The solar water pump system runs on renewable solar energy and converts it into mechanical energy to pump water without using any fuel. These systems offer several advantages such as zero fuel cost, low maintenance cost, long operational life, and zero emissions. The global solar water pump systems market is estimated to be valued at US$ 1.15 Billion in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing focus on renewable energy sources is one of the key trends accelerating the growth of the solar water pump systems market. Many countries and organizations are promoting the use of renewable energy sources like solar power in order to reduce dependence on fossil fuels which cause carbon emissions. Solar water pumps are an effective way to utilize solar energy for agriculture and drinking water purposes without any environmental impact. Farmers and households are adopting solar water pumps as they offer a clean, sustainable and cost-effective means of powering irrigation and water supply without worrying about high fuel costs or infrastructure related to electricity transmission. This growing awareness about climate change and environmental protection is driving the demand for solar water pumps globally.
Segment Analysis
The global solar water pump systems market is segmented by pumping capacity into up to 1HP, 1HP to 3HP and more than 3HP. Among these, 1HP to 3HP segment dominates the market as it has wide applications in small irrigation projects and community water supply. Pumps with 1HP to 3HP capacity are suitable for pumping water from borewell, open well and mini/micro irrigation projects.
Key Takeaways
The global Solar Water Pump Systems Market Share is expected to witness high growth over the forecast period.
Regional Analysis: The Asia Pacific region holds the largest share of the global solar water pump systems market and is expected to see strong growth over the forecast period. China, India and other developing countries offer huge growth opportunities owing to the massive rural populations requiring reliable access to water and steadily declining costs of solar power.
Key players operating in the solar water pump systems market are Bright Solar, CRI Pump, Dawn Pump, Greenmax Technololgy, Jain Irrigation Systems, Lorentz, Shakti Pumps and SunEdison. Bright Solar and Jain Irrigation Systems are widely recognized as prominent pump and solar panel manufacturers respectively, while Dawn Pump specializes in submersible pumps only.
For more insights, read- https://www.ukwebwire.com/solar-water-pump-systems-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/plant-based-meat-market-growth.html
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