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Solar Pump Market Size is projected to reach USD 2729 million by 2031, growing at a CAGR of 6.94%: Straits Research

According to Straits Research, “The global solar pump market was valued at USD 1492 million in 2022. It is projected to reach USD 2729 million by 2031, growing at a CAGR of 6.94% during the forecast period (2023–2031).”

New York, United States, March 27, 2024 (GLOBE NEWSWIRE) — Solar pumps are photovoltaic-powered water pumps used for irrigation and water management. It can pump water without using conventional generators that burn fossil fuels because it produces electricity from sunlight. A solar-powered device called a solar water pump is used to move water for irrigation, communal water supplies, and potable drinking water, among other things. The demand for energy-intensive resources like coal, gas, and diesel has decreased thanks to solar water pumps. Market expansion is anticipated to be fueled in the upcoming years by increased investment in agricultural applications.

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Increased Demand for Solar Pumps in Agricultural Applications Drives the Global Market

The market for solar water pumps has enormous growth potential in developing nations’ agricultural industries. In rural areas where farmers encounter rising gas prices and challenges connecting to the electric grid, solar pumps present a significant advantage over traditional electric-powered and diesel pumps. The Middle East, Africa, and India have seen the most significant adoption of solar pumps used for irrigation and water management in agricultural applications. Thus, the widespread use of solar water pumps can significantly lower greenhouse gas emissions. These factors are propelling the global solar water pump market forward.

Technological Advancements in Solar Pumps Creates Tremendous Opportunities

Solar water pumps are a cost-effective way to increase agricultural productivity. Most people’s primary source of income comes from agriculture, which employs about 40% of the world’s workforce. However, many people still struggle to get access to water. Fee reductions for solar water pumps in nations with developing economies like India, Japan, and Africa are necessary to make modern irrigation affordable for nearly 500 million small-scale farmers. The focus is primarily on household-use solar water pumps that are small in size. Governments in developing countries such as India, Japan, and Africa are hastening the development and commercialization of solar water pumps.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global solar pump market. The market for Asia-Pacific solar pumps is investigated in China, Japan, South Korea, Australia, and the rest of the region. In Asia and the Pacific, solar energy generates electricity for standalone systems and rural electrification. The use of solar pumps in rural areas, particularly in agriculture, is anticipated to be significant. Agriculture is the region’s main source of income. Manufacturers are focusing on maximizing the use of solar pumps for irrigation and other agricultural tasks.

Europe is expected to grow during the forecast period. Solar pumps are being researched throughout Europe, including Germany, France, Italy, Spain, the United Kingdom, and the rest of the continent. Solar industry advancements and innovations are propelling the market growth for European solar pumps. Solar pumps are being used more frequently in Europe to reduce the use of electricity in the agricultural sector, which has significantly boosted market expansion. Implementing stringent environmental regulations to cut carbon emissions is anticipated to boost demand for solar pumps across Europe and support market expansion.

Over two million farms exist in the United States, accounting for roughly 30% of the total land area. Pumps of various types are used on these farms for various purposes, including irrigation and cattle watering. Due to the rising demand for solar pumps from the agricultural sector, it is predicted that the market for solar pumping systems in North America will grow over the envisioned period. Solar pumping systems are also employed in drinking water projects, such as community water systems and remote off-grid locations.

Brazil, Saudi Arabia, South Africa, and the rest of LAMEA are all conducting research into the LAMEA solar pump market. Pump demand is increasing in the LAMEA region as the agricultural sector develops. The agricultural sector relies on solar pumps for irrigation and water management. Due to the proximity of the majority of the countries in the region to the equator, where sunlight is abundant, solar energy is a practical option for generating electricity. Rising disposable income and increased public knowledge of solar energy’s benefits are the main forces behind the market expansion in developing countries. International players have also entered the market to satisfy the growing demand for these products.

Key Highlights

  • Based on product, the global solar pump market is bifurcated into surface suction, submersible, and floating. The submersible segment is the highest contributor to the market.
  • Based on end-use, the global solar pump market is bifurcated into agriculture, water management, and others. The agriculture segment is the highest contributor to the market.
  • Based on operation, the global solar pump market is bifurcated into AC pumps and DC pumps. The AC pump segment is the highest contributor to the market.
  • Asia-Pacific is the most significant shareholder in the global solar pump

Competitive Players

The global solar pump market’s major key players are Lorentz, CRI pumps, Sun Edison, Sunculture, Oswald pumps LTD., Tata Power Solar Systems, Grundfos, Vincent solar energy company, Greenmax Technology, Aqua Group, Solar Power & Pump Co, and Shakti Solar Pumping System.

Market News

  • In September 2022, Viraj Profile Private Limited contracted Tata Power Renewable Energy Limited to build a 100 MW captive solar power plant.
  • In July 2022, Tata Power plans to build a mega solar manufacturing plant in Tamil Nadu and has signed an agreement with the state government to invest INR 3,000 crore.

Global Solar Pump Market: Segmentation

By Product

  • Surface Suction
  • Submersible
  • Floating

By End-Use

  • Agriculture
  • Water Management
  • Others

By Operation

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Get Detailed Market Segmentation @ https://straitsresearch.com/report/solar-pump-market/segmentation

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

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Originally published at https://www.einpresswire.com/article/699162179/solar-pump-market-size-is-projected-to-reach-usd-2729-million-by-2031-growing-at-a-cagr-of-6-94-straits-research

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