Solar Pump Market Growth:
The market for solar pump was estimated to be worth USD 1492 million in 2022. Throughout the forecast period (2023–2031), it is expected to grow at a compound annual growth rate (CAGR) of 6.94% to reach USD 2729 million. The factors driving this growth include environmental sustainability, government incentives, energy independence, cost containment, rural electrification, technological advancements, adaptation to climate change, lower operating costs, community development, and the global energy transition.
Solar pumps are water pumps that run on photovoltaic energy and are employed in irrigation and water management. Because it generates power from solar, it is a potential replacement for traditional generators that pump water using fossil fuels. A solar water pump is a solar-powered device that is used for a variety of purposes, including irrigation, potable drinking water, and communal water supply. Thanks to solar water pumps, there is less need for energy-intensive resources like coal, gas, and diesel. In the next years, more investment in agricultural applications is expected to fuel market expansion.
Competitive Players
- Lorentz
- CRI pumps
- Sun Edison
- Sunculture
- Oswald pumps LTD.
- Tata Power Solar Systems
- Grundfos
- Vincent Solar Energy Company
- Greenmax Technology
- Aqua Group
- Solar Power & Pump Co
- Shakti Solar Pumping System.
Get Free Request Sample Report @ https://straitsresearch.com/report/solar-pump-market/request-sample
The Solar Pump Market report helps a wide range of businesses figure out what their consumers truly want by doing extensive market research. When it comes to new products, every company owner wants to know how much demand there is, and this report is a great resource. Additional benefits include ensuring that the most recent market developments are covered. You may keep a close check on key rivals and their company growth tactics by reading the Solar Pump Market research. It also does in-depth research for the years 2022-2030 to provide company owners with new business options.
This research also provides a dashboard view of prominent Organizations, highlighting their effective marketing tactics, market share, and most recent advances in both historical and current settings.
Factors Driving The Solar Pump Market
- Growing Need for Renewable Energy: As a sustainable and environmentally friendly answer to water pumping needs, solar pumps are in high demand as more people become aware of and embrace renewable energy sources.
- Government Financing and Incentives: To encourage the use of solar pumps and lower their cost for farmers and rural communities, several governments offer financial assistance, subsidies, and other forms of incentive.
- Increasing Energy Costs: sun pumps are an affordable substitute for traditional energy sources due to their rising costs, especially in areas with strong sun radiation.
- Water Scarcity and Agricultural Needs: In many regions of the world, the adoption of solar pumps is driven by the necessity for effective irrigation systems and the requirement to provide a consistent supply of water for agriculture.
- Technological Advancements: Improvements in battery storage, solar panel efficiency, and pump technology raise the efficiency and dependability of solar pumps and increase their consumer appeal.
- Rural Electrification: Solar pumps are a practical and essential solution for water pumping, especially for drinking water and agriculture, as a result of the unreliability of grid electricity in rural and isolated locations.
- Environmental Concerns: The use of solar-powered solutions, such as solar pumps, which have a small carbon footprint, is encouraged by the need to reduce carbon emissions and environmental impact.
- Falling Solar Technology Costs: As solar panels and associated technologies get more affordable, solar pump systems become more affordable overall, opening them up to a wider spectrum of customers.
Global Solar Pump Market: Segmentation
- By Product
- Surface Suction
- Submersible
- Floating
- By End-Use
- Agriculture
- Water Management
- Others
- By Operation
- AC Pump
- DC Pump
The report forecasts revenue growth at all geographic levels and provides an in-depth analysis of the latest industry trends and development patterns from 2022 to 2030 in each of the segments and sub-segments. Some of the major geographies included in the market are given below:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy)
- Asia Pacific (China, India, Japan, Singapore, Malaysia)
- Latin America (Brazil, Mexico)
- Middle East & Africa
This Report is available for purchase on Buy Solar Pump Market Report
Key Highlights
- To explain the Solar Pump Market the following: introduction, product type and application, market overview, market analysis by countries, market opportunities, market risk, and market driving forces
- The purpose of this study is to examine the manufacturers of the Solar Pump Market, including profile, primary business, news, sales and price, revenue, and market share.
- To provide an overview of the competitive landscape among the leading manufacturers in the world, including sales, revenue, and market share of Solar Pump Market percent
- To illustrate the market subdivided by kind and application, complete with sales, price, revenue, market share, and growth rate broken down by type and application
- To conduct an analysis of the main regions by manufacturers, categories, and applications, covering regions such as North America, Europe, Asia Pacific, the Middle East, and South America, with sales, revenue, and market share segmented by manufacturers, types, and applications.
- To investigate the production costs, essential raw materials, production method, etc.
About Us:
StraitsResearch.com is a leading research and intelligence organization, specializing in research, analytics, and advisory services along with providing business insights & research reports.
Contact Us:
Email: sales@straitsresearch.com
Address: 825 3rd Avenue, New York, NY, USA, 10022
Tel: +1 6464807505, +44 203 318 2846
