DUBLIN–(BUSINESS WIRE)–The “Global Solar Water Pump Market Research and Forecast, 2022-2028” report has been added to from ResearchAndMarkets.com offer.
The global solar water pump market is expected to grow at a considerable CAGR of 5.8% during the forecast period (2021-2027). Solar water pumps are gaining in importance as they run on electricity generated by solar panels, resulting in relatively lower emissions. Major factors increasing the solar water pump market growth include consistent government policies, increasing need for alternative energy sources, and increasing renewable energy generation.
Support from government authorities is particularly widespread in emerging economies such as India and China, to change the trend towards solar photovoltaic by replacing diesel pumps. For example, under the Madhya Pradesh Mukhyamantri Solar Pump Subsidy Scheme, India (2021), free solar pumps will be provided to farmers as a replacement for diesel pumps. Additionally, increasing urbanization, need for clean and potable water, scarcity of electricity and fuel, and growing demand for solar powered pumps in household applications are some of the other factors expected to fuel the growth of the market. during the forecast period.
However, some factors are affecting the growth of the market. Higher initial investment costs could act as a barrier to market growth. Although despite the initial investment costs, once installed, solar water pumps can be used as an affordable source of electricity to reduce energy bills.
Sector outlook
The market is segmented on the basis of type, end user, and application. By Type, the market is segmented into surface water pumps and submersible water pumps. Submersible water pumps hold a major market share in 2020. Market growth is driven by increasing investment in construction industry for rapid growth in urbanization and high demand for submersible pump in the agricultural field for deep well pumping and irrigation system. Some of the submersible water pump suppliers include Tata Power Solar Systems Ltd., Grundfos Pumps Corporation, Kirloskar Brothers and Topsun Energy Ltd. Based on application segment, the market is segmented into agriculture, water supply and others. Further, on the basis of end-user segment, the market is segmented into small and large enterprises.
Regional outlook
The global solar water pump market is analyzed based on the geographical regions which are significantly contributing to the growth of the market. Based on geography, the market is fragmented into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is estimated to be one of the major markets for solar water pump. China and India are the two leading countries in the region due to favorable government initiatives and policies. For example, under the PM Kusum program, the central government of India provides a 30% subsidy. The Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program was launched by the Government of India to increase farmers’ incomes, provide irrigation sources and de-dieselize the agricultural sector.
In addition to this, growing industrialization and increasing demand for electricity in several industries including agriculture are also some of the driving factors contributing to the growth of the Asia-Pacific market. An increase in the need for irrigation systems in countries like Morocco, Nigeria, Namibia, and Kenya in the African region with favorable weather conditions will aid in the growth of the market.
Main topics covered:
1. Summary of the report
2. Overview and Market Overview
3. Competitive Landscape
4. Market drivers
5. Market segmentation
6. Regional analysis
7. Company Profiles
Companies cited
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Alpex Solar Pvt. ltd.
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Bright Solar Ltd.
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CRI Pumps Private Ltd.
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Grundfos Pumps Corp.
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Jain Irrigation Systems Ltd.
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Solar JJ PV
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Kirloskar Brothers Ltd.
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LORENTZ
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Lubi Electronics
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Rainbow Power Company Ltd.
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Shakti Pumps (India) Ltd.
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Span Pumps Pvt Ltd.
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SunEdison, Inc.
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Tata Power Solar Systems Ltd.
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Topsun Energy Ltd.
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Udhaya Semiconductors Ltd.
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Waaree Energies Ltd.
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Symtech solar group.
For more information on this report, visit https://www.researchandmarkets.com/r/nl7lhz