Increasing agricultural activities and government subsidy for farmers across the globe to drive the solar pumps market

The global solar pumps market is poised to reach US$ 1.96 Bn by 2030, expanding at a CAGR of 8.4% during the forecast period from 2023 to 2030. Government subsidies, increase in the number of agricultural activities, rising need for livestock drinking water facility, ease of convenience and low operation & maintenance cost are expected to drive the solar pumps market. Innovation in technology and services such as solar powered drip irrigation system, floating solar system is anticipated to accelerate the growth of solar pumps. However, high initial capital cost, declining underground water level and theft of PV panels are anticipated to hinder the solar pumps market growth.  

Increasing Demand from the Agricultural sector to Drive Growth Prospects

An increase in agricultural activities and water requirements for irrigation and livestock purpose is expected to drive the solar pumps market. Government subsidies offered to solar pump manufacturers and farmers in emerging economies of Asia Pacific are expected to boost the solar pump market growth over the next few years. The necessity of clean and continuous water supply to various remote areas create needs for the installation of solar pumps.

Government incentives as a subsidy to farmers and solar pumps manufacturer are creating a significant opportunity for solar pumps. Due to its low operating & maintenance cost, up-front pump cost, and easy installation process solar pumps are highly encouraged over diesel pumps. In 2021, the Cabinet Committee on Economic Affairs (CCEA) approved Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) program with an investment of around US$ 4.69 Bn in India. The aforementioned project includes the installation of 1.75 Mn agricultural and one million grid-connected solar pumps.

Asia Pacific to Dominate, Europe to Witness Strong Growth

In 2020, Asia Pacific is the largest solar pump market withholding a total market share of around 45%. Increasing government subsidies in the form of incentives, tax reduction for agricultural activities is expected to drive the solar pump market. India, Bangladesh, China and Pakistan are major agricultural nations with ample availability of concentrated solar energy. Inadequate power generation capacity and grid infrastructure for irrigation and community water supply facilities in developing countries like India and China are expected to drive the demand for solar pumps.

Europe is second largest region for solar pumps market globally. Germany, the U.K., Italy and France are major countries involved in the use of solar pumps. Increase in number of agricultural activities coupled with livestock water supply is anticipated to have a market penetration over few years.

Key Players & Competitive Landscape:

Some of the leading manufacturers profiled in the study includes CRI Group, Grundfos, American West Windmill & Solar Company, SunEdison, Lorentz, Rainbow Power Co., Ltd., Shakti Solar Pumping System, Tata Power Solar Systems Ltd., Solar Power & Pump Co., LLC, Wenling Jintai Pump Factory and Bright Solar Water Pumps.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Solar Pumps market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Solar Pumps market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Solar Pumps market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Solar Pumps market?
• Which is the largest regional market for Solar Pumps market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Solar Pumps market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Solar Pumps market worldwide?