Rockville, March 21, 2023 (GLOBE NEWSWIRE) -- Fact.MR has provided detailed information about the price points of key manufacturers of solar pumps positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Fact.MR – A Market Research and Competitive Intelligence Provider: Expanding at a stellar CAGR of 12.1%, the sales of solar pumps are forecasted to surge from a valuation of US$ 1.5 billion in 2023 to US$ 4.7 billion by the end of 2033.
- Submersible solar pumps are specifically made to pump groundwater from deeper wells or boreholes where surface pumps cannot be used, and these variants currently account for around 60% share of overall sales.
A solar pump, also known as a solar-powered pump, is a mechanism used to pump water using electricity produced by photovoltaic (PV) panels. Since it produces energy using sunshine, it serves as a good substitute for conventional generators that burn fossil fuels to pump water.
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The solar pumps market is being driven by several factors, including:
- The increasing demand for irrigation in agriculture, particularly in developing countries, is a major driver of the solar pump market. Solar pumps are an efficient and cost-effective way to provide irrigation water to remote areas that lack access to traditional electricity sources.
- Solar pumps are powered by renewable energy and do not require fuel or electricity, resulting in significant cost savings for farmers and other users. They also have lower maintenance costs and longer lifetimes compared to traditional pumps.
- Solar pumps are a more environmentally friendly alternative to traditional pumps, as they do not generate greenhouse gas emissions or contribute to air pollution.
- Many governments are promoting the adoption of renewable energy technologies, including solar pumps, through policies and incentives such as subsidies and tax breaks. This is helping to drive the growth of the solar pump market.
- Advances in solar technology and pump design are improving the efficiency and reliability of solar pumps, making them more attractive to users.
- As more people become aware of the benefits of solar pumps, the market is growing. Increased awareness is being driven by media coverage, government programs, and the marketing efforts of manufacturers and suppliers.
While the solar pumps market is growing, there are also some restraints that may impact its growth, including:
- The upfront cost of installing a solar pump can be high, which may deter some potential buyers. Although solar pumps have lower operating costs, the initial investment can be a barrier to adoption.
- Solar pumps require an appropriate level of sunlight, which means that they may be less reliable during periods of low sunlight. Moreover, some areas lack the technical capacity and skills to install and maintain solar pumps, which can slow adoption.
- Traditional pumps are well-established in many regions and may be preferred by some users who are unfamiliar with or skeptical of solar pumps.
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As solar technology becomes more advanced and the benefits of solar pumps become more widely known, the market is likely to continue to grow.
The solar pumps market is experiencing several trends that are shaping its growth and development, including:
- Sustainable agriculture practices are becoming increasingly popular, particularly in developing countries where small-scale farmers often lack access to conventional energy sources. Solar pumps provide an affordable and sustainable source of energy for irrigation, improving crop yields and reducing water waste.
- Off-grid solar pumping systems are becoming increasingly popular in regions where grid electricity is unreliable or unavailable. These systems are particularly attractive for small-scale farmers who may not have access to the grid.
- Advances in solar panel technology and pump design are making solar pumps more efficient and reliable. Smart solar pumps equipped with sensors and remote monitoring technology are also becoming more popular, enabling farmers to remotely monitor and control their pumps for optimal performance.
- While solar pumps were initially used primarily for irrigation, they are now being adopted for domestic and community water supply. This is particularly important in regions where access to clean water is limited.
- Solar pumping as a service (SPaaS) is a new business model that enables small-scale farmers to access solar pumps without having to make a large upfront investment. Under this model, third-party providers install and maintain the pumps, and farmers pay a fee for the water they use.
Competitive Landscape:
Key market players are focusing on advanced technologies and quality control to improve the performance of water systems and solar panels. For instance,
- In 2022, Shakti Pumps Ltd had granted a patent to a unidirectional solar water pump with a grid-tied power generation system.
Key Companies Profiled
- SunTech Drive LLC
- Advanced Power Inc.
- Bernt Lorentz GmbH
- Dankoff Solar
- Grundfos
- BW Solar
- Vincent Solar Energy Company
- Greenmax Technology
- AQUA GROUP
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Key Segments of Solar Pumps Industry Research
- By Type :
- Submersible
- Alternating Current (AC)
- Direct Current (DC)
- Surface
- Alternating Current (AC)
- Direct Current (DC)
- Submersible
- By Capacity :
- Below 4 HP
- 4 to 6 HP
- 6 to 8 HP
- Above 8 HP
- By Application :
- Farming
- Irrigation
- Livestock
- Aquaculture
- Residential
- Buildings
- Drinking
- Commercial
- Swimming Pools
- Pond Management
- National Parks
- Industry Water Treatment
- Farming
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions Covered in the Report
- What is the projected valuation of the solar pumps in 2023?
- At what rate will the global solar pumps market grow until 2033?
- Which are the factors hampering the growth in the solar pumps Industry?
- Which region is expected to lead in the global solar pumps market during 2023 to 2033?
- Which are the factors driving the solar pumps market during the forecast period?
- What is the expected market value of the solar pumps market during the forecast period?
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