Market Research
Future Insights
The solar water pumps market was valued at USD 2,664.81
million in 2022 and is anticipated to reach a value of USD 5,220.51 million by
the end of the forecast period (2023–2032), demonstrating a compound annual
growth rate (CAGR) of 6.98% during the review period.
Solar water
pumps have gained significant popularity in recent years due to their numerous
advantages over traditional pumps. They are environmentally friendly, as they
do not produce any greenhouse gas emissions during operation.
Additionally,
they provide a sustainable and cost-effective solution, especially in areas
with limited access to electricity grids. The need for efficient water
management in agriculture is driving the adoption of solar water pumps for
irrigation purposes. Solar pumps offer a reliable and cost-effective solution,
particularly in rural and off-grid areas where electricity supply is limited.
Key Players
·
Shakti Pumps
·
Waaree Energies
Ltd
·
LORENTZ
·
Crompton
·
Grundfos
·
Tata Power
Solar
·
Surya
International
·
Bright Solar Limited
·
Dankoff Solar
Regional
Analysis
In North
America, the solar water pumps market has witnessed significant growth due to
the increasing adoption of renewable energy solutions and government
initiatives promoting clean energy. The United States has been a major market
for solar water pumps, driven by rising awareness of environmental
sustainability and the need for efficient water management in agricultural and
industrial sectors.
Europe has been
a prominent market for solar water pumps, driven by the region's commitment to
renewable energy and sustainable development. Countries such as Germany, Spain,
and Italy have witnessed substantial growth in solar water pump installations, supported
by favorable government policies, subsidies, and incentives. The focus on
reducing carbon emissions and achieving energy independence has further
propelled the market growth in this region.
The Asia
Pacific region has emerged as a key market for solar water pumps due to the
high demand for irrigation and water supply in agricultural activities.
Countries like India, China, and Bangladesh have witnessed significant growth
in the adoption of solar water pumps to address water scarcity issues and
reduce dependence on traditional diesel or electric pumps. Favorable government
initiatives, such as subsidies and rural electrification programs, have further
accelerated market growth in the region.
Market
Segmentation
Global Solar
Water Pumps market has been segmented into Type, Application
Type :
Submersible Pumps , Surface Pumps
Application :
Agriculture , Drinking Water
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