Rising Concerns Towards Sustainable Irrigation Practices of Solar...

Rising Concerns Towards Sustainable Irrigation Practices of Solar Water Pump Systems Market

Posted 2024-02-02 07:19:00

The global solar water pump systems market is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Solar water pump systems are environmentally friendly energy systems as they utilize solar energy which is renewable and clean. They offer lower operating costs compared to diesel pumps as solar energy is free. Solar water pumps are also maintenance free and have a long lifecycle of over 20 years.

Weakness: The initial investment costs of setting up solar water pump systems are high compared to diesel pumps. These systems are also dependent on sunlight availability and do not work at night or during low sunlight hours. Water pumping outputs are lower during winters and rainy seasons.

Opportunity: Many governments across the world provide subsidies and tax incentives for installing solar power systems which makes solar water pumps more affordable. Rising energy costs and focus on renewable energy is increasing the demand for solar pumps globally. Growing agriculture sector and need for irrigation in remote areas without electricity access open new opportunities.

Threats: Fluctuating polysilicon and other raw material prices impact the solar panel costs. Subsidy withdrawal by governments can adversely affect the market growth. Emergence of alternate clean energy technologies like wind pumps poses competition. Climate change leading to variations in weather patterns can affect water pumping outputs.

Key Takeaways

The Global Solar Water Pump Systems Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global Solar Water Pump Systems Market is estimated to be valued at US$ 2.22 Mn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024-2031.

Asia Pacific currently dominates the market driven by rapid growth of agriculture and irrigation sectors in major countries like India, China. India accounts for over 50% of the Asia Pacific market and the government’s initiatives like KUSUM scheme are making solar pumps affordable leading to increased adoption. Europe and North America are also growing markets supported by favorable renewable energy policies in countries across these regions.

Key players operating in the Solar Water Pump Systems market are PERI Group, Doka Group, ULMA Construction, Waco International, RMD Kwikform, MESA Imalat Sanayii ve Ticaret A.S, Uni-Span Holdings (Pty) Ltd., Acrow, Faresin Formwork S.p.A, Pilosio S.p.A, Staluform (Pty) Ltd., and Pre-Form (Pty) Ltd. The major players are focusing on expanding their solar panel and pump manufacturing capacities to capitalize on the anticipated growth. Strategic partnerships with EPC contractors are helping to strengthen distribution networks in emerging markets. Rising investments in R&D for developing efficient and low-cost products will determine the competitiveness of players over the forecast period.

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