Solar Water Pump Systems Market is anticipated to witness high growth owing to rising rural electrification rates

 

Solar Water Pump Systems Market
Solar Water Pump Systems Market

The global solar water pump systems market is used to pump water for irrigation and water distribution through solar energy. Solar water pumps offer several advantages over conventional pumps such as reduced dependence on fossil fuels, low operation and maintenance costs, and environmental friendliness. With rising agricultural activities and the need for reliable irrigation facilities, solar water pumps are increasingly being used across rural areas with limited or no access to electricity.

The Global solar water pump systems market is estimated to be valued at US$ 2.72 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the solar water pump systems market are PERI Group, Doka Group, ULMA Construction, Waco International, RMD Kwikform, MESA Imalat Sanayii ve Ticaret A.S, Uni-Span Holdings (Pty) Ltd., Acrow, Faresin Formwork S.p.A, Pilosio S.p.A, Staluform (Pty) Ltd., and Pre-Form (Pty) Ltd. These players are focusing on introducing new and innovative product offerings to meet the growing demand from agriculture and construction sectors.

The key opportunities in the Solar Water Pump Systems Market Size include rising focus on rural development programs in developing nations, increasing investments in micro-irrigation to boost crop yields, and growing construction of solar farms that require water supply. The global expansion opportunities for market players lie in regions with high solar irradiation levels such as Latin America, Africa, Middle East, and Asia Pacific through partnerships with local vendors and financiers.

Market drivers and restrain

The key driver for the solar water pump systems market is the rising rural electrification rates across developing countries. According to the World Bank, over 80% of rural populations in developing nations lack access to electricity which is driving global efforts towards rural electrification through renewable energy. This is propelling the adoption of off-grid solar water pumps for irrigation and community use.

The key restraint for the solar water pump systems market is the high initial investment requirements. Setting up solar water pumping systems involves substantial capital expenditure on equipment, installation, and energy storage. This renders them unaffordable for smallholder farmers in developing nations despite long term cost savings, thereby slowing market growth. Governments offer subsidies to boost adoption which can help overcome this challenge.

Segment Analysis

The solar water pump systems market can be segmented on the basis of pump type, power rating, bore hole size, and application. Solar surface water pumping is dominating the market as it accounts for the largest share due to ability to pump water from a natural water source such as water bodies, lakes, and rivers. It is the ideal solution for irrigation of farmlands near any water body.

Solar submersible water pumping is the second largest segment. It is used to pump water from bore wells or underground water resources. These pumps are designed to work submerged in water. They are able to pump water from greater depths as compared to surface pumps.

Global Analysis

Regionally, the Asia Pacific region dominates the solar water pump systems market and is expected to continue its dominance during the forecast period. This is attributed to favourable government policies and schemes for solarization of agriculture in countries such as India, China, and Indonesia. High subsidies and feed-in tariffs and an abundant supply of solar energy are driving market growth in the region.

Europe is another major regional market for solar water pumps. Germany, Italy, and UK are the major country markets in the region. Increasing awareness about renewable energy sources and incentives for farmers to use solar water pumps are supporting market growth. Moreover, solar has emerged as an advantageous alternative to grid extension in remote areas across regions such as Latin America and Africa, thereby fueling market expansion.


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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

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