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Solar Water Pump Systems Market Size, Share Growth Status, Demand Dynamics, Industry Challenges, and Forecast Till 2030 | Grundfos, Lorentz, Shakti Pumps, CRI Pumps

12-05-2023 11:57 AM CET | Energy & Environment

Press release from: Coherent Market Insights

Solar Water Pump Systems Market

Solar Water Pump Systems Market

The Solar Water Pump Systems Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Solar water pump systems utilize solar energy to pump water from borewells, open wells, water bodies, reservoirs etc. for irrigation and other applications. These systems are an affordable and sustainable alternative to diesel pumps.

Market Dynamics:

Growing population and increasing demand for foodgrains is necessitating higher agricultural yield, which is driving the adoption of solar water pumps for irrigation. Various governments around the world offer subsidies for solar water pumping projects to promote renewable energy and sustainable agriculture. For instance, the Government of India launched the PM-KUSUM scheme in 2020 to install 17.5 lakh solar pumps across the country by 2022. This is expected to boost the solar water pump systems market significantly during the forecast period. Additionally, declining prices of solar panels and batteries in recent years have also improved the economics of solar water pumping.

Request Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/6501

Top Key Players are Covered in this Report:

★ Grundfos
★ Lorentz
★ Shakti Pumps
★ CRI Pumps
★ Tata Power Solar
★ Bright Solar
★ USL
★ Lubi Electronics
★ Solar Power & Pump Co
★ JNTech
★ JISL
★ ADA
★ Hanergy
★ CRI Pump
★ Dankoff Solar
★ Greenmax Technology
★ Rainbow Power Co
★ SunEdison
★ Solartech
★ Megha Engineering

Detailed Segmentation

By Product Type:

★ Submersible
★ Surface
★ Floating
★ Others

By Power Rating:

★ Up to 3HP
★ 3 to 10HP
★ Above 10HP
★ By Design Type
★ AC Pump
★ DC Pump
★ Submersible Pump
★ Fountain Pump
★ Others

By Application:

★ Agriculture
★ Drinking Water
★ Municipal Engineering
★ Others

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

You Can Purchase Complete Report @ https://www.coherentmarketinsights.com/insight/buy-now/6501

Increasing Investment in Renewable Energy Sources is a Key Driver for Solar Water Pump Systems Market Growth

Government policies around the world are increasingly focusing on promoting the use of renewable energy to reduce dependency on fossil fuels and curb carbon emissions. Many countries have introduced favorable policies and incentives such as tax benefits and subsidies to boost investment in solar and other renewables. This is providing a major fillip to the solar water pump systems market as these systems help farmers and industries utilize solar energy for their water needs. Solar water pumps offer a sustainable and cost-effective alternative to diesel pumps, helping reduce energy costs substantially. Growing awareness about the economic and environmental benefits of solar water pumping compared to diesel is prompting more farmers and businesses to adopt these systems.

Declining Solar Panel Prices is another Major Factor Propelling the Solar Water Pump Systems Market

The solar panel prices have declined sharply over the past decade due to steady technological advancements and economies of scale in manufacturing. Where the prices of solar panels and related components were once a major barrier to the widespread adoption of solar water pumps, they are now very competitive versus diesel pumps. The declining renewable energy technology costs have made solar water pumping systems an economically viable option for farms and irrigation projects globally. Many developing nations are actively promoting solar water pumping as it allows wider access to clean water without huge infrastructure investments. The steady drop in solar panel prices is expected to further stimulate demand in the coming years.

Dependence on Monsoon Rains Poses a Challenge for Market Growth

A key restrain for the global solar water pump systems market expansion is the reliance of vast farmlands in developing regions on monsoon rains for irrigation. Unpredictable rainfall patterns due to climate change have been creating uncertainties in crop yields. While solar-powered water pumps help farmers overcome this challenge by enabling irrigation throughout the year, their upfront capital cost remains unaffordable for smallholder farmers with limited access to financing in countries like India. The high initial investment requirement compared to conventional pumps poses a challenge. However, governments and development banks are introducing financing schemes targeted at small and marginal farmers to help them purchase affordable solar water pumping solutions and build resilience against droughts and failed monsoons.

Growing Focus on Solar-Powered Micro-Irrigation Presents Significant Opportunity

The growing global focus on sustainable and precision farming practices is opening up attractive opportunities for the solar water pump market players. Farmers globally are increasingly adopting micro-irrigation techniques like drip and sprinkler irrigation to maximize water-use efficiency and crop yields from limited land resources. Solar-powered water pumps perfectly complement micro-irrigation as they provide a reliable and decentralized water supply throughout the year. Leading manufacturers are developing customized solar pumping solutions optimized for micro-irrigation applications such as horticulture, aquaculture and greenhouses. They are also offering pay-per-use models and service packages to make decentralized solar water pumping accessible for smallholder farmers. This rising focus on solar-powered micro-irrigation represents a lucrative avenue for future market revenues.

IoT Integration Will Continue Transforming Solar Water Pumping Operations

The integration of Internet of Things (IoT) and cloud computing is emerging as a major trend revolutionizing the off-grid renewable energy sector including solar water pumping. Advanced IoT sensors and controls allow remote monitoring of pump operations and performance. Farmers and facility managers can conveniently keep tabs on pump operations from smartphones. Moreover, IoT-enabled solar pumps can automatically adjust output based on real-time water requirements, thereby optimizing resource use efficiency. Leading manufacturers are incorporating these smart capabilities in their latest product lines. The IoT transformation is playing a pivotal role in addressing operational challenges and driving down maintenance costs. It is expected to have a transformative impact on solar water pumping usage models globally in the coming decade.

Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/6501

The report answers a number of crucial questions, including:

✦ Which companies dominate the global Solar Water Pump Systems market?
✦ What current trends will influence the market over the next few years?
✦ What are the market's opportunities, obstacles, and driving forces?
✦ What predictions for the future can help with strategic decision-making?
✦ What advantages does market research offer businesses?
✦ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
✦ What is the anticipated growth rate for the Solar Water Pump Systems market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Solar Water Pump Systems Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

Contact Us:

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame, CA 94010, United States
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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