Press release
Solar Water Pump Market 2022: In-depth Research with Emerging Growth Trends, Regional Status of Top Key Players, Driving Factors, Business Strategies and Industry Size Forecast to 2028
Solar Water Pump Market 2022-2028
New study report" Solar Water Pump Market 2022 Market Opportunities, Challenges, Strategies, and Forecasts 2028″ has been added to Fortune Business Insights.
Market Overview:
The global market for solar water pump is expected to rise during the projected period due to increasing utilization of solar pumps in improving livelihood. Fortune Business Insights™ publishes this information in a report titled, "Solar Water Pump Market, 2021-2028". As per the report, the solar water pump market size was USD 2.38 billion in 2020. The market size is expected to rise from USD 2.86 billion in 2021 to USD 5.64 billion by 2028 at a CAGR of 10.2% during the forecast period.
Solar water pump is a system that works on solar energy and pumps water for various purposes such as potable drinking water, community water supply, and irrigation. Using solar water pumps has decreased the resource utilization of energy-dependent resources such as diesel, gas, and coal. Increasing investment in agriculture application is expected to propel market growth in the coming years.
Driving Factors:
Rising Government Initiatives to Propel Market Growth
The market is expected to witness prominent growth during the forecast period due to emerging government initiatives and subsidies to bolster market development. Rising demand for clean and renewable energy sources is expected to boost the market in the segmented regions. Increasing solar pumps in the agriculture sector and improving livelihood are anticipated to drive the market.
These factors are expected to ensure the solar water pump market growth in the coming years.
However, high costs and lack of awareness about solar energy may hamper the market growth.
List of Companies Covered in the Solar Water Pump Market Report:
Alpex Solar Pumps
Aqua Group
Bright Solar Limited
R.I. Pumps Private Limited
Crompton
LORENTZ
Dankoff Solar
Duke Plasto Technique Private Limited
EcoSoach
Ecozen Solutions
Franklin Electric
Grundfos
Jackson Group
S.B.Limited
Novergy Energy Solutions Pvt. Ltd.
Shakti Pumps
SunEdison Infrastructure
Surya International
Tata Power Solar
Waaree Energies Ltd
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Covide-19 Impact:
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Method of Research:
Fail-safe, modern research methodologies are employed for the Solar Water Pump market analysis. An exhaustive primary and secondary research conducted on the market using robust research techniques aid in the prediction of the market size at the end of forecast period. Top-up and bottom-down approaches were maintained in the entire market study.
Report Coverage:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Key Industry Development:
September 2021: Grundfos introduced the SQFlex Large, extending its long-standing SQFlex solar-powered submersible pump range. The company expanded the product offering across Asia Pacific with the rise in demand for solar energy pumps as well as withstanding the diverse weather conditions spanning the region.
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Segmentation:
Agriculture Segment Dominates the Market due to High Utilization of Pumps
By type, the market is bifurcated into submersible pump and surface pump.
Based on motor type, the market is divided into AC pump and DC pump.
On the basis on power rating, the market is segregated into upto 5 HP, 5 HP to 10 HP, 10 HP to 20 HP, and more than 20 HP.
According to application, the market is trifurcated into agriculture, water treatment, and others.
By region, the market is categorized into Asia Pacific, Latin America, the Middle East & Africa, and rest of the world.
Regional Insights:
Asia Pacific Dominates Market Due to Rising Agriculture Sector
Asia Pacific dominates the global solar water pump market share during the forecast period due to increasing installation of these pumps in the agriculture sector. Also, increasing the utilization of these water pumps in rural areas is expected to propel market growth.
Latin America holds the second-largest global market share due to the growth of clean energy, which is anticipated to acquire a high market share.
Continue….
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Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
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