Solar Water Pump Systems Global Market Report 2023

“Solar Water Pump Systems Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on solar water pump systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
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Where is the largest and fastest growing market for solar water pump systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The solar water pump systems market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Type: Surface Pump; Submersible Pump; Other Pump Types

• 2) By Power Rating: Below 3HP; 3HP to 10 HP; Above 10 HP

• 3) By Drive Type: AC Motor Powered Solar Water Pumps; DC Motor Powered Solar Water Pumps

• 4) By End-User: Agriculture; Residential; Commercial; Industrial

• Companies Mentioned: Bright Solar Limited; C.R.I. Pumps Private Limited; Lorentz; Shakti Pumps (India) Ltd; Tata Power Company Limited

• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

• Time series: Five years historic and ten years forecast.

• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

• Delivery Format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the solar water pump systems market are: Bright Solar Limited, C.R.I. Pumps Private Limited, Lorentz, Shakti Pumps (India) Ltd., Tata Power Company Limited, Wenling Jintai Pump Factory Limited, Grundfos, Symtech Solar, Photon Solar, Urja Global Limited, Kavita Solar Energy Private Limited, Lubi Electronics, Samking Pump Company, Greenmax Technology, Aqua Group, and Vincent Solar Energy Company.

The global solar water pump systems market grew from $1.36 billion in 2022 to $1.52 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The solar water pump systems market is expected to grow to $2.34 billion in 2027 at a CAGR of 11.5%.

The solar water pump systems market consists of sales of pump, controller, solar panels. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The solar water pump systems refer to water pumps that run on electricity that is provided by one or several photovoltaic (PV) panels. Solar energy is converted into electricity by the photovoltaic array, which is used to run the motor pump set to draw water from an open well, a bore well, a stream, a pond, or a canal. Solar water pump systems are used for the water supply for irrigating crops, watering livestock, or providing potable drinking water.

Asia-Pacific was the largest region in the solar water pump system market in 2022, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the solar water pump system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of solar water pump systems include surface pumps, submersible pumps, and other pump types. Solar surface pump systems refer to pumps designed to pump water from the surface of water bodies like ponds, tanks, shallow wells, and springs. The power ratings of solar water pump systems include below 3HP, 3HP to 10HP, and above 10HP, and the different drive types of these systems include AC motor-powered solar water pumps and DC motor-powered solar water pumps. These water pumps are used by agriculture, residential, commercial, and industrial end-users.

The favorable government incentives for installing solar water pumps are driving the growth of the solar water pump systems market. Governments across the globe are promoting initiatives to focus on solar water pumps due to the rise in the price of diesel and the instability of electricity. The incentives or subsidies by governments to purchase solar-powered water pumps are focused on reducing dependence on other forms of electricity and also reducing operational costs over the long run. For instance, Innovators are invited to demonstrate their inventions as part of an expression of interest (EoI) published by the Ministry of New and Renewable Energy (MNRE). MNRE has invited bids for the installation of 50 inventive solar pumps through the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyaan (PM-KUSUM) program. MNRE will assist in the installation of 20 lakh standalone solar pumps rated at 7.5 HP by 2025-2026. Products must be cutting-edge and tested in a real-world setting in order to be approved in 2019, the Government of India launched the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan) scheme, an initiative to assist the installation of off-grid solar pumps on village land (rural areas), reducing their reliance on the grid. Under this scheme, 60% of the total installation cost is subsidized by the government. Therefore, the favorable government incentives for installing solar water pumps are propelling the growth of the solar water pump systems market.

Technological advancement is a key trend gaining popularity in the solar water pump systems market. The companies operating in the solar water pump systems market are developing innovative technologies to increase the operational efficiency of solar panels and water pump systems. For instance, in April 2022, Shakthi Pumps Limited, an India-based developer of water pumps and motors, received a patent for a unidirectional solar water pump with a grid-tied power generation system. The new technology ensures efficient performance by utilizing panels and generating extra power to feed the grid.

In August 2020, Tata Power Company Limited, an Indian electric utility company announced its plan to merge its three wholly-owned subsidiaries including Coastal Gujarat Power Ltd (CGPL), Tata Power Solar Systems (TPSSL), and Af-Taab Investment Company (Af-Taab). This is part of its strategic initiative to simplify the group holding structure and set the company for future growth. The merger will also help the subsidiary companies in getting corporate support and efficient use of cash. Coastal Gujarat Power Ltd (CGPL) is an Indian company that runs a 4150-megawatt supercritical coal-fired power plant located near the port city of Mundra in India's Gujarat state. Tata Power Solar Systems (TPSSL) is an Indian company that specializes in solar energy services and also offers solar modules, solar cells, and other solar products such as solar water pumps. Af-Taab Investment Company (Af-Taab) is an Indian financial services firm.

The countries covered in the solar water pump systems market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The solar water pump systems market research report is one of a series of new reports from The Business Research Company that provides solar water pump systems market statistics, including solar water pump systems industry global market size, regional shares, competitors with a solar water pump systems market share, detailed solar water pump systems market segments, market trends and opportunities, and any further data you may need to thrive in the solar water pump systems industry. This solar water pump systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.