Solar Powered Irrigation System Market

• Government Subsidies for Solar Energy Encourage Market Growth

As an example, Government programmes in India, such as the Pradhan Mantri KisanUrja Suraksha Evam Utthan Mahabhiyan Yojana (PM-KUSUM), the CPSU (Government Producers) Scheme - Phase II, and the Solar Rooftop Phase II program, help to boost electricity generation and solar inclusion across the country. As a result, government backing is one of the elements driving this sector.

The growing consumer acceptability of the product presents market participants and solar pump industry developers with a chance to capitalise on the financial viability of such pumps and improve rural lifestyles. Market participants such as Shakti Pumps, Bengal Renewables, and others make solar pump technology and business models more inexpensive and accessible to smallholder farmers. With increased growth, several market players see this as a potential chance to significantly alter the market landscape.

For instance, Generic manufacturers on the market offer solar pumps for as little as $200, while traditional players concentrate on large-scale irrigation products and are working to develop solar water pumps for small-scale irrigation, which is also gaining popularity among farmers, and are interested in cross-selling solar pumps. As a result, such factors are driving market growth.

The Global Solar Powered Irrigation System Market Industry experiences a notable surge in demand driven by the increasing emphasis on sustainable agricultural practices. Farmers are increasingly adopting solar-powered systems to reduce reliance on fossil fuels and minimize environmental impact. This shift is particularly evident in regions facing water scarcity, where efficient irrigation becomes crucial. The market is projected to reach 68.7 USD Billion in 2024, reflecting a growing recognition of the need for eco-friendly solutions. As agricultural stakeholders prioritize sustainability, the adoption of solar-powered irrigation systems is likely to accelerate, contributing to the industry's expansion.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America is, certainly, the market leader for Solar Powered Irrigation Systems. North America has been a leader in renewable energy usage, making substantial advances in solar technology. The area places a high value on sustainability and the reduction of dependency on traditional energy sources. Furthermore, favourable government regulations and renewable energy subsidies have pushed the use of Solar Powered Irrigation Systems.

Further, the major countries studied in the market report are TheUS, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Solar Powered Irrigation System Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Solar Powered Irrigation System Market accounts for the second-largest market share because of its strong dedication to renewable energy and sustainability. The area has put in place laws and incentives to encourage the use of solar-powered irrigation systems. Further, the GermanSolar Powered Irrigation System Market held the largest market share, and the UK Solar Powered Irrigation System Market was the fastest growing market in the European region

The Asia-Pacific Solar Powered Irrigation System Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rapid economic expansion and increased agricultural activity in nations such as China and India. These countries have a huge population and a strong agricultural economy, thus efficient irrigation systems are in great demand. Moreover, China’s Solar Powered Irrigation System Market held the largest market share, and the Indian Solar Powered Irrigation System Market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Solar Powered Irrigation System Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Solar Powered Irrigation Systemindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Solar Powered Irrigation System industry to benefit clients and increase the market sector. In recent years, the Solar Powered Irrigation System industry has offered some of the most significant advantages to medicine. Major players in the Solar Powered Irrigation System Market, including Lorentz (Germany), Jain Irrigation Systems (India), Netafim (Israel), Grundfos (Denmark), Solar Water Solutions (Kenya), Bright Solar (China), Shakti Pumps (India) and others, are attempting to increase market demand by investing in research and development operations.

Tata Power Solar Systems Limited, previously Tata BP Solar, is an Indian solar energy services firm. The firm produces solar modules, cells, and other solar goods, as well as providing EPC services for solar power projects. In November 2022, Tata Power Solar Systems Ltd. and Union Bank of India are collaborating to increase the use of solar rooftops in the MSME sector.

Shakti Pumps India Limited produces submersible pumps for home, industrial, horticultural, and agricultural applications. Shakti pumps are exported to over 100 countries, having operations in the United States, Australia, and the United Arab Emirates.The corporation is traded on the Bombay and National Stock Exchanges of India. The firm has two production sites with a combined annual capacity of 500,000 pumps. Shakti Pumps is also a major manufacturer and exporter of solar pumps in India. In April 2022, Shakti Pumps is the first solar water pump patent that include grid-tied power generation.