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Jul 09, 2023

Solar Pumps Market Size 2023

By Published Global Solar Pumps Market 2023-2029 research report gives most upcoming industry information on the market situation and future outlook. This report provides you analysis of Solar Pumps

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Global Solar Pumps Market 2023-2029 research report gives most upcoming industry information on the market situation and future outlook. This report provides you analysis of Solar Pumps market size, share, future growth, and cost structure, statistical and comprehensive data of the global market. The report is beneficial for strategists and industry players to plan their future business strategies. This is an in-depth market report, provides all you need to know about the Solar Pumps Market. It includes the market news and updates about the market current situation, historic data, present market trends, and this factor which is valuable and supportive to the business.

The global solar pump market size was evaluated at USD 2.79 billion in 2023 and is expected to hit around USD 6.59 billion by 2029 with a registered CAGR of 10.05% from 2023 to 2029.

With tables and figures helping analyze worldwide Global Solar Pumps market trends, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

To learn more about this report, request a free sample copy

Top Prominent Players Mentioned in this report:

This report also introduces players in the industry from the perspective of the market share, concentration ratio, etc., and describes the leading companies in detail, with which the readers can get a better idea of their competitors and acquire an in-depth understanding of the competitive situation. Key companies covered as a part of this study include: Bright Solar,Lorentz,Shakti Pumps,SunEdison,Tata Power Solar,Conergy,CRI Group,USL,Dankoff Solar,Flowserve,Greenmax Technology,Grundfos,Jain Irrigation Systems and others.

KEY INDUSTRY DEVELOPMENTS:

Global Solar Pumps Market Segmentation:

Product Insights

DC suction emerged as the leading product for solar pumps and accounted for over 80% of the total solar pumps market in 2014. Increasing drip irrigation activities particularly in emerging economies of Asia Pacific and the Middle East & Africa is expected to drive solar-powered DC suction pumps over the forecast period.

AC submersible pumps are expected to witness the highest growth rate over the forecast period. Growing demand for higher efficiency solar pumps particularly in emerging economies of India and Bangladesh is expected to drive the demand for AC submersible pumps over the forecast period. AC submersible pumps are specially designed to pump groundwater from deeper wells or boreholes where DC suction pumps cannot be used.

DC submersible pumps require low maintenance and are highly efficient. Also, less number of solar panels are required for installing DC submersible pumps in comparison to AC submersible pumps. Thereby, lower initial investments are required as compared to AC submersible pumps. These factors are expected to increase market demand for DC submersible pumps in the future.

Application Insights

Agriculture was the dominant application segment of solar pumps and accounted for 60% of the total solar pumps market in 2014. The global increase in agricultural activities coupled with water required for irrigation is expected to drive the solar pumps market for this application.

Government subsidies to farmers and solar pump manufacturers particularly in emerging economies of Asia Pacific are expected to fuel solar pump market growth over the next seven years for agriculture application.

Clean and continuous water supply is necessary to remote place of various regions where electricity supply is a problem and operating diesel pumps proves to be expensive. This factor is expected to drive the solar pumps market over the forecast period as these places have huge potential to tap renewable energy in the form of solar.

Government-sponsored programs dedicated to the long-term supply of drinking water are implemented in various developing countries. For these programs, solar pumps provide a better solution due to the requirement of little or no maintenance in comparison to diesel-operated pumps.

Regional Insight:

The Middle East and Africa (Turkey, GCC Countries, Egypt, South Africa)

North America (United States, Mexico, and Canada)

South America (Brazil etc.)

Europe (Germany, Russia, UK, Italy, France, etc.)

Asia-Pacific (China, Japan, Philippines, Korea, India, Indonesia, and Australia)

By region, the Asia Pacific market has held the highest revenue share in 2022.

Due to the rising need for renewable energy sources, particularly in the agricultural sector, the United States is one of the key markets for solar pumping systems in North America. Over two million farms, or about 30% of the nation’s total land area, are located in the United States, according to the U.S. Department of Agriculture (USDA). Different types of pumps are used on these farms for a variety of tasks, including irrigation and watering cattle. As a result, the market for solar pumping systems in North America is anticipated to increase due to the rising demand for solar pumps from the agricultural sector throughout the course of the projected period.

Solar pumping systems are employed in drinking water applications, such as community water projects and rural off-grid locations, in addition to agriculture. Over two billion people worldwide lack access to clean drinking water, according to WaterAid America. As a result, the demand for clean drinking water in distant locations is increasing, which is anticipated to drive up solar pump demand in North America throughout the projection period.

This report aims to provide:

– A qualitative and quantitative analysis of the current trends, dynamics, and estimations from 2023 to 2029.

– The analysis tools such as SWOT analysis and Porter’s five force analysis are utilized, which explain the potency of the buyers and suppliers to make profit-oriented decisions and strengthen their business.

– The in-depth market segmentation analysis helps identify the prevailing market opportunities.

– In the end, this Solar Pumps report helps to save you time and money by delivering unbiased information under one roof.

Key question answered in this report

Table of Contents: Solar Pumps Market

Part 1: Overview of Solar Pumps Market

Part 2: Global Solar Pumps Market Status and Forecast by Regions

Part 3: Global Market Status and Forecast by Types

Part 4: Global Market Status and Forecast by Downstream Industry

Part 5: Market Driving Factor Analysis

Part 6: Market Competition Status by Major Manufacturers

Part 7: Major Manufacturers Introduction and Market Data

Part 8: Upstream and Downstream Market Analysis

Part 9: Cost and Gross Margin Analysis

Part 10: Marketing Status Analysis

Part 11: Market Report Conclusion

Part 12: Solar Pumps: Research Methodology and Reference

Finally, the Solar Pumps Market report is the believable source for gaining the market research that will exponentially accelerate your business.

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