Solar Pump Market To Reach $3.51 Billion By 2030 | CAGR 4.3%

Solar Pump Market Growth & Trends

The global solar pump market size is expected to reach USD 3.51 billion by 2030, registering a CAGR of 4.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. Strong shift in trend towards replacing diesel and electric pumps in order to reduce reliance on conventional energy is expected to drive the global solar pumps market. Increasing government support in the form of subsidies and tax benefits particularly in emerging markets of Asia Pacific and Africa is also expected to have a positive influence on the market growth over the forecast period. However, higher upfront investment cost compared to its conventional counterparts is expected to remain a barrier for market participants.

The DC surface suction segment is expected to grow at the fastest CAGR of 5.0% from 2024 to 2030. DC surface suction pumps can be installed on the surface; they are easier to install and maintain than submersible pumps, which require lowering and lifting equipment for suitable access. The AC submersible dominated the market and accounted for a revenue share of 39.5% in 2023 due to its high efficiency and reliability. Solar pumps are used in agriculture for cost efficiency and sustainability.

 Request a free sample copy or view report summary: Solar Pump Market Report

Solar Pump Market Report Highlights

• The AC submersible dominated the market and accounted for a revenue share of 39.5% in 2023 due to its high efficiency and reliability.

• The DC surface suction segment is expected to grow at the fastest CAGR of 5.0% from 2024 to 2030.
  .The agriculture segment dominated the market and accounted for the largest revenue share in 2023 due to the need for irrigation and government subsidy policies for farmers to increase the adoption of sustainable energy sources and improve irrigation.

• The drinking water segment is expected to grow at the fastest CAGR during the forecast period.

• Asia Pacific solar pump market dominated the global market with the largest revenue share of 44.54% in 2023.

Solar Pump Market Segmentation

Grand View Research has segmented global solar pump report based on product, application, and region:

Solar Pump Product Outlook (Revenue, USD Million, 2018 - 2030)

• DC Surface Suction

• AC Submersible

• DC Submersible

• AC Floating

Solar Pump Application Outlook (Revenue, USD Million, 2018 - 2030)

• Agriculture

• Drinking Water

Solar Pump Regional Outlook (Revenue, USD Million; 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa (MEA)

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players of Solar Pump Market

• Alpex Solar Ltd

• AQUA Groups.

• Bright Solar Limited

• C.R.I. Pumps Private Limited

• Crompton Greaves Consumer Electricals Limited.

• LORENTZ.

• DANKOFF SOLAR.

• Duke Plasto Technique Pvt Ltd.

• Franklin Electric

• Grundfos Pumps India Private Ltd.

• Jakson

• KSB SE & Co. KGaA

• waaree.com