BANGALORE, India, Oct. 31, 2023 /PRNewswire/ -- Solar Pumps Market is Segmented by Type (Submersible Pumps, Surface Pumps), by Application (Residential, Commercial, Industrial, Agricultural, Others): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Renewable & Alternative Energy.
The global Solar Pumps market is projected to grow from USD 1131.1 million in 2023 to USD 1889.7 million by 2029, at a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period.
Major Factors Driving the Growth of Solar Pumps Market
The market for solar pumps is booming as a result of a number of causes, such as the urgent need to address water scarcity and environmental issues, government backing, cost savings, sustainability, and technological improvements. The market for solar pumps is anticipated to grow and play a significant role in the renewable energy scene as these factors continue to change.
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TRENDS INFLUENCING THE GROWTH OF THE SOLAR PUMPS MARKET
The possibility of reducing energy costs is one of the main factors propelling the market for solar pumps. Solar energy is a free and plentiful energy source that is used by solar pumps. Solar pumps are a financially sensible option for irrigation, water supply, and agriculture, even if they need a larger initial investment due to their comparatively quick payback period and lower running expenses. Additionally, the market for solar pumps is expanding significantly as a result of the growing emphasis on sustainability and renewable energy sources throughout the world. Because they are a clean, environmentally friendly technology, solar pumps are a desirable option for a variety of applications because they help minimize carbon footprints and reliance on fossil fuels.
In isolated and off-grid areas with limited access to conventional power sources, solar pumps are a godsend. In places without access to conventional power infrastructure, they offer a dependable and sustainable supply of water for home and agricultural uses, negating the need for costly and damaging to the environment alternatives like diesel generators.
Government grants, subsidies, and incentives are crucial factors propelling the market for solar pumps. Financial incentives are a common strategy used by many nations to promote the use of solar technology, which lowers its cost and increases accessibility for communities, businesses, and farmers. The efficacy of solar pumps has been improved by technological advancements, such as the use of sophisticated pump systems and energy-efficient photovoltaic panels. The market is expanding as a consequence of these advancements, which lead to increased efficiency, longer lifespans, and improved overall reliability.
The expansion of solar pumps is being encouraged by growing public knowledge of their advantages as well as educational initiatives pertaining to their installation and upkeep. As more people and institutions learn about the benefits of solar technology, the industry is increasing to accommodate the rising demand. Water supply solutions that are sustainable and efficient are in high demand due to global water scarcity challenges. For agricultural irrigation, where water saving is critical, solar pumps are vital. They help farmers meet the demand for food security by enabling them to use water more efficiently and adjust to shifting weather patterns.
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SOLAR PUMPS MARKET SHARE ANALYSIS
With a roughly 40% revenue market share, APAC led the world market for solar pumps in 2017. The push for sustainable development by nations like China and India is what is primarily driving the market for solar pumps. These nations have taken action to expand their solar photovoltaic infrastructure. The expansion of this market in APAC is anticipated to be fueled by the growing number of solar installations in China.
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Featured Companies:
- Bright Solar
- Lorentz
- Shakti Pumps
- SunEdison
- Tata Power Solar
- Conergy
- CRI Group
- USL
- Dankoff Solar
- Flowserve
- Greenmax Technology
- Grundfos
- Jain Irrigation Systems
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SIMILAR REPORTS
- The global Electrical Submersible Pump (ESP) market is projected to grow from USD 3181.6 million in 2023 to USD 4337.2 million by 2029, at a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period.
- The global smart irrigation market size was valued at USD 1.44 Billion in 2020, and is projected to reach USD 5.57 Billion by 2030, growing at a CAGR of 13.9% from 2021 to 2030.
- Stormwater Detention System Market was valued at USD 543 million in 2022 and is anticipated to reach USD 719.4 million by 2029, witnessing a CAGR of 4.8% during the forecast period 2023-2029.
- The global electrolyzer market was valued at USD 0.2 billion in 2019 and is anticipated to generate USD 0.9 billion by 2027. The market is projected to grow at a CAGR of 24.6% from 2020 to 2027.
- The global solar energy market size was valued at USD 52.5 Billion in 2018 and is projected to reach USD 223.3 Billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.
- The global Concentrating Solar Power market was valued at USD 4823 million in 2022 and is anticipated to reach USD 7208 million by 2029, witnessing a CAGR of 5.8% during the forecast period 2023-2029.
- DC-AC Hybrid Solar Pump Market
- The global Photovoltaic Pump market was valued at USD 728.1 million in 2022 and is anticipated to reach USD 1100.1 million by 2029, witnessing a CAGR of 6.0% during the forecast period 2023-2029.
- Submersible Solar Pump Market
- Solar Pump Control Inverter Market
- Solar Pump Variable Frequency Drive Market
- Solar Photovoltaic Pump Inverter Market
- DC-AC Hybrid Solar Pump Market
- Forced Circulation Solar System Market
- The global renewable energy market was valued at USD 881.7 billion in 2020, and is projected to reach USD 1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.
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