According to a market report by Lucintel, the future of the solar pump market looks promising with opportunities in the agriculture and water management industries. The global solar pump market is expected to grow with a CAGR of 6% to 8% from 2023 to 2028. The major drivers for this market are increasing demand for water extraction for growing agriculture activities, growing adoption of renewable energy powered devices supported by government regulation to promote sustainable renewable energy sources, decreasing prices of solar water pumps, and benefits of solar pumps or photovoltaic water pumping (PVP) that is ecological, economical, and operationally sustainable.
Surface suction, submersible, and floating are the major segments of solar pump market by product. Lucintel forecasts that submersible will remain the largest segment over the forecast period due to the increasing usage of submersible solar pump for water extraction from all size of bores and rising usage of submersible solar pump for domestic water supply in large residence and multi-storied apartments.
Within this market, agriculture is expected to remain the largest segment due to the rising installation of solar pumping systems in agriculture water irrigation and low operational costs.
APAC will remain the largest region due to increasing power demand and need for safe drinking water in this region. The growing usage of solar energy to generate electricity for standalone systems and rural electrification is also leading its widespread adoption in China and India.
Lorentz, CRI pumps, SunEdison, Sunculture, Tata Power Solar Systems, Shakti Solar Pumping System, and Grundfos are the major suppliers in the global solar pump market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global solar pump market by product, operation, motor type, end use industry, and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Solar Pump Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global solar pump market by product, operation, motor type, end use industry, and region, as follows:
Solar Pump Market by Product [Value ($B) Shipment Analysis from 2017 to 2028]:
· Surface Suction
· Submersible
· Floating
Solar Pump Market by Operation [Value ($B) Shipment Analysis from 2017 to 2028]:
· AC Pump
· DC Pump
Solar Pump Market by Motor Type [Value ($B) Shipment Analysis from 2017 to 2028]:
· Below 4 HP
· 4 to 6 HP
· 6 to 8 HP
· Above 8 HP
Solar Pump Market by End Use Industry [Value ($B) Shipment Analysis from 2017 to 2028]:
· Agriculture
· Water Management
· Others
Solar Pump Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Solar Pump Market". To download report brochure, please go to
https://www.lucintel.com and click "report brochure" tab from the menu.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the solar pump market by product (surface suction, submersible, and floating), operation (AC pump and DC pump), motor type (below 4 HP, 4 to 6 HP, 6 to 8 HP, and above 8 HP), end use industry (agriculture, water management, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?