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Solar Pumps Market

02-20-2024 07:49 AM CET | Energy & Environment

Press release from: Market Data Forecast

According to latest research report published by Market Data Forecast, the global solar pumps market will be worth US$ 3.25 billion in 2023 and US$ 6.78 billion by 2029, growing at a CAGR of 15.80% from 2024 to 2029.
Global Solar Pumps Market Report Scope:
• Market Size (2029): US$ 6.78 billion
• Market Size (2023): US$ 3.25 billion
• CAGR (2024 to 2029): 15.80%
• Base Year: 2023
• Forecast Period: 2024 to 2029
• Segments Analysed: Capacity, Product Type, Application, and Geography
• Geographies Covered: North America, Europe, APAC, Latin America, and Middle East & Africa
• Key Market Players Profiled: Alpex Solar Pvt. Ltd, American West Windmill and Solar Company, Bright Solar Pvt. Ltd., Claro Energy Pvt. Ltd., Conergy Energy System Pvt., Tata Power Solar Systems Ltd, and Others.
Avail sample market brochure of the report, ask @ https://www.marketdataforecast.com/market-reports/solar-pumps-market/request-sample
Drivers:
The growing need for sustainable energy is driving the solar pump market. South-East Asian nations like China and India are expected to account for 85 percent of the rise in the world's power consumption. So, governments around the world are actively implementing initiatives to reduce carbon emissions. This is driving the demand for solar pumps. For instance, the US Inflation Reduction Act's economic advantages, along with stakeholder pressure on businesses to achieve sustainability goals, are increasing the need for clean energy solutions. As a result, businesses are using more clean electricity to run their operations.
Government incentives and subsidies are expanding the growth of the solar pump market. In India and South-East Asia, the per capita use of power is rising up. This is propelling the demand in the market. For instance, India's government offers financial incentives to encourage the usage of solar-powered water pumps. Farmers who wish to build solar water pumps can receive a 30 percent subsidy from the Ministry of New and Renewable Energy (MNRE) and a 50 percent subsidy if they belong to the Scheduled Caste or Scheduled Tribe. Moreover, the purchase and installation of up to 2 HP for drinking and irrigation are covered by the subsidy.
Restraints:
Despite multiple efforts, the growth of the solar pump market is hindered by multiple factors. Some of these are lack of awareness and education, maintenance, and technical support. Many prospective solar water pump users are not aware of the benefits or the operation of these machines. Also, farmers, local government representatives, and technicians need to know about the advantages of solar water pumps before they are utilized extensively. Hence, awareness campaigns, training programs, and demonstration projects can help clear myths, build trust, and increase public knowledge of solar technology.
Seasonal variations and climate change are other elements derailing the solar pump market. This is because these pumps rely on solar radiation for their electricity. Hence, they are vulnerable to changes in the weather and seasons. Further, cloudy days or places with low sunshine also affect how effective the pump is. To solve this problem, hybrid systems that integrate solar energy with other power sources like wind or diesel should be investigated. Additionally, excess solar energy may be stored for use in the evenings and at night using batteries and other energy storage devices.
Browse full details of the report @ https://www.marketdataforecast.com/market-reports/solar-pumps-market
Key Insights from The Report:
• By capacity, the above 8HP segment led the market and accounted for the largest share of the global market in 2023.
• Based on product type, the DC suction segment captured highest share of the global market in 2023.
• Based on Application, the agriculture segment dominated the market in 2023.
• Asia-Pacific dominated the telemedicine market in 2023. Europe accounted for second-highest share of the global market in 2023 and on the other hand, the north america region is estimated to grow at the fastest CAGR during the forecast period.
The report can be customized as per the requirements, ask @ https://www.marketdataforecast.com/market-reports/solar-pumps-market/customization
SEGMENTATION INCLUDED IN THIS REPORT:
By Capacity:
• Below 4 HP
• 4-6 HP
• 6-8 HP
• Above 8 HP

By Product Type:
• Submersible
• AC
• DC
• Surface
• AC
• DC

By Application:
• Farming
• Irrigation
• Livestock
• Aquaculture
• Residential
• Building
• Drinking
• Commercial
• Swimming Pool
• Pond Management
• National Parks
• Industry Water Treatment

By Region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Browse Regional Reports:
North America Solar Pumps Market Research Report - Segmentation By Application (Agriculture, Drinking Water), By Product (DC Surface Suction, AC Submersible, DC Submersible, And AC Floating), And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts ( 2022 - 2027 ) -
https://www.marketdataforecast.com/market-reports/north-america-solar-pumps-market

Europe Solar Pumps Market Research Report - Segmentation By Application (Agriculture, Drinking Water), By Product (DC Surface Suction, AC Submersible, DC Submersible, And AC Floating), And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts 2022 - 2027 -
https://www.marketdataforecast.com/market-reports/europe-solar-pumps-market

Asia Pacific Solar Pumps Market Research Report - Segmentation By Application (Agriculture, Drinking Water), By Product (DC Surface Suction, AC Submersible, DC Submersible, And AC Floating), And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2022 to 2027) -
https://www.marketdataforecast.com/market-reports/asia-pacific-solar-pumps-market

Latin America Solar Pumps Market Research Report - Segmentation By Application (Agriculture, Drinking Water), By Product (DC Surface Suction, AC Submersible, DC Submersible, And AC Floating), And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2022 to 2027) -
https://www.marketdataforecast.com/market-reports/latin-america-solar-pumps-market

Middle East And Africa Solar Pumps Market Research Report - Segmentation By Application (Agriculture, Drinking Water), By Product (DC Surface Suction, AC Submersible, DC Submersible, And AC Floating), And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts 2022 - 2027 -
https://www.marketdataforecast.com/market-reports/middle-east-and-africa-solar-pumps-market

COVID-19 Impact & Growth Forecast from 2024 to 2029 -
https://www.marketdataforecast.com/market-reports/solar-pumps-market

TABLE OF CONTENTS:

1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year, and Forecast Periods
1.4 General Study Assumptions

2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline

3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemiology

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market

5. Market Segmentation
5.1 Product
5.1.1 Introduction
5.1.2 DC Surface Suction
5.1.3 AC Submersible
5.1.4 DC Submersible
5.1.5 AC Floating
5.1.6 Y-o-Y Growth Analysis, By Product
5.1.7 Market Attractiveness Analysis, By Product
5.1.8 Market Share Analysis, By Product
5.2 Application
5.2.1 Introduction
5.2.2 Agriculture
5.2.3 Drinking Water
5.2.4 Y-o-Y Growth Analysis, By Application
5.2.5 Market Attractiveness Analysis, By Application
5.2.6 Market Share Analysis, By Application

6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Product
6.1.3.3 By Application
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Product
6.1.4.3 By Application
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Product
6.1.5.3 By Application
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa

7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter's Five Analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry

8. Market Leaders' Analysis
8.1 SunEdison
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Lorentz
8.3 Grundfos
8.4 Bright Solar
8.5 USL
8.6 TATA Power Solar Systems Ltd.
8.7 Shakti Pumps
8.8 CRI Pumps

9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations, and Joint Ventures
9.4 New Product Launches

10. Market Outlook and Investment Opportunities
11. Appendix
a) List of Tables
b) List of Figures

Contact Us:
MarketDataForecast
www.marketdataforecast.com
Phone: +1-888-702-9626
Email: sales@marketdataforecast.com
Address: 3rd floor, Trendz Park, Jain Rock Garden Rd, Vittal Rao Nagar, Madhapur, Hyderabad, Telangana 500081

About Us:
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

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