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| Solar Water Pumps Market Share |
The global Solar Water Pump Systems Market is estimated to be valued at US$ 1.92 billion in 2023 and is
expected to exhibit a CAGR of 13% over
the forecast period 2023-2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The solar water pump systems market has seen substantial growth in recent years
due to growing focus on rural electrification programs globally. Solar water
pumps provide a reliable and cost-effective solution for irrigation and
drinking water needs in off-grid rural areas without access to electricity
grids. These systems utilize solar photovoltaic panels to convert sunlight into
electricity to power water pump motors directly without any fuel requirement.
The key advantages of solar water pumps include zero operational costs,
maintenance-free operations, and environmental friendliness. The rising needs
for sustainable and affordable water supply solutions in agriculture and rural
communities have propelled the demand for solar water pumps.
Market key trends:
One of the key trends fueling the Solar
Water Pumps Market Share is the growing focus of governments worldwide
on rural electrification through decentralized renewable energy solutions.
Various government initiatives and rural electrification programs in Asia
Pacific and Africa are encouraging the deployment of solar irrigation pumps.
Additionally, falling prices of solar PV modules and the availability of
innovative financing options such as pay-as-you-go business models are
increasing the affordability of these systems. Technology advancements leading
to the development of more efficient pumps and controllers compatible with
various water sources are further supporting the market growth. Growing
awareness about the economic and environmental benefits of solar water pumps is
also driving their adoption in off-grid applications across low-and
middle-income countries.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the solar water pump
systems market is moderate. High initial investment is required to set up a
manufacturing unit and develop supply chain which makes entry difficult for new
players.
Bargaining power of buyers: The bargaining power of buyers is high in this
market. Buyers can negotiate on price as there are multiple players offering
similar solar water pump systems.
Bargaining power of suppliers: The bargaining power of suppliers is moderate.
Key components like solar panels, motors and pumps have few dominant suppliers
globally.
Threat of new substitutes: The threat of new substitutes is low. Solar water
pump system is unique product with no close substitute.
Competitive rivalry: The competitive rivalry is high. Major players compete on
the basis of technology, quality, pricing and service.
Key Takeaways
The global Solar Water Pump Systems market is expected to witness high growth,
exhibiting a CAGR of 13% over the
forecast period. Rapid rural electrification in developing regions and
government incentives for solar projects are driving the market growth.
The Asia Pacific region dominates the market holding over 35% share owing to
large agricultural sector and increasing investments in solar sector by China
and India. Countries like India have ambitious target to install solar pumps to
meet irrigation needs. South Asia and Southeast Asia are also emerging as high
growth markets.
Key players operating in the solar water pump systems market are Grundfos,
Lorentz, Shakti Pumps, CRI Pumps, Tata Power Solar, Bright Solar, USL, Lubi
Electronics, Solar Power & Pump Co, JNTech, JISL, ADA, Hanergy, CRI Pump,
Dankoff Solar, Greenmax Technology, Rainbow Power Co, SunEdison, Solartech and
Megha Engineering. Major players are focusing on new product launches and
partnerships with farmers’ cooperative societies for distribution and after
sales service.