New York, US, May 04, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Solar Water Pumps Market Research Report Information by Type, and Region, Application- Forecast Till 2030”, the global Solar Water Pumps market is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 9.50%. The reports further project the market to attain a valuation of around USD 2.83 billion by the end of 2030. As per the reports, the Solar Water Pumps market was worth nearly USD 1.5 billion in the year 2022.
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. The global market for Solar Water Pumps has recently displayed massive development. The main aspect causing a surge in the performance of the market is rising agricultural activities across the globe.
Competitive Analysis
The listing of the prominent leaders across the global market for Solar Water Pumps includes players such as:
- Kavita Solar Energy Private Limited (India)
- Lorentz (Germany)
- Bright Solar Limited (India)
- Pumps Private Limited (India)
- Grundfos (Denmark)
- Tata Power Solar Systems Ltd (India)
- Symtech Solar (Oman)
- Shakti Pumps (India) Ltd (India)
- com (Australia)
- Wenling Jintai Pump Factory Limited (China)
- Urja Limited (India)
- Among others.
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Solar Water Pumps Market USP Covered
Market Drivers
The global market for Solar Water Pumps has recently displayed massive development. The main aspect causing a surge in the performance of the market is rising agricultural activities across the globe. Furthermore, the rising production of renewable energy is also anticipated to boost the market's performance over the assessment period. Moreover, factors such as infrastructure investment in underdeveloped nations, growing agricultural activities, growth of a nation's GDP, agriculture sector's increased modernization, gradual transition to sustainable energy sources, and adoption of solar-powered water pump systems in light of the transition are also likely to catalyze the development of the market over the coming years.
Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the high initial cost of installation.
Solar Water Pumps Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 2.83 billion |
| CAGR during 2022-2030 | 9.50% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Key Market Opportunities | Increasing infrastructural investment in developing countries |
| Key Market Dynamics | Increasing the production of renewable energy Cheap source of electricity |
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Solar Water Pumps Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Solar Water Pumps market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Solar Water Pumps Market Segment Analysis
Among all the types, the submersible pump segment is anticipated to secure the top spot across the global market for solar water pumps over the assessment timeframe, given that it can extract water from far deeper sources.
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 and the water needed for irrigation are expected to boost the segment's growth.
Solar Water Pumps Market Regional Analysis
The global Solar Water Pumps market is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.
The research reports by MRFR suggest that the North American region ensured the top position across the global solar panel market in 2021, with the largest contribution of around USD 0.687 billion, roughly 45.8% of the entire market. The main parameter supporting the development of the regional market is the growing need for a substitute for the electric water pump. The growing renewable energy sector across the region is the central aspect supporting the regional market's growth.
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The European regional solar water pump market will likely experience substantial growth over the review timeframe. The significant parameter supporting the regional market's growth is the high demand for solar pumps across the agricultural sector. The regional market will likely secure the second position globally over the coming years. The growing agricultural activities in these regions and the livestock water supply are also predicted to catalyze the regional market's growth over the coming years. The region has Germany and the UK as the leading growth contributors.
The Asia-Pacific regional market for solar water pumps is anticipated to grow at the highest pace over the assessment period. The growth of the regional market is ascribed to the factors such as the region's expanding agricultural activities, the absence of grid electricity in agricultural areas, and growing awareness among people.
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