Solar water pumping systems use solar photovoltaic (PV) panels to convert sunlight into electricity and power water pumps, which are used to lift water from borewells, open wells, and other sources of water. Solar water pumping systems are useful in remote areas that lack access to grid electricity as they provide a reliable source of water without the need for fossil fuels.

The global solar water pump systems market is estimated to be valued at US$ 2.22 Mn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Need for off-grid agricultural water supply is estimated to drive the solar water pump systems market growth over the forecast period. Around 60% of farmlands in developing countries like India, China, and Nigeria lack access to grid electricity. Solar water pumps help farmers irrigate their lands through daytime availability of water without relying on fossil fuel generators. Since agriculture is the primary occupation in rural areas, solar water pumps have emerged as a suitable alternative to meet irrigation needs. The initial installation cost of solar pumps is offset by long term savings on fuel costs. Moreover, solar pumps offer a reliable source of water throughout daytime hours which helps increase crop yields for farmers. This in turn is expected to boost the adoption of solar water pumping systems in the agriculture sector.

Porter's Analysis

Threat of new entrants: The solar water pump systems market's capital requirements and economies of scale in production are limiting factors for new entrants. However, technological advancements are lowering barriers.

Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several vendors providing solar water pumps. Product differentiation and brand loyalty give an advantage to larger vendors.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitutes. However, specialized components give suppliers an edge.

Threat of new substitutes: Alternate energy sources like wind pose a threat, while advancements can lead to new green alternatives.

Competitive rivalry: Competition is high among vendors differentiated based on product quality, innovation, and services.

SWOT Analysis

Strengths: Environment friendliness, low operational costs, independent from power grids.

Weaknesses: High initial costs, dependence on sunlight, need for battery backup.

Opportunities: Rising agriculture irrigation requirement, growing rural electrification in developing nations.

Threats: Fluctuating crude oil prices affect solar module costs, subsidies reductions impact adoption.

Key Takeaways

The Global Solar Water Pump Systems Market Growth is expected to witness high gowth between 2024-2031 due to rising focus on renewable energy sources worldwide. The global Solar Water Pump Systems Market is estimated to be valued at US$ 2.22 Mn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024-2031.

Regional analysis shows the Asia Pacific will continue to be the fastest growing market led by India. Subsidies and rebate schemes are augmenting adoption in the agriculture sector. Government initiatives such as Made in India and Make in China are supporting indigenous manufacturing of key components.

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. Larger players are focusing on expanding production capacity and distribution networks to tap emerging markets.

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