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Solar Water Pump Systems Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033
Solar Water Pump Systems Global Market
The Business Research Company offers in-depth market insights through Solar Water Pump Systems Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The solar water pump systems market size has grown rapidly in recent years. It will grow from $1.52 billion in 2023 to $1.71 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to rural electrification initiatives, off-grid and remote area applications, water scarcity concerns, government incentives and subsidies, environmental sustainability.
The solar water pump systems market size is expected to see rapid growth in the next few years. It will grow to $2.69 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to continued focus on sustainable agriculture, climate change resilience, rising energy costs, expansion of water-intensive industries, government renewable energy targets. Major trends in the forecast period include government incentives and subsidies for solar pump adoption, shift towards direct current (DC) solar pumps, focus on modular and portable pump designs, integration of water conservation and precision irrigation, collaborations for research and development.
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Market Segmentation:
The solar water pump system market covered in this report is segmented -
1) By Type: Surface Pump, Submersible Pump, Other Pump Types
2) By Power Rating: Below 3HP , 3HP to 10 HP , Above 10 HP
3) By Drive Type: AC Motor Powered Solar Water Pumps, DC Motor Powered Solar Water Pumps
4) By End-User: Agriculture, Residential, Commercial, Industrial
Major Driver - Government Incentives Fueling Growth In Solar Water Pump Systems Market
The favorable government incentives for installing solar water pumps are driving the growth of the solar water pump systems market. Governments across the globe are promoting initiatives to focus on solar water pumps due to the rise in the price of diesel and the instability of electricity. The incentives or subsidies by governments to purchase solar-powered water pumps are focused on reducing dependence on other forms of electricity and also reducing operational costs over the long run. For instance, Innovators are invited to demonstrate their inventions as part of an expression of interest (EoI) published by the Ministry of New and Renewable Energy (MNRE). MNRE has invited bids for the installation of 50 inventive solar pumps through the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyaan (PM-KUSUM) program. MNRE will assist in the installation of 20 lakh standalone solar pumps rated at 7.5 HP by 2025-2026. Products must be cutting-edge and tested in a real-world setting in order to be approved, the Government of India launched the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan) scheme, an initiative to assist the installation of off-grid solar pumps on village land (rural areas), reducing their reliance on the grid. Under this scheme, 60% of the total installation cost is subsidized by the government. Therefore, the favorable government incentives for installing solar water pumps are propelling the growth of the solar water pump systems market.
Competitive Landscape:
Major companies operating in the solar water pump systems market report are Tata Power Company Limited, Wilo SE, Advanced Power Inc., Jain Irrigation Systems Ltd., Ginlong Technology Co Ltd., SunEdison Inc., Crompton Greaves Consumer Electricals Limited, Sunmotor International Ltd., KSB Limited, Lorentz Group Ltd., Mahindra Shakti Pumps Limited, Lubi Electronics, C.R.I. Pumps Private Limited, Solahart Industries Pty Ltd., Rainbow Power Company Ltd., Shakti Pumps India Ltd., Bernt Lorentz GmbH, CNP Pumps India Pvt Ltd., Greenmax Technology, Solar Power & Pump Company LLC, SunCulture, Bright Solar Limited, American West Windmill and Solar Company, Wenling Jintai Pump Factory Limited, Grundfos Pumps India Pvt Ltd., Kirloskar Brothers Limited, Solariver Co Ltd., SunPumps Inc., Zhejiang Feili Pump Co Ltd.
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Top Trend - Innovative Solar Pump Controllers And RMUs Drive Efficiency In Solar Water Pump Systems
Major companies operating in the solar water pump systems market are focusing on innovative products such as solar pump controllers to stay competitive and meet the growing demand for sustainable and efficient water pumping solutions. Solar pump controllers and Remote Monitoring Units (RMUs) for solar PV systems are essential components that work together to optimize the performance and monitoring of solar water pump systems. For instance, in January 2022, GautamSolar Pvt. Ltd., an India-based solar energy company, launched a significant upgrade to its solar pump controllers and Remote Monitoring Units (RMUs) for solar PV systems. The new versions of the controllers and RMUs are tailored for 1-10 HP solar pumps (DC, AC, surface, and submersible) and feature homegrown variable frequency drives, MPPT, remote monitoring, and protection devices. These enhancements are designed to improve the efficiency, monitoring, and protection of solar PV systems, catering to both beginners and professionals in the field.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Solar Water Pump Systems Market Characteristics
3. Solar Water Pump Systems Market Trends And Strategies
4. Solar Water Pump Systems Market - Macro Economic Scenario
5. Solar Water Pump Systems Market Size And Growth
…..
27. Solar Water Pump Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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