Solar Water Pumps Market Projected to Reach USD 2.83 billion, with a CAGR of 9.50% by 2030 – Report by Market Research Future (MRFR)
Market Research Future
6 min read
Market Research Future
Solar Water Pumps Market Breakdown 2023 by Economics, Investments and Revolution
New York, US, May 04, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Solar Water Pumps Market Research Report Information by Type, and Region, Application- Forecast Till 2030”, the global Solar Water Pumps market is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 9.50%. The reports further project the market to attain a valuation of around USD 2.83 billion by the end of 2030. As per the reports, the Solar Water Pumps market was worth nearly USD 1.5 billion in the year 2022.
Solar Water Pumps Market Overview:
Submersible solar water pumps are deep beneath the ground level. Adding to the depth, its suction head is past 10 meters deep. Therefore, it can raise water from substantially deeper groundwater resources. Agriculture refers to a fluctuating and weather-reliant activity, and therefore, government subsidies to farmers and solar pump manufacturers must be raised, particularly in developing nations. Solar pump systems have prime impacts on irrigation and potable water supply. The oil & gas industry carries out activities embracing these pumps for chemical injection. These pumps are known to be free of greenhouse gas emissions. The global market for Solar Water Pumps has recently displayed massive development. The main aspect causing a surge in the performance of the market is rising agricultural activities across the globe.
Competitive Analysis
The listing of the prominent leaders across the global market for Solar Water Pumps includes players such as:
The global market for Solar Water Pumps has recently displayed massive development. The main aspect causing a surge in the performance of the market is rising agricultural activities across the globe. Furthermore, the rising production of renewable energy is also anticipated to boost the market's performance over the assessment period. Moreover, factors such as infrastructure investment in underdeveloped nations, growing agricultural activities, growth of a nation's GDP, agriculture sector's increased modernization, gradual transition to sustainable energy sources, and adoption of solar-powered water pump systems in light of the transition are also likely to catalyze the development of the market over the coming years.
Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the high initial cost of installation.
Solar Water Pumps Market Report Scope:
Report Metrics
Details
Market Size 2030
2030: USD 2.83 billion
CAGR during 2022-2030
9.50% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, Application, and Region
Key Market Opportunities
Increasing infrastructural investment in developing countries
Key Market Dynamics
Increasing the production of renewable energy Cheap source of electricity
Browse In-depth Market Research Report (185 Pages) onSolar Water Pumps Market:
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Solar Water Pumps market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Solar Water Pumps Market Segment Analysis
Among all the types, the submersible pump segment is anticipated to secure the top spot across the global market for solar water pumps over the assessment timeframe, given that it can extract water from far deeper sources.
Among all the application areas, the agriculture segment is predicted to secure the top position across the global market for solar water pumps over the coming years. The rise in agricultural activities and the water needed for irrigation are expected to boost the segment's growth.
Solar Water Pumps Market Regional Analysis
The global Solar Water Pumps market is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.
The research reports by MRFR suggest that the North American region ensured the top position across the global solar panel market in 2021, with the largest contribution of around USD 0.687 billion, roughly 45.8% of the entire market. The main parameter supporting the development of the regional market is the growing need for a substitute for the electric water pump. The growing renewable energy sector across the region is the central aspect supporting the regional market's growth.
(*If you have any special requirements, please let us know)
The European regional solar water pump market will likely experience substantial growth over the review timeframe. The significant parameter supporting the regional market's growth is the high demand for solar pumps across the agricultural sector. The regional market will likely secure the second position globally over the coming years. The growing agricultural activities in these regions and the livestock water supply are also predicted to catalyze the regional market's growth over the coming years. The region has Germany and the UK as the leading growth contributors.
The Asia-Pacific regional market for solar water pumps is anticipated to grow at the highest pace over the assessment period. The growth of the regional market is ascribed to the factors such as the region's expanding agricultural activities, the absence of grid electricity in agricultural areas, and growing awareness among people.
Water Electrolysis Market Research Report Information By Product Category, By End Users, And By Region – Market Forecast Till 2030
Water Softening Systems Market Research Report Information by Type, By Flow Rate, By Application, By Sales Channel And By Region - Forecast Till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
CONTACT: Market Research Future (Part of Wantstats Research and Media Private Limited) 99 Hudson Street, 5Th Floor New York, NY 10013 United States of America +1 628 258 0071 (US) +44 2035 002 764 (UK) Email: sales@marketresearchfuture.com Website: https://www.marketresearchfuture.com
