New York, US, Sept. 26, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Solar Water Pumps Market Research Report: Information by Application, Solar water pumps, and by Region - Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 2,873.9 Million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 9.50% during the assessment timeframe.
Solar Water Pumps Market Overview:
Submersible solar water pumps are deep beneath the ground level. Adding to the depth, its suction head is past 10 meters deep. Therefore, it can raise water from substantially deeper groundwater resources. Agriculture refers to a fluctuating and weather-reliant activity, and therefore, government subsidies to farmers and solar pump manufacturers must be raised, particularly in developing nations. Solar pump systems have prime impacts on irrigation and potable water supply. The oil & gas industry carries out activities embracing these pumps for chemical injection. These pumps are known to be free of greenhouse gas emissions.
Competitive Analysis
The list of prominent participants across the global solar water pumps market includes companies such as:
- Kavita Solar Energy Private Limited
- Shakti Pumps
- Lorentz
- Bright Solar Limited
- Urja Global Limited
- Symtech Solar
- C. R. I. Pumps Private Limited
- Tata Power
- Symtech Solar
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Irrigation is a prime task for more than half of India's application area and population for solar pumps. This is making the country a massive solar water pumps market. The Indian government has been imposing elaborate targets for growing the nation's renewable energy generating capacity.
Solar pumps are brilliant as they extract water using energy generated by sunlight. They are crucial in underdeveloped or rural areas with no electric grid infrastructure. There is a wide variety of these pumps for several tasks. They are developed to utilize DC electric power via photovoltaic modules. The variant of solar pumps is pool pumps. Irrigation pumps, circular, and transfer pumps are vital solar water pumps. The global market for solar water pumps has increased in the last few years. The central aspect causing a rise in the market's growth is their use as a substitute for clean and renewable pumps for windmills and fuel generators.
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 2,873.9 Million |
| Growth Rate | CAGR of 9.5% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increasing urbanization |
| Key Market Drivers | Increasing infrastructural investment in developing countries Increasing renewable energy generation Affordable source of electricity |
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Market USP Covered
Market Drivers
The global solar water pumps market has expanded enormously in recent times, given the aspects like an investment in infrastructural developments, growing governmental initiatives, adoption of renewable energy technologies, and increasing rate of urbanization.
Market Restraints
On the other hand, installing solar water pumps may restrict the market's growth.
COVID-19 Impact
The global health crisis in the form of COVID-19 has had a massive impact on the majority of the industry across the globe. The travel restrictions and social distancing norms imposed by the governments across the globe led to causing massive disruption in manufacturing operations. Like all the market areas, the global solar water pumps market also witnessed several unexpected challenges, such as a fall in demand, loss of revenues, etc. On the other hand, with rapid vaccination rates, the global market for solar water pumps is likely to grow substantially over the coming years.
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Solar Water Pumps Market Segment Analysis
Among all the products, the DC suction segment is anticipated to secure the top position across the global market for solar water pumps over the review timeframe. The central aspect causing a rise in the segment's growth is the rising drip irrigation activities, especially in emerging economies of the Middle East & Africa, and the Asia Pacific. On the other hand, the AC submersible pumps segment is predicted to exhibit the maximum CAGR over the review timeframe.
Among all the application areas, the agriculture segment is predicted to secure the top position across the global market for solar water pumps over the coming years. the rise in agricultural activities, along with the water needed for irrigation, is expected to boost the growth of the segment.
Solar Water Pumps Market Regional Analysis
The global market for solar water pumps is analyzed across five major regions: North America, Latin America, The Middle East & Africa, Europe, and Asia-Pacific.
According to the analysis reports by MRFR, the Asia-Pacific region is predicted to dominate the global solar water pups market over the review timeframe. The region has nations such as Indonesia, China, and Australia with massive demand for these pumps, which boosts the regional market's growth. Other countries such as Japan, Malaysia, Thailand, and India are witnessing a massive demand for such pumps. It is an ideal region for the deployment of new solar pumps. Fewer labor costs and abundant raw materials across the region are some of the significant aspects boosting the regional market's growth over the review era.
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furthermore, the growing number of government initiatives and industrial operations encourage high regional solar pump investments. The growing investments in the research & development activities for solar water pumps are constantly boosting the growth of the demand across the region. The rapidly expanding population across the region will likely offer lucrative growth opportunities to the players across the regional market.
The solar water pumps market for the North American region is anticipated to grow substantially over the coming years. the growing renewable energy sector across the region is the central aspect supporting the growth of the regional market.
The European regional solar water pumps market will likely experience substantial growth over the review timeframe. The significant parameter supporting the growth of the regional market is the high demand for solar pumps across the agricultural sector. The regional market is likely to secure the second position across the globe over the coming years. the growing agricultural activities in these regions, along with the livestock water supply, are also predicted to catalyze the growth of the regional market over the coming years.
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