The solar pumps market size is estimated to be valued at US$ 1.55 billion in 2023 and is expected to surpass US$ 4.64 billion by 2033. The adoption of solar pumps is likely to advance at a CAGR of 13.5% during the forecast period.
Key Factors Shaping the Demand Outlook of the Solar Pumps Industry:
Challenges Faced by Companies in the Solar Pumps Market
Opportunities in the Solar Pumps Industry:
Solar Pumps Industry Trends:
The demand is likely to increase, especially in the agriculture sector owing to the anticipated reduction in cost.
Increasing Focus on Low Carbon Emissions Increases the Demand for Solar Pumps
Governments worldwide are actively implementing initiatives to curb the growing carbon emission to reduce global warming. Such initiatives have stemmed from the growing dependence on the usage of renewable sources of energy across industries to reduce energy consumption costs and total carbon footprint on the environment. Such initiatives are driving the demand for solar pumps.
| Attribute | Details |
|---|---|
| Estimated Market Size (2023) | US$ 1.55 billion |
| Projected Market Size (2033) | US$ 4.64 billion |
| CAGR through (2023 to 2033) | 13.5% |
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From 2018 to 2022, the global solar pumps industry witnessed a CAGR of 12%. Owing to the increasing demand for clean energy solutions and government subsidies for solar pump installations. During this period, advancements in technology, particularly in the design and manufacture of solar panels, further propelled the market growth.
| Period | Market Size (in US$ billion) |
|---|---|
| 2018 | 0.98 |
| 2019 | 1.0 |
| 2020 | 1.11 |
| 2021 | 1.24 |
| 2022 | 1.39 |
Future Forecast for the Solar Pumps Industry
The global solar pumps industry is expected to continue a growth trajectory, with a CAGR of over 13.5%. Factors driving this growth include the growing demand for renewable energy solutions, the potential for growth in the solar pumps industry, and opportunities for research and development to improve efficiency and affordability.
The market is likely to witness the emergence of unique trends such as:
As the world increasingly shifts towards renewable energy, the solar pumps industry is poised for continued growth in the coming years. Companies that invest in research and development to improve their products' efficiency and affordability are expected to be well-positioned to capture the expanding market opportunities. With the right strategies, the solar pumps market is primed to be a significant player in the global energy landscape.
As per FMI analysis, the United States currently holds the leading share, accounting for almost 35% of the global market in 2022. The United States is a key player in the solar pumps industry, with a focus on enhancing energy efficiency and reducing carbon emissions. The country has witnessed a surge in the adoption of solar pumps, especially in the agricultural sector. The government's initiatives to promote solar energy and the availability of favorable incentives for solar pump installations are driving the growth of the solar pumps industry in the United States. The country is expected to continue to dominate the market, capturing a significant market share in the coming years.
Germany emerged as a significant player in the solar pumps industry, with a market share of 15% in 2022. The solar pumps industry in Germany is witnessing growth due to the increasing adoption of IoT technology for remote monitoring and management of solar pumping systems. The focus on sustainable energy solutions and the need for efficient water management practices in the agricultural sector is also driving the market growth. Moreover, the emergence of hybrid solar pumping systems, combining solar and wind power, is expected to create growth opportunities in the market.
China’s solar pumps industry is expected to hold a share of around 25% in 2023. The industry in China is growing rapidly due to the expansion of agricultural activities and the increasing demand for renewable energy solutions. The government subsidies for solar pump installations and the use of AI in solar pumping systems for energy optimization and performance enhancement are also contributing to the market growth. In addition, the potential for growth in the solar pumps industry and the research and development opportunities to improve efficiency and affordability are expected to drive the market in the future.
In Japan, the market is still in its nascent stage, but it is expected to witness significant growth during the forecast period. The solar pumps industry in Japan is witnessing growth due to the rising concerns over water scarcity and the need for sustainable water management practices. The government incentives for the adoption of solar pumps for irrigation and other agricultural activities are also driving market growth. Additionally, the advancements in solar panel technology and the use of IoT technology for remote monitoring and management of solar pumping systems are expected to propel the market growth in the future.
Principal Consultant
The above 8 HP segment is expected to dominate the solar pumps industry with a market share of around 35% by 2023. The segment is expected to witness significant growth during the forecast period, with a CAGR of around 15%. The increasing demand for solar pumps with higher capacity, particularly in large-scale agriculture and industrial applications, is driving the growth of this segment.
The submersible pumps segment is expected to dominate the solar pumps market, capturing a market share of nearly 40% by 2023. The segment is expected to witness steady growth during the forecast period, with a CAGR of around 12%. The increasing adoption of submersible pumps in agriculture, livestock, and residential applications, owing to their ease of use and low maintenance requirements, is driving the growth of this segment.
The agriculture segment is expected to dominate the solar pumps market, with a market share of 60% by 2023. The segment is expected to witness significant growth during the forecast period, with a CAGR of around 13%. There is an increase in the adoption of solar pumps in agriculture, particularly in developing countries. Owing to their ability to provide an affordable and sustainable solution for irrigation and farming activities, is driving the growth of this segment.
The solar pumps market is experiencing increased competition as numerous competitors compete for supremacy. With many small and medium-sized firms competing alongside a few big ones, the market is extremely fragmented.
To keep their position at the top of the market, leading companies are concentrating on product innovation, growth into new geographies, and strategic alliances. In addition, they are spending money on research and development to build effective and long-lasting solar pump systems.
The players in the industry must also overcome obstacles including low end-user awareness, hefty start-up expenses, and insufficient government backing. In addition, the existence of fake goods on the market is a serious problem for the sector. Since it undermines the profits of real firms and erodes customer confidence.
Despite these obstacles, there are plenty of chances for new market entrants to invest. The market is anticipated to expand at a substantial rate during the projected period due to rising demand for environmentally friendly water solutions. Moreover, rising awareness of the advantages of solar pumps. New companies might take advantage of this chance to enter the market with creative, affordable solutions.
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| Company Name | Lorentz |
|---|---|
| Key Focus Areas | Global presence, Innovative solar water pumping solutions |
| Key Offerings | Solar water pumps, submersible pumps, surface pumps, pool pumps |
| Company Name | Grundfos |
|---|---|
| Key Focus Areas | Sustainability, Energy-efficient pumping solutions |
| Key Offerings | Submersible pumps, surface pumps, booster pumps, pool pumps |
| Company Name | CRI Pumps |
|---|---|
| Key Focus Areas | Wide product range, High-quality standards |
| Key Offerings | Solar water pumps, submersible pumps, surface pumps, pool pumps |
| Company Name | Shakti Pumps |
|---|---|
| Key Focus Areas | Wide product range, Customized solutions |
| Key Offerings | Solar water pumps, submersible pumps, surface pumps, pool pumps |
| Company Name | Tata Power Solar |
|---|---|
| Key Focus Areas | Integrated solar solutions, Strong brand reputation |
| Key Offerings | Solar water pumps, submersible pumps, surface pumps |
Strategies for Solar Pump Manufacturers to Expand in the Market
Recent Developments in the Solar Pumps Industry:
By 2033, the global market is anticipated to be worth US$ 4.64 billion.
Through 2033, the market is estimated to expand at a CAGR of 13.5%.
The global market flourished at a 12% HCAGR from 2018 to 2022.
The United States now maintains a significant share, accounting for almost 35% of the market in 2023.
The market is to yield US$ 9.1 billion in revenue by 2023.
1. Executive Summary | Solar Pumps Market 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyers 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Capacity 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Capacity, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Capacity, 2023 to 2033 5.3.1. Below 4 HP 5.3.2. 4-6 HP 5.3.3. 6-8 HP 5.3.4. Above 8 HP 5.4. Y-o-Y Growth Trend Analysis By Capacity, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Capacity, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2023 to 2033 6.3.1. Submersible Pump 6.3.1.1. AC 6.3.1.2. DC 6.3.2. Surface Pump 6.3.2.1. AC 6.3.2.2. DC 6.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Application, 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Application, 2023 to 2033 7.3.1. Agriculture 7.3.2. Water Treatment 7.3.3. Pond Management 7.3.4. Others 7.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022 7.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022 8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033 8.3.1. North America 8.3.2. Latin America 8.3.3. Europe 8.3.4. Asia Pacific 8.3.5. MEA 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. U.S. 9.2.1.2. Canada 9.2.2. By Capacity 9.2.3. By Product Type 9.2.4. By Application 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Capacity 9.3.3. By Product Type 9.3.4. By Application 9.4. Key Takeaways 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Brazil 10.2.1.2. Mexico 10.2.1.3. Rest of Latin America 10.2.2. By Capacity 10.2.3. By Product Type 10.2.4. By Application 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Capacity 10.3.3. By Product Type 10.3.4. By Application 10.4. Key Takeaways 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. Germany 11.2.1.2. United Kingdom 11.2.1.3. France 11.2.1.4. Spain 11.2.1.5. Italy 11.2.1.6. Rest of Europe 11.2.2. By Capacity 11.2.3. By Product Type 11.2.4. By Application 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Capacity 11.3.3. By Product Type 11.3.4. By Application 11.4. Key Takeaways 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. China 12.2.1.2. Japan 12.2.1.3. South Korea 12.2.1.4. Singapore 12.2.1.5. Thailand 12.2.1.6. Indonesia 12.2.1.7. Australia 12.2.1.8. New Zealand 12.2.1.9. Rest of Asia Pacific 12.2.2. By Capacity 12.2.3. By Product Type 12.2.4. By Application 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Capacity 12.3.3. By Product Type 12.3.4. By Application 12.4. Key Takeaways 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Country 13.2.1.1. GCC Countries 13.2.1.2. South Africa 13.2.1.3. Israel 13.2.1.4. Rest of MEA 13.2.2. By Capacity 13.2.3. By Product Type 13.2.4. By Application 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Capacity 13.3.3. By Product Type 13.3.4. By Application 13.4. Key Takeaways 14. Key Countries Market Analysis 14.1. USA 14.1.1. Pricing Analysis 14.1.2. Market Share Analysis, 2022 14.1.2.1. By Capacity 14.1.2.2. By Product Type 14.1.2.3. By Application 14.2. Canada 14.2.1. Pricing Analysis 14.2.2. Market Share Analysis, 2022 14.2.2.1. By Capacity 14.2.2.2. By Product Type 14.2.2.3. By Application 14.3. Brazil 14.3.1. Pricing Analysis 14.3.2. Market Share Analysis, 2022 14.3.2.1. By Capacity 14.3.2.2. By Product Type 14.3.2.3. By Application 14.4. Mexico 14.4.1. Pricing Analysis 14.4.2. Market Share Analysis, 2022 14.4.2.1. By Capacity 14.4.2.2. By Product Type 14.4.2.3. By Application 14.5. Germany 14.5.1. Pricing Analysis 14.5.2. Market Share Analysis, 2022 14.5.2.1. By Capacity 14.5.2.2. By Product Type 14.5.2.3. By Application 14.6. United Kingdom 14.6.1. Pricing Analysis 14.6.2. Market Share Analysis, 2022 14.6.2.1. By Capacity 14.6.2.2. By Product Type 14.6.2.3. By Application 14.7. France 14.7.1. Pricing Analysis 14.7.2. Market Share Analysis, 2022 14.7.2.1. By Capacity 14.7.2.2. By Product Type 14.7.2.3. By Application 14.8. Spain 14.8.1. Pricing Analysis 14.8.2. Market Share Analysis, 2022 14.8.2.1. By Capacity 14.8.2.2. By Product Type 14.8.2.3. By Application 14.9. Italy 14.9.1. Pricing Analysis 14.9.2. Market Share Analysis, 2022 14.9.2.1. By Capacity 14.9.2.2. By Product Type 14.9.2.3. By Application 14.10. China 14.10.1. Pricing Analysis 14.10.2. Market Share Analysis, 2022 14.10.2.1. By Capacity 14.10.2.2. By Product Type 14.10.2.3. By Application 14.11. Japan 14.11.1. Pricing Analysis 14.11.2. Market Share Analysis, 2022 14.11.2.1. By Capacity 14.11.2.2. By Product Type 14.11.2.3. By Application 14.12. South Korea 14.12.1. Pricing Analysis 14.12.2. Market Share Analysis, 2022 14.12.2.1. By Capacity 14.12.2.2. By Product Type 14.12.2.3. By Application 14.13. Singapore 14.13.1. Pricing Analysis 14.13.2. Market Share Analysis, 2022 14.13.2.1. By Capacity 14.13.2.2. By Product Type 14.13.2.3. By Application 14.14. Thailand 14.14.1. Pricing Analysis 14.14.2. Market Share Analysis, 2022 14.14.2.1. By Capacity 14.14.2.2. By Product Type 14.14.2.3. By Application 14.15. Indonesia 14.15.1. Pricing Analysis 14.15.2. Market Share Analysis, 2022 14.15.2.1. By Capacity 14.15.2.2. By Product Type 14.15.2.3. By Application 14.16. Australia 14.16.1. Pricing Analysis 14.16.2. Market Share Analysis, 2022 14.16.2.1. By Capacity 14.16.2.2. By Product Type 14.16.2.3. By Application 14.17. New Zealand 14.17.1. Pricing Analysis 14.17.2. Market Share Analysis, 2022 14.17.2.1. By Capacity 14.17.2.2. By Product Type 14.17.2.3. By Application 14.18. GCC Countries 14.18.1. Pricing Analysis 14.18.2. Market Share Analysis, 2022 14.18.2.1. By Capacity 14.18.2.2. By Product Type 14.18.2.3. By Application 14.19. South Africa 14.19.1. Pricing Analysis 14.19.2. Market Share Analysis, 2022 14.19.2.1. By Capacity 14.19.2.2. By Product Type 14.19.2.3. By Application 14.20. Israel 14.20.1. Pricing Analysis 14.20.2. Market Share Analysis, 2022 14.20.2.1. By Capacity 14.20.2.2. By Product Type 14.20.2.3. By Application 15. Market Structure Analysis 15.1. Competition Dashboard 15.2. Competition Benchmarking 15.3. Market Share Analysis of Top Players 15.3.1. By Regional 15.3.2. By Capacity 15.3.3. By Product Type 15.3.4. By Application 16. Competition Analysis 16.1. Competition Deep Dive 16.1.1. Greenmax Technology 16.1.1.1. Overview 16.1.1.2. Product Portfolio 16.1.1.3. Profitability by Market Segments 16.1.1.4. Sales Footprint 16.1.1.5. Strategy Overview 16.1.1.5.1. Marketing Strategy 16.1.1.5.2. Product Strategy 16.1.1.5.3. Channel Strategy 16.1.2. Franklin Electric 16.1.2.1. Overview 16.1.2.2. Product Portfolio 16.1.2.3. Profitability by Market Segments 16.1.2.4. Sales Footprint 16.1.2.5. Strategy Overview 16.1.2.5.1. Marketing Strategy 16.1.2.5.2. Product Strategy 16.1.2.5.3. Channel Strategy 16.1.3. BW Solar 16.1.3.1. Overview 16.1.3.2. Product Portfolio 16.1.3.3. Profitability by Market Segments 16.1.3.4. Sales Footprint 16.1.3.5. Strategy Overview 16.1.3.5.1. Marketing Strategy 16.1.3.5.2. Product Strategy 16.1.3.5.3. Channel Strategy 16.1.4. Shakti Pumps Ltd. 16.1.4.1. Overview 16.1.4.2. Product Portfolio 16.1.4.3. Profitability by Market Segments 16.1.4.4. Sales Footprint 16.1.4.5. Strategy Overview 16.1.4.5.1. Marketing Strategy 16.1.4.5.2. Product Strategy 16.1.4.5.3. Channel Strategy 16.1.5. Stanley Black & Decker, Inc. 16.1.5.1. Overview 16.1.5.2. Product Portfolio 16.1.5.3. Profitability by Market Segments 16.1.5.4. Sales Footprint 16.1.5.5. Strategy Overview 16.1.5.5.1. Marketing Strategy 16.1.5.5.2. Product Strategy 16.1.5.5.3. Channel Strategy 16.1.6. Kirloskar Brothers Limited 16.1.6.1. Overview 16.1.6.2. Product Portfolio 16.1.6.3. Profitability by Market Segments 16.1.6.4. Sales Footprint 16.1.6.5. Strategy Overview 16.1.6.5.1. Marketing Strategy 16.1.6.5.2. Product Strategy 16.1.6.5.3. Channel Strategy 16.1.7. Glynncorp Electrical 16.1.7.1. Overview 16.1.7.2. Product Portfolio 16.1.7.3. Profitability by Market Segments 16.1.7.4. Sales Footprint 16.1.7.5. Strategy Overview 16.1.7.5.1. Marketing Strategy 16.1.7.5.2. Product Strategy 16.1.7.5.3. Channel Strategy 16.1.8. Bernt Lorentz GmbH & Co. KG 16.1.8.1. Overview 16.1.8.2. Product Portfolio 16.1.8.3. Profitability by Market Segments 16.1.8.4. Sales Footprint 16.1.8.5. Strategy Overview 16.1.8.5.1. Marketing Strategy 16.1.8.5.2. Product Strategy 16.1.8.5.3. Channel Strategy 16.1.9. Vincent Solar Energy Company 16.1.9.1. Overview 16.1.9.2. Product Portfolio 16.1.9.3. Profitability by Market Segments 16.1.9.4. Sales Footprint 16.1.9.5. Strategy Overview 16.1.9.5.1. Marketing Strategy 16.1.9.5.2. Product Strategy 16.1.9.5.3. Channel Strategy 16.1.10. TATA Power Solar Systems Ltd. 16.1.10.1. Overview 16.1.10.2. Product Portfolio 16.1.10.3. Profitability by Market Segments 16.1.10.4. Sales Footprint 16.1.10.5. Strategy Overview 16.1.10.5.1. Marketing Strategy 16.1.10.5.2. Product Strategy 16.1.10.5.3. Channel Strategy 17. Assumptions & Acronyms Used 18. Research Methodology
Oil and Gas
December 2022
REP-GB-1952
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Solar Pumps Market
