Investing in the Sun Opportunities and Challenges in the Booming...

Investing in the Sun Opportunities and Challenges in the Booming Solar Water Pumps Sector

Posted 2023-08-25 09:46:41

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According to MRFR analysis, the global Solar Water Pumps market is expected to register a CAGR of ~ 9.50% from 2023 to 2030 and hold a value of over USD 2.83 Billion by 2030.

Solar water pumps are pumps powered by photovoltaic (PV) panels that convert sunlight into electrical energy.

These pumps are typically used for irrigation, drinking water, and livestock watering in rural areas where there is limited access to electricity. Solar water pumps have several advantages over traditional fossil fuel-powered pumps, including lower operating costs, zero emissions, and reduced dependence on grid electricity.

The pandemic has caused delays in the construction and deployment of new projects, as well as disruptions to supply chains. On the other hand, the economic downturn caused by the pandemic has resulted in lower prices for PV panels, making solar water pumps more affordable for customers. Additionally, the need for decentralized and sustainable solutions in rural areas has become even more important during the pandemic, driving demand for solar water pumps in some regions.

Key Players

· Lorentz (Germany)

· Pumps Private Limited (India)

· Tata Power Solar Systems Ltd (India)

· Shakti Pumps (India) Ltd (India)

· Wenling Jintai Pump Factory Limited (China)

· Bright Solar Limited (India)

· Grundfos (Denmark)

· Symtech Solar (Oman)

· com (Australia)

· Urja Limited (India)

· Kavita Solar Energy Private Limited (India)

Regional Analysis

The Asia-Pacific region is the fastest-growing market for solar water pumps, driven by increasing demand for clean and sustainable solutions in rural areas, as well as supportive government policies and growing investment in renewable energy.

Countries such as India, China, and Bangladesh are leading the way in terms of the deployment of solar water pumps, and the region is expected to continue to play a major role in the growth of this market in the coming years. The Asia-Pacific region is also home to some of the world's largest populations of small-scale farmers and rural communities, which are major target markets for solar water pumps.

Market Segmentation

The Global Solar Water Pumps market Size has been segmented into the water pump and application.

Based on the water pumps, the market has been segmented into Submersible Pumps and Surface Pumps.

Based on the application, the market has been segmented into Agriculture, Drinking Water, and Others.