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Solar Water Pumps Market Trends

Report ID: GMI6296
Published Date: Jul 2023
Report Format: PDF

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Solar Water Pumps Market Trends

Favorable policies & incentives to promote renewable energy along with continuous advancements in technology will positively impact the business landscape. These initiatives may include subsidies, tax benefits, and financial assistance programs that encourage the adoption of solar-powered irrigation systems. Moreover, improved solar panel efficiency, advanced pump controls, and better energy storage solutions will institute a favorable industry scenario.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size for solar water pumps reached USD 1.5 billion in 2023 and is estimated to exceed USD 3.1 billion by 2032, driven by higher need for pumping water from wells, boreholes, or other water sources in irrigation, livestock watering, and domestic water supply in areas without access to grid electricity.

Demand for AC solar water pumps market is expected to record around 9.1% CAGR from 2023 to 2032 due to the rising government policies to promote the adoption of renewable energy solutions.

Asia Pacific market size for solar water pumps crossed USD 580 million in 2022 owing to the growing demand for clean and sustainable water solutions along with rapid urbanization and industrialization in the region.

TATA Solar Power, Alpex Power, Aqua Group, Crompton Greaves, LORENTZ, Dankoff Solar, EcoSoch, Ecozen, Franklin Electric, Grundfos Pumps, Jakson Group, KSB SE & Co., Novergy Energy Solutions, Shakti Pumps, and Surya International are some of the key solar water pump industry players.