drinking Water Supply
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2.2.3 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle-East and Africa
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Solar Water Pump Systems Market Size FAQs
What is the current Solar Water Pump Systems Market size?
The Solar Water Pump Systems Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Solar Water Pump Systems Market?
KSB Limited, Shakti Pumps (India) Limited, Tata Power Company Limited, Bright Solar Limited and C.R.I. Pumps Private Limited are the major companies operating in the Solar Water Pump Systems Market.
