Solar Pump Market Size, Share & Trends Analysis Report By Application (Agriculture, Drinking Water), By Product (DC Surface Suction, AC Submersible, DC Submersible, AC Floating), By Region, And Segment Forecasts, 2024 - 2030

Report Overview

The global solar pump market size was valued at USD 2.63 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2030. This growth is attributable to increasing environmental concerns, supportive government policies, increased technological advancement, and a competitive landscape. Moreover, increasing agricultural demand, technological advancements, and the need for alternative energy sources globally to reduce carbon emissions are driving the market growth.

The agricultural sector is a significant driver of the solar pump market. Solar pumps offer a reliable and sustainable solution for irrigating crops, especially in areas with limited access to grid electricity. The use of Internet of Things (IoT) technology and remote monitoring systems in solar pumps enhances operational efficiency and reliability, which allows for better system management. Solar pumps also offer a dependable and sustainable solution for water pumping needs in off-grid locations where access to grid electricity is limited or unreliable.

United Nations have decided to reach net zero carbon emission by 2050, to achieve this goal member countries are investing in renewable energy for sustainable growth. Many governments promote renewable energy adoption through subsidies and different policies, especially in developing countries. Solar pumps offer a clean energy alternative to conventional energy sources. Advancements in solar technology have decreased the cost of solar panels, making solar pumps a more cost-effective solution in the long run.

Product Insights

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. AC submersible pumps can be placed directly in the deep well bore compared to surface suction pumps, making them ideal for accessing deeper groundwater sources and applications such as irrigation. The availability of sufficient sunlight for solar power generation and access to AC grid electricity in various regions is driving the adoption of this type of pump. AC submersible pumps can conveniently integrate with existing AC infrastructure, allowing for a hybrid system where solar and grid power can be utilized based on availability. This flexibility enhances their overall usability.

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. This reduces installation costs and ongoing maintenance needs. DC surface suction pumps are well-suited for shallower water sources and off-grid locations. Their direct compatibility with DC solar panels eliminates the need for inverters or complex grid connections, making them a simpler and more efficient solution for these scenarios.

Application Insights

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. Agriculture relies heavily on consistent water availability for crop growth. Solar pumps offer a reliable and sustainable solution for irrigation, especially in regions with limited access to grid electricity and less developed irrigation facilities where farmers rely on groundwater.

The drinking water segment is expected to grow at the fastest CAGR during the forecast period. This growth can be anticipated due to the growing global concern about water scarcity, particularly in developing regions with limited access to clean drinking water. Solar pumps offer a reliable and sustainable solution for extracting groundwater in these areas, ensuring a safe and consistent water supply for communities. Advancements in solar pump technology, with better integration of filtration and purification systems, create a complete solution for providing safe drinking water. For Instance, the Government of India promotes solar-based water supply schemes with their program named Jal Jeevan Mission.

Regional Insights

North America solar pump market held a significant share in the global market in 2023 due to increasing demand for sustainable energy sources & practices, technological advancement, expansion in the agriculture sector, and government support and emphasis on renewable energy. As the member countries of the United Nations, the region is also focusing on reducing carbon emission.

U.S. Solar Pump Market Trends

The solar pump market in the U.S. dominated the North America market in 2023 due to government initiatives to promote renewable energy and sustainable development. For Instance, The U.S. Department of Agriculture launched the program named, Rural Energy for America Program Renewable Energy Systems & Energy Efficiency Improvement which offers loans and grants for the sustainable practices in agriculture. It also offers this facility for solar pumps for sprinklers.

Europe Solar Pump Market Trends

Europe solar pump market was identified as a lucrative region in 2023 due to its focus on environmental sustainability & renewable energy, technological advancement, and well-developed infrastructure of electricity to integrate solar pumps. European countries are at the forefront of promoting renewable energy and environmental sustainability, which helps to grow the adoption of solar pumps and reduces reliance on fossil fuels and greenhouse gas emissions.

UK solar pump market held a substantial market share in 2023 owing to government initiatives to support with farmers with grants on the installation of solar irrigation systems and solar rooftop.

Asia Pacific Solar Pump Market Trends

Asia Pacific solar pump market dominated the global market with the largest revenue share in 2023. It is attributable to the agricultural sector in the region, particularly the agriculture sector in countries such as India and China, which accelerates the demand for efficient irrigation systems, making solar pumps an attractive solution. Governments in the region have recognized the importance of solar energy, so they offer subsidies for installing solar pumps. Advancements in solar pump technology, with local manufacturers offering increasingly efficient and cost-competitive products, are driving the market growth.

China held a significant share of the market in 2023. This can be attributed to factors such as solar pumps, which help address water shortages and improve irrigation efficiency, which is crucial for regions facing water scarcity and electricity issues. Solar pumps also reduce carbon emissions and pollution by replacing diesel-powered pumps with clean energy alternatives. In addition, farmers in remote areas benefit from lower operating costs and independence from grid electricity or diesel. Policies such as subsidies and tax incentives make solar pumps more accessible and affordable for farmers.

India solar pump market is expected to grow significantly due to government initiatives and subsidies. Schemes such as the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) Scheme offer substantial subsidies on solar pump installations of up to 7.5 HP, making them significantly more affordable for farmers.

Solar Pump Company Share & Insights

Some of the key companies in the solar pump market include Alpex Solar Ltd, AQUA Groups. Bright Solar Limited, Grundfos Pumps India Private Ltd., Jakson, KSB SE & Co. KGA and others. Organizations in the market are focusing on innovative labeling solutions to enhance supply chain management. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies. 

• Alpex Solar Ltd manufacturer of solar panels specializes in photovoltaic modules and solar systems. Also, it provides procurement, engineering, and construction of AC/DC solar pumps to fulfill the needs of the agriculture sector.

• Bright Solar Limited is a player in the solar energy sector, specializing in the design, manufacturing, and supply of solar products and systems. Established to promote sustainable energy solutions, the company offers a diverse range of products, including solar pumps, solar water heaters, solar street lights, and solar power packs. Their solar pump portfolio is particularly notable, featuring submersible, surface, and DC solar pumps designed for agricultural and domestic water supply applications. These pumps are engineered to be efficient, reliable, and eco-friendly, helping to reduce dependency on traditional energy sources and supporting sustainable agricultural practices.

Recent Developments

• In March 2024, Jakson partnered with Powernsun for exclusive distribution of solar products in Lucknow, Uttar Pradesh, and Maharashtra. This collaboration aims to enhance Jakson’s market presence and contribute to sustainable energy. The products will be manufactured at Jakson’s Noida facility, supporting India’s NetZero commitment by 2070.

Solar Pump Market Report Scope

Global Solar Pump Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global solar pump report based on product, application, and region.

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • DC Surface Suction

  • AC Submersible

  • DC Submersible

  • AC Floating

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Agriculture

  • Drinking Water

• 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