DUBLIN, Nov. 16, 2021 (GLOBE NEWSWIRE) — “Australian Solar Water Pumping Systems Market (2021-2027): By Power Rating, By Design Type, By Drive Type, By Application, By Region And Competitive Landscape Forecast” report has been added to ResearchAndMarkets.com’s offerings.
The Australian solar water pumping system market size is expected to grow at a CAGR of 11.0% during the forecast period 2021-2027
The growth can be attributed to initiatives by the Australian and state governments to provide rebates and incentives to support farmers and small producers under schemes such as the Renewable Energy Certificate, which include the Small Technology Certificate (STC) and Large Scale Generation Certificate (LGC), Water emergency infrastructure rebates, drought assistance programs, and more.
Programs such as the National Water Emergency Infrastructure Rebate Program and Drought Aid Loan, which provide incentives and rebates to help primary producers build water infrastructure and provide subsidized loans to ensure a sustainable future for small producers, will drive the solar water pump market size in Australia goes a step further.
The growth of the Australian solar water pumping system market is largely attributed to the supportive measures taken by the Australian federal government over the past few years.In addition, the Clean Energy Council has deployed environmentally friendly infrastructure, met renewable energy targets, and forged strong links with foreign countries such as the China-Australia Free Trade Agreement.However, the COVID-19 outbreak has had a slight negative impact on the solar pump market due to supply chain disruptions, stricter inspections and export protocols, nationwide lockdowns.In addition, as electricity costs rise, small producers and farmers are increasingly aware of the low operating costs of solar pumps and the unfavorable climatic conditions that create water shortages.
The global pandemic has hampered innovation and equipment on farms.Due to the relatively high upfront cost of solar pumping systems, farmers are reluctant to install pumping systems during times of crisis.Continued government support will lower the price of the entire solar water pumping system, which will further increase the demand over the forecast period.
In terms of power ratings, the segments up to 3 hp and 3.1 to 10 hp collectively accounted for 70% of the market revenue in 2020, with 3.1 to 10 hp leading the market.Australian solar water pump systems with ratings of 3.1 to 10 hp and below will dominate in the coming years due to increasing affordability and preference for multi-stage suction motors.
In the solar off-grid pumping system market in Australia, enhanced irrigation leads the overall market revenue, accounting for more than 65% of the market revenue in 2020.This segment will continue to rise over the next few years with supportive government initiatives to utilize renewable energy in all economic activities and growing exports.
Post time: Apr-14-2022
