According to recent study by Research Nester, the global solar pump market size is predicted to expand at a CAGR of 14.5% between 2024-2036 on account of the growing government spending on renewable energy and growing deployment of solar panels across the globe.
Growing Environmental Concern to Promote Global Market Share of Solar Pump
The global solar pump market is estimated to grow majorly on account of the increasing need to reduce greenhouse gas emissions. Many regions of the world continue to see increases in emissions, therefore to reduce the rate of global warming it is important to cut back on greenhouse gas emissions. Emissions of greenhouse gases are extremely detrimental to the environment, which can be decreased by using appliances such as solar pumps as they help in the reduction of reliance on fossil fuels.
Moreover, the motor and pump of a solar pump are powered by solar radiation, which makes them even more environmentally beneficial, drastically lowering carbon footprints and assisting in the fight against climate change. As per the International Renewable Energy Agency by 2050, global energy-related CO2 emissions must decrease by 70% from current levels to put the world on track to accomplish its climate targets.
Additionally, the cost of manufacturing solar PV modules has dropped dramatically in the last several years due to government grants, tax credits, and subsidies for renewable energy. This is likely to boost the demand for solar pumps in the coming years. Besides this, solar surface water pumps primarily use solar energy to pump water from ponds, lakes, and rivers, making solar pumps an economical way to meet the growing need for water.
Furthermore, groundwater irrigation driven by solar is expanding swiftly, which may create a higher demand for solar pumps. For instance, it is believed that more than 65% of groundwater withdrawals worldwide are due to irrigation.
Some of the major growth factors and challenges that are associated with the growth of the global solar pump market are:
Growth Drivers:
- Surge in Adoption of IoT Devices Globally
- Expanding Agricultural Industry
Challenges:
The weather dependency, high initial cost, and the lack of awareness about the benefits associated with solar pumps are some of the major factors anticipated to hamper the global market. Weather plays a major role in these systems as they require sunlight to operate. As a result, solar pump installations are still extremely rare in many places, particularly those with little or no sunlight.
Many farmers in rural regions continue to rely primarily on diesel generator-powered pumps owing to a lack of knowledge about solar pumps. This is likely to restrict market demand.
By product, the global solar pump market is segmented into DC surface suction, AC submersible, DC submersible, and AC floating. The DC surface suction segment is to garner the highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. There is a growing demand for several high-suction solar DC water pump models to raise water to the surface by pumping it from shallow sources, such as ponds or rivers, for agricultural irrigation.
Also, an AC submersible solar pump is suitable for both household and agricultural purposes since it is capable of pumping water to greater altitudes and distances.
A somewhat popular type of submersible pump is the DC submersible pump, which is intended for use in dewatering applications where there is little or no electricity.
By region, the European solar pump market is to generate the highest revenue by the end of 2036. This growth is anticipated by the increasing need for energy efficiency. This has increased the demand for solar pumps in the region as they are substantially more economical and energy-efficient than traditional diesel pumps. For instance, in Germany, Spain, and Italy, solar photovoltaic and heat pump systems reduced annual energy expenses from around 61% to 83% in 2022.
This report also provides the existing competitive scenario of some of the key players of the global solar pump market which includes company profiling of KSB SE & Co. KGaA, CRI Groups, Franklin Electric Co., Inc., Bernt Lorentz GmbH & Co. KG, Waterboy Pumps Pty Ltd, Shakti Pumps (India) Ltd., Grundfos, Stanley Black & Decker, Inc., Kirloskar Brothers Limited, Glynncorp Electrical