Solar Water Pumps – Growth, Landscape, and Future Prospects

Solar pumps are finding increased application in agriculture as farmers and governments look at shunning diesel-powered and conventional grid-based systems. Using solar pumps not only increases clean energy adoption but also reduces the carbon footprint and reliance on fossil fuels, prices of which are rocketing high at the moment. Other advantages include cost-effectiveness and lower maintenance requirement compared to pumps powered by diesel. Asia-Pacific is a lucrative market for solar pumps for its rising agriculture sector. Latin America commands the second-largest global market share due to the growth of clean energy.

Read more about Solar Powered Water Pumps here.

The solar pump market is expected to grow at ~11% CAGR in 2022-2031. Government subsidies have also boosted adoption in agriculture, water treatment, and other household applications. Many rural parts of the agricultural regions in several countries do not have access to the grid. This is especially true for emerging economies. Though solar pumps make complete sense for these regions, however, their economic and environmental benefits have been established now. It has also been touted as one of the efficient ways to achieve a clear water supply for various agricultural activities.

Growing demand for clean energy, government push towards reducing GHG emissions, general awareness about the ill-effects of using fossil fuels, etc. are key drivers for solar pumps.  Solar pumps could be a boon for the farmers who rely heavily on rain for good produce. They are heavily laden in debt, and low farm output has often compelled them to take drastic steps including suicide. The farmers depend on diesel and kerosene pumps for irrigation currently. Not only is it polluting but rising prices also add to the cost. Solar water pumps could enhance yields and improve profitability for the miserable farmers.