Global Solar Water Pump Systems Market Growth Accelerated by Rising Demand for Agricultural Products

Solar water pump systems are utilized for lifting water from tubewells, borewells, open wells and other sources for irrigation of agricultural lands and farms. These pumps offer an economical and sustainable solution for irrigation needs as they operate on solar energy and hence do not require costly electric wiring.

Market key trends:

The demand for agricultural products has been steadily rising over the years owing to growing population and changing food consumption patterns. This has increased the pressure on existing water resources for irrigation purposes. Solar water pumps have emerged as a viable solution to meet the rising water requirements of the agricultural sector. Being powered by solar energy, these pumps provide a sustainable method of irrigation without plying additional burden on electric grids. Their implementation is expected to grow manifold over the forecast period thus driving the growth of the global solar water pump systems market.

Segment Analysis

The global solar water pump systems market is dominated by the submersible solar water pump segment. This segment accounts for over 70% market share owing to increased preference for submersible pumps for irrigation and water treatment applications. Submersible pumps are ideal for deep bore wells and open wells as they can operate even when fully submerged in water.

Key Takeaways

The Global Solar Water Pump Systems Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to increase from US$ 2.22 Mn in 2024 to US$ 5.27 Mn by 2031, registering a CAGR of 4.3%.

Regional analysis

Asia Pacific is expected to dominate the global solar water pump systems market over the forecast period. This can be attributed to increasing agricultural activities and growing farmer inclination towards solar irrigation in countries such as India and China. India alone accounts for over 35% of the global market share due to various government initiatives and schemes that promote solar pumps for irrigation.

Key players

Key players operating in the solar water pump systems market are PERI Group, Doka Group, ULMA Construction, Waco International, RMD Kwikform, MESA Imalat Sanayii ve Ticaret A.S, Uni-Span Holdings (Pty) Ltd., Acrow, Faresin Formwork S.p.A, Pilosio S.p.A, Staluform (Pty) Ltd., and Pre-Form (Pty) Ltd. among others. Major players are focusing on expanding their global footprint and product portfolio to consolidate their position in the market.

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