Solar Water Pumps Market worth USD 2.17 billion by 2028, registering a CAGR of 10.85% – Report by Market Research Future (MRFR)
New York, Aug. 25, 2021 (GLOBE NEWSWIRE) — Solar Water Pumps Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Solar Water Pumps Market Information by Solar water pumps (Submersible Pumps and Surface Pumps), Application (Agriculture, Drinking Water, and Others), and by Region (North America, Europe, Asia-Pacific, Middle East, Africa, and South America)—Forecast till 2028” the market size is projected to be worth USD 2.17 billion by 2028, registering a CAGR of 10.85% during the forecast period (2021 – 2028), The market was valued at USD 1.04 billion in 2020.
Key Players
Eminent industry players profiled in the global solar water pumps industry report include-
- Lorentz (Germany)
- C. R. I. Pumps Private Limited (India)
- Tata Power Solar Systems Ltd (India)
- Shakti Pumps (India) Ltd (India)
- Wenling Jintai Pump Factory Limited (China)
- Bright Solar Limited (India)
- Grundfos (Denmark)
- Symtech Solar (Oman)
- PhotonSolar.com (Australia)
- Urja Global Limited (India)
- Kavita Solar Energy Private Limited (India).
The global solar water pumps market is fragmented and highly competitive for the presence of different international & domestic industry players. These players have encompassed innovative strategies to stay ahead and sufficing the customers & surging requirement that comprises contracts, partnerships, geographic expansions, collaborations, joint ventures, novel product launches, and more.
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COVID-19 Analysis
The solar pump market is being affected, as the market is dependent highly on import/export wherein international trading is restricted highly owing to lockdown of manufacturing facility and also supply chain management restrictions.
The outbreak has disrupted the solar industry by halting the operations. The solar industry at present imports about 80% of its key solar panel materials from China. The crisis has impacted the manufacturing capacities of China, as every fundamental ship container organizations had stopped working out of Chinese ports and transporting items to other countries including India from China. As the Chinese production is likely to head again in the right direction, it is likely that the resumption of China-originated deliver chain will restart the solar industry in India.
Browse In-depth Market Research Report (185 pages) on Solar Water Pumps
https://www.marketresearchfuture.com/reports/solar-water-pumps-market-3980
Solar Water Pumps Market Drivers/Solar Water Pumps Market Trends
Growing Need for Solar Power to Boost Market Growth
Solar power is widely utilized as this is a cost-effective source of electricity that helps to reduce energy bills and also cut down the carbon dioxide emissions which impact the environment. This will boost the need for solar water pumps as they are widely used to offer water for irrigation of crops and offer portable water.
Solar Water Pumps Market Opportunities
Growing Need for Clean Energy to offer Robust Opportunities
The growing need for clean energy across the globe will have a positive impact on the global solar water pumps market value. Most countries are shifting towards clean energy sources. With the provision of tax rebates and government initiatives over the installation of solar panels, the use of solar water has increased.
Solar Water Pumps Market Restraints and Challenges
High Initial Investment Cost to act as Market Challenge
The high initial investment cost will impede the solar water pumps market share over the forecast period.
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Market Segmentation
The global solar water pumps market has been segmented based on product and application.
By product, the submersible pumps will lead the market over the forecast period for the increasing subsea operations, increasing deep water exploration activities, increasing investments in the construction industry for rapid growth in urbanization, and growing need for submersible pumps in the agriculture field for irrigation system and deep well pumping.
By application, the agriculture segment will dominate the market over the forecast period and at a high CAGR. To offer support and also encourage large-scale use of solar pumps in the future, the government of India is offering farmers with interest-subsidy and reduced capital-subsidy. Besides, several NGOs with combined investments by farmers have undertaken initiatives for installing solar pumps in various parts of India. This is boosting market growth.
Regional Analysis
APAC to Command Solar Water Pumps Market
The APAC region will command the market over the forecast period. Growing industrialization, immediate need for fulfilling the electricity demand for water and wastewater treatment and agriculture, enormous population in China, increasing infrastructure sector to cater to the massive population, increasing use of solar energy to generate electricity for standalone systems and rural electrification, increase in government initiatives like Akshay Urja that includes electrification of rural areas, governments distributing solar pumps in rural areas, and largest installation of solar PV are adding to the global solar water pumps market share in the region. Besides, China being the largest producer of photovoltaic energy and solar panels, governments of China and India promoting the use of solar PV, increasing use of solar-powered pumps for irrigation, extensive agriculture activities, less electric grid connectivity for these activities, and supportive government schemes for solar pump manufacturers and farmers are also adding to the solar water pumps market growth.
Segmentation of Market covered in the research:
Solar Water Pumps Market Research Report: Information by Solar water pumps (Submersible Pumps and Surface Pumps), Application (Agriculture, Drinking Water, and Others), and by Region (North America, Europe, Asia-Pacific, Middle East, Africa, and South America)—Forecast till 2028
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