PUNE, India, March 16, 2022 (GLOBE NEWSWIRE) — The global solar water pump market is expected to grow over the forecast period owing to the increasing utilization of solar water pumps in improving livelihoods.Published the information in a report titled “Solar Water Pumps Market 2021-2028″.According to the report, the solar water pump market size was valued at USD 2.38 billion in 2020.The market size is expected to grow from USD 2.86 billion in 2021 to USD 5.64 billion in 2028, at a CAGR of 10.2% during the forecast period.
A solar water pump is a system that utilizes solar energy and pumps water for various purposes, such as drinking water, community water supply, and irrigation.The use of solar water pumps reduces resource utilization of energy-dependent resources such as diesel, natural gas and coal.Increasing investments in agricultural applications are expected to drive market growth in the coming years.
The outbreak of COVID-19 has affected various industries, thereby affecting the sales of solar water pumps.Global lockdowns and severe restrictions imposed by governments have brought production operations to a prolonged standstill at several companies.This has impacted the sales and revenue generation rates of the major key players.To maintain government-imposed social distancing norms, companies have reduced operational workforces affecting their production and supply chains.
The report focuses on factual data and statistics on market developments and the latest trends in the industry.Moreover, the driving and restraining factors influencing the market are further highlighted in the report.In addition, the impact of the COVID-19 pandemic on market growth and expansion and the latest trends in the industry are also elaborated.The report elucidates the major key players in the market and their business development strategies.
The market is expected to witness significant growth over the forecast period owing to emerging government initiatives and subsidies to support the development of the market.Growing demand for clean and renewable energy is expected to drive the market segment.Increasing solar pumps and improving livelihoods in the agricultural sector are expected to drive the market.These factors are expected to ensure the growth of the solar water pump market in the coming years.
The key players in the market are focused on introducing new product lines by implementing innovative strategies to enhance their product portfolio.In addition, these companies have implemented various business development and expansion strategies such as forming strategic alliances, mergers, acquisitions and partnerships.These strategies enable major players to expand their business scope globally.
Based on power ratings, the market is segmented into up to 5 HP, 5 HP to 10 HP, 10 HP to 20 HP, and over 20 HP.
On the basis of application, the market is segmented into agriculture, water treatment, and others.
By region, the market is segmented into Asia Pacific, Latin America, Middle East & Africa, and Rest of the World.
Asia Pacific dominates the global solar water pump market share over the forecast period owing to increasing installation of these pumps in the agricultural sector.Furthermore, increasing usage of these water pumps in rural areas is expected to drive market growth.
Latin America has the second largest market share globally and is expected to gain a higher market share owing to the growth of clean energy.
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Post time: Apr-13-2022
