Published Date : 14 Jul 2023
The global solar pump market size surpassed USD 3.07 billion in 2022 and is predicted to rise USD 6.59 billion by 2030, growing at a CAGR of 10.02% from 2022 to 2030.
Over the past several years, the market for solar water pumps has experienced significant expansion. As a result of numerous national and local government regulations encouraging the production of energy from renewable sources in order to reduce dependence on fossil fuels and reduce carbon emissions, this was attributed to the low cost of the PV panels, the widespread presence of solar water pump manufacturers, and the widespread awareness of solar water pumping.
Because solar water pumps are now more affordable because to the quick development of PV technology, the industry has expanded significantly. The market for solar pumps is expanding in underdeveloped nations, with significant adoption occurring in Asia Pacific, notably in China, India, and Japan. This is mostly due to an uptick in agricultural activities and a spike in demand for electricity produced by renewable sources. As product adoption rises, solar pump manufacturers and inventors have a chance to profit from the pumps' economic potential while simultaneously enhancing rural livelihoods. Smallholder farmers are increasingly able to buy and use solar pump technology thanks to firms like Bengal Renewables, Shakti Pumps, and others. Increased growth is viewed as a possible opportunity by a number of industry participants to dramatically change the market environment. These elements are therefore increasing the industry share.
Over the next several years, the market for solar water pumps in North America is expected to expand significantly. The primary factor promoting the expansion of the regional market is the expanding renewable energy industry throughout the area.
Over the review period, there will probably be significant increase in the market for regional solar water pumps in Europe. The increasing demand for solar pumps in the agriculture sector is a key factor promoting the expansion of the regional market. Over the next several years, the local market is probably going to overtake the global market for second place. In the upcoming years, it is anticipated that the expansion of the regional market will be fueled by the expanding agricultural activity in these areas and the availability of water for cattle.
Solar Pump Market Report Scope:
|Market Revenue in 2023
|USD 3.38 Billion
|Projected Forecast Revenue in 2030
|USD 6.59 Billion
|Growth Rate from 2022 to 2030
|CAGR of 10.02%
|2022 To 2030
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
The market's main demand-creating component is the investment in infrastructure improvements. The infrastructure is expanding rapidly during the coming ten years. The top investors in infrastructure projects are nations in the Asia Pacific area, including China, Indonesia, Japan, and China. These nations are investing more money in these development initiatives. Infrastructure development improves water extraction. These changes are primarily taking place in underdeveloped and rural areas. In the end, it alters the forecasted market picture for solar water pumps. Many countries nowadays are encouraging the production of clean and renewable energy. Water storage, water recycling and water extraction are essential components of the government project. The government is being urged by environmental organisations to provide funding for solar water pumps that use less electricity. Another aspect boosting demand for solar water pumps is the government's assistance.
In the approaching years, more people will use renewable energy technology like solar water pumps. Additionally, there is a strong preference for cheap and clean energy. Technologies that employ economical and sustainable energy alternatives appeal to a large number of end users. As a result, the usage of solar water pumps in the industrial and construction sectors will increase. All of these important forces will increase market demand and profitability.
In this sector, the installation of solar water pumps is a significant barrier. The installation of solar water pumps is fraught with difficulties. The installation cost has an impact on all of this market's cost-efficiency benefits. Rural regions tend to have more solar water pumps than urban ones. The infrastructure of the electrical grid is inadequate in the rural areas. Both the amount of area and solar energy needed are significant. Because of this, installing solar water pumps is expensive. Large tracts of land are needed to produce high solar energy. The site cannot be utilised for any other purposes once the solar panels are installed. These are the limitations that might prevent market expansion.
The growth of urbanization provides opportunities for the market expansion of solar water pumps. As urbanization rises, more water and methods of water filtration will be needed. It is predicted that the development would result in a rise in the use of solar water pumps within the estimated time frame. Urbanization will have a substantial influence on the market expansion for solar water pumps. Energy-efficient water pumps are necessary for the metropolis' expanding population to provide a consistent water supply. Over the next few years, solar pumps in cities will spread widely. Solar water pumps are very important in the agriculture industry. There is a significant need for irrigation equipment in the agriculture industry. In rural and agricultural areas, solar water pumps represent a significant technological advance. It is a pump that keeps running even in the absence of an electrical grid. The use of solar water pumps will have a significant positive impact on the agriculture industry's ability to grow.
The market for solar water pumps is quite competitive. Regional and local businesses provide significant market problems. The difficulty here is in offering low-cost alternatives of decent quality. It has an impact on the use of solar water pump manufacturers. Through price competitiveness, these neighborhood businesses saturate the market. Due to the benefits of location, disorganized businesses fill demand considerably sooner. All of these barriers prevent international competitors from entering the local market for soaring water pumps. During the projected period, the major companies are taking steps to raise public knowledge of high-quality solar pumps.
Major Key Players:
By Motor Type
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