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Solar Pump Market Trends and Forecast

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.
Solar Pump Market
A more than 150-page report is developed to help in your business decisions.  Sample figures with some insights are shown below. To learn the scope, benefits, companies researched and other details of the global solar pump market report, please download the report brochure.
 Solar Pump Market by Segments
Solar Pump Market by Segment
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 ($B) Shipment Analysis from 2017 to 2028]:
  • North America
  • Europe
  • Asia Pacific
  • The Rest of the World
List of Solar Pump Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies solar pump companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the solar pump companies profiled in this report include. 
Solar Pump Market Insights
  • Lucintel forecasts that submersible will remain the largest segment over the forecast period due to the increasing usage of submersible solar pump for water extraction from all size of bores and rising usage of submersible solar pump for domestic water supply in large residence and multi-storied apartments.
  • Agriculture is expected to remain the larger segment due to the rising use of solar pumping systems in agriculture and increasing usage of solar pumps by farmer to reduce operational costs and increase earnings.
  • APAC will remain the largest region due to increasing power demand and need for drinking safe water, rising usage of solar energy to generate electricity for standalone systems and rural electrification in the region, and growing adoption of solar pumps in India.
Features of the Solar Pump Market
  • Market Size Estimates: Solar pump market size estimation in terms of value ($B)
  • Trend And Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
  • Segmentation Analysis: Solar pump market size by various segments, such as by product, operation, motor type, end use industry, and region
  • Regional Analysis: Solar pump market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
  • Growth Opportunities: Analysis on growth opportunities in different segments by product, operation, motor type, end use industry, and regions for the solar pump market.
  • Strategic Analysis: This includes M&A, new product development, and competitive landscape for the solar pump market.
  • Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the solar pump market size?
Answer: The global solar pump market is expected to reach an estimated $xx billion by 2028.
Q2. What is the growth forecast for solar pump market?
Answer: The global solar pump market is expected to grow with a CAGR of 6% to 8% from 2023 to 2028.
Q3. What are the major drivers influencing the growth of the solar pump market?
Answer: 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.
Q4. What are the major segments for solar pump market?
Answer: The future of the solar pump market looks promising with opportunities in the agriculture and water management industries.
Q5. Who are the key solar pump companies?
Answer: Some of the key solar pump companies are as follows:
  • Lorentz
  • CRI pumps
  • SunEdison
  • Sunculture
  • Tata Power Solar Systems
  • Shakti Solar Pumping System
  • Grundfos
Q6. Which solar pump segment will be the largest in future?
Answer: 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.
Q7. In solar pump market, which region is expected to be the largest in next 5 years?
Answer: 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. 
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
 
This report answers 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?
 
For any questions related to solar pump market or related to solar pump companies, solar pump market size, solar pump market share, solar pump analysis, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
Table of Contents
 
1. Executive Summary

2. Global Solar Pump Market: Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges

3. Market Trends and Forecast Analysis from 2017 to 2028
3.1: Macroeconomic Trends (2017-2022) and Forecast (2023-2028)
3.2: Global Solar Pump Market Trends (2017-2022) and Forecast (2023-2028)
3.3: Global Solar Pump Market by Product
3.3.1: Surface Suction
3.3.2: Submersible
3.3.3: Floating
3.4: Global Solar Pump Market by Operation
3.4.1: AC Pump
3.4.2: DC Pump
3.5: Global Solar Pump Market by Motor Type
3.5.1: Below 4 HP
3.5.2: 4 to 6 HP
3.5.3: 6 to 8 HP
3.5.4: Above 8 HP
3.6: Global Solar Pump Market by End Use Industry
3.6.1: Agriculture
3.6.2: Water Management
3.6.3: Others

4. Market Trends and Forecast Analysis by Region from 2017-2028
4.1: Global Solar Pump Market by Region
4.2: North American Solar Pump Market
4.2.1: North American Solar Pump Market by Product: Surface Suction, Submersible, and Floating
4.2.2: North American Solar Pump Market by End Use Industry: Agriculture, Water Management, and Others
4.3: European Solar Pump Market
4.3.1: European Solar Pump Market by Product: Surface Suction, Submersible, and Floating
4.3.2: European Solar Pump Market by End Use Industry: Agriculture, Water Management, and Others
4.4: APAC Solar Pump Market
4.4.1: APAC Solar Pump Market by Product: Surface Suction, Submersible, and Floating
4.4.2: APAC Solar Pump Market by End Use Industry: Agriculture, Water Management, and Others
4.5: ROW Solar Pump Market
4.5.1: ROW Solar Pump Market by Product: Surface Suction, Submersible, and Floating
4.5.2: ROW Solar Pump Market by End Use Industry: Agriculture, Water Management, and Others

5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis

6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Solar Pump Market by Product
6.1.2: Growth Opportunities for the Global Solar Pump Market by Operation
6.1.3: Growth Opportunities for the Global Solar Pump Market by Motor Type
6.1.4: Growth Opportunities for the Global Solar Pump Market by End Use Industry
6.1.5: Growth Opportunities for the Global Solar Pump Market by Region
6.2: Emerging Trends in the Global Solar Pump Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Solar Pump Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Solar Pump Market

7. Company Profiles of Leading Players
7.1: Lorentz
7.2: CRI pumps
7.3: SunEdison
7.4: Sunculture
7:5: Tata Power Solar Systems
7.6: Shakti Solar Pumping System
7.7: Grundfos

.

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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
  • In-depth interviews of the major players in this market
  • Detailed secondary research from competitors’ financial statements and published data 
  • Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
  • A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
 
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process. 
 

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