Solar Pump Market Segmentation:
Product Segment Analysis
DC surface suction segment is poised to account for more than 81.0% solar pump market share by the end of 2035 on account of the growing usage of water in agriculture. The International Atomic Energy Agency states that the growing food demands will result in a 50% rise in the global water requirement for agriculture by 2050.
Irrigation is the primary use of water in agriculture, which is often drawn from rivers or lakes of stored surface water, or it can be pumped from groundwater reserves. This has led to a rise in the need for several high-suction solar DC water pump models that utilize direct current (DC) electricity to pump water from shallow sources, including ponds or rivers for irrigation in agriculture, and are made to descend further and raise water to the surface.
End-user (Agriculture, Water Management)
The agriculture segment is foreseen to expand at a staggering CAGR in the coming years, attributed to the rapid rise in the cost of fossil fuels. According to the data released by the Organization for Economic Co-operation and Development (OECD) and the International Energy Agency (IEA), the cost of global support for fossil fuels in 82 economies nearly doubled to USD 1,481.3 billion in 2022, up from USD 769.5 billion in 2021. Therefore, to reduce the need for costly fossil fuels in agriculture, low-cost solar pumps are being used by small farmers in hot, dry areas to irrigate their fields, for agricultural spraying, and livestock watering.
Operation Segment Analysis
The AC pump segment is projected to generate significant revenue in the solar pump market over the coming years. The majority of rural communities across the globe continue to face difficulties in obtaining a consistent and sustainable supply of water, leading to a higher demand for AC solar-powered pump systems.
AC solar pumps have gained traction for domestic and commercial applications, especially in supplying drinking water in rural areas, mountain villages, or wilderness campsites. The National Library of Medicine stated that approximately 844 million people worldwide still lack access to clean water sources, with 79% of them living in rural areas.
Our in-depth analysis of the global market includes the following segments:
|
Capacity |
|
|
Product |
|
|
Operation |
|
|
End-user |
|
