Solar Pump Market Size

Solar Pump Market size was over USD 3.3 Billion in 2023 and is set to exceed USD 5.5 Billion by the end of 2036, growing at over 14.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solar pump is assessed at USD 3.6 Billion.

Governments around the world are aggressively encouraging the use of solar energy through a range of incentives, feed-in tariffs, and subsidies, making solar pump installations financially feasible, and alluring to farmers, which propels market expansion. Moreover, farmers seeking to purchase solar pump systems are offered government grants other direct financial support, making investing in these systems simpler. According to the International Energy Agency’s data, since 2020, governments have increased their funding for clean energy investment to USD 1.34 trillion.