Solar Pumps Market to Reach US$3.38 Billion by 2031; Growing Adoption in Agriculture Sector Boosts Growth: TMR Study

  • Rise in preference of clean energy technology over diesel-powered and conventional grid-based systems in agriculture sector propelling revenue generation; governments’ subsidies on farmers and solar equipment manufacturers boosts prospects
  • Asia Pacific highly lucrative region in solar pumps market, underpinned by rising use in irrigation applications and policy impetus for adoption of renewable energy sector in agriculture

WILMINGTON, Del., Sept. 8, 2022 /PRNewswire/ — The solar pump market size is projected to reach US$3.38 Bn by 2031, advancing at a CAGR of 11.1% from 2022 to 2031 (the forecast period). Focus toward commercialization of technologically advanced solar photovoltaic water pump (SSPWP) is boosting the outlook of solar pump global market. Lower maintenance requirement than diesel-powered pumps and cost-effectiveness of solar power are key propositions anchoring the adoption of solar pumps in agriculture, water treatment, and household applications.

TMR Logo

Many solar pump manufacturers are tapping DC solar pumps to capture value-grab opportunity in smart solar pumps. Solar pump for agriculture presents a lucrative avenue. The increasing trend of renewable power in agriculture sector in a bid to reduce the carbon footprint is a key underpinning for the expansion of the solar pumps market. Low penetration of grid-based power in rural areas of emerging economies has unlocked lucrative demand for solar pumps. Their commercialization is gathering momentum from the need for sustainable ways to achieve clear water supply for various agriculture activities.

Request Sample Report at – https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=69551

Key Findings of Solar Pumps Market Study

  • Adoption of Renewable Energy Sources to Spur Demand: Increasing trend of shift from fossil-fueled power toward renewable power for pumping systems is impelling the demand for solar pumps market. Both economic and environmental benefits of solar pumps are catalyzing the market prospects. Diesel generators incur high costs both in labor and electricity, which has nudged farmers to look for cost-effective and reliable power supply. The trend is boosting the outlook of the market.
  • Trend of Clean Energy for Pumps Reduce GHG Emissions: Policy impetus toward adopting clean energy in sectors responsible for glaring greenhouse gas emission (GHG) is steering the need for solar-powered systems, especially for water pumping applications. In agriculture industry, the demand is massive and will spur the product adoption especially in emerging economies. The low penetration of grid-based electricity in emerging economies is also bolstering the prospects.

Solar Pumps Market: Key Drivers

  • Growing demand for clean energy for irrigation activities especially in emerging economies is a key driver of the solar pumps market. Of note, the demand has risen in regions where disruptions in grid-based electricity are frequent. Coupled with this, the growing demand for solar pumps among small farmers is enriching the market prospects.
  • Growing preference of solar submersible pumps and smart solar pumps over fossil-fueled pumps is a key driver of the solar pumps market

Make an Enquiry before Buying – https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=69551

Solar Pumps Market: Regional Growth Dynamics

  • Opportunities in North America and Europe are expected to rise at promising pace during the forecast period. The U.S., Canada, France, the U.K., and Germany are witnessing businesses in end-use industries transitioning to clean energy technologies, which has created massive lucrative prospects in these regional markets.
  • Asia Pacific is expected to hold a major share of the global solar pumps market during the forecast period. A bulk of demand for smart solar photovoltaic water pumps emanates from agriculture applications. Stridently, an expanding agriculture sector has propelled revenue generation in the Asia Pacific market.

Solar Pumps Market: Key Players

The study finds that mergers and acquisitions is one of the key competitive strategies adopted by key players to grow their shares in solar pumps market.

Some of the key players in the solar pumps market are Schneider Electric SE, PM Pumpmakers GmbH, K.S.B. Ltd., Grundfos, Franklin Electric, C.R.I. Pumps Private Limited, Dankoff Solar, and Bright Solar Ltd.

Ask for References – https://www.transparencymarketresearch.com/sample/sample.php?flag=ARF&rep_id=69551

Solar Pumps Market Segmentation

  • Type
    • Submersible Pumps
    • Surface Pumps
  • Operation
    • AC Pumps
    • DC Pumps
  • Price
    • Low
    • Medium
    • High
  • Application
    • Agriculture
    • Water Treatment
    • Others (water for livestock, housing applications, etc.)
  • Distribution Channel
    • Direct
    • Indirect

Regions

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Factory Automation Research Reports

Sewage Pump Market – The global sewage pump market is expected to reach US$ 21.6 Bn by the end of 2031, grow at a CAGR of 6.5% from 2022 to 2031

Concrete Pumps Market – The global concrete pumps market stood at US$3.5 bn in 2017 and is projected to clock a CAGR of over 6% during 2017 – 2026

Automotive Electric Water Pump Market – The global automotive electric water pump market is expected to reach US$ 7.74 Bn by the end of 2031, rise at a CAGR of 13.45% from 2022 to 2031

HVAC Equipment Market – Globally, revenue generated by the HVAC equipment market accounted for US$ 105.5 Bn in 2018, and the market is likely to expand at a CAGR of ~5% in terms of value during the forecast period

Industrial Gas Turbine Ignition System Market – The global industrial gas turbine ignition system market is expected to reach market value of around US$ 1640 Mn by the end of 2022,at a CAGR of about 9.6%,during the forecast period 2018-2026

Industrial Dispensing System and Equipment Market – The global industrial dispensing system and equipment market is expected to reach US$ 18.9 Bn by the end of 2031

Lithium-ion Battery Market – The global lithium-ion battery market is expected to reach value of US$ 57.9 Bn by the end of 2031, expand at a CAGR of 10.8% from 2022 to 2031

Cooling Tower Market – The global cooling tower market is expected to reach value of US$ 5.1 Bn by the end of 2031, grow at a CAGR of 3.4% from 2022 to 2031

Screw Pumps Market – The global screw pumps market is expected to reach a value of US$ 4.43 Bn by the end of 2031, grow at a CAGR of 6.1% from 2022 to 2031

About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers the latest market research reports and business consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

For More Research Insights on Leading Industries, Visit our YouTube channel – https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ

Contact Us: 
Rohit Bhisey 
Transparency Market Research Inc. 
CORPORATE HEADQUARTER DOWNTOWN, 
1000 N. West Street, 
Suite 1200, Wilmington, Delaware 19801 USA 
Tel: 1-518-618-1030 
USA – Canada Toll Free: 866-552-3453 
Website: https://www.transparencymarketresearch.com 
Blog: https://tmrblog.com 
Email: [email protected]

Logo: https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg

Solar Pumps Market to Reach US$3.38 Billion by 2031; Growing Adoption in Agriculture Sector Boosts Growth: TMR Study WeeklyReviewer

PR Newswire Science News

Earnings Disclosure

WeeklyReviewer earns primarily through affiliates and ads. We don’t encourage anyone to click on ads for any other purpose but your own. We recommend products and services often for our readers, and through many we will earn commissions through affiliate programs.

WeeklyReviewer earns commissions through affiliates of qualifying products through Amazon Associates, Fiverr Affiliates, Hostgator Affiliates, Namecheap Affiliates, NordVPN Affiliates, Semrush Affiliates, Alibaba Affiliates, Clickfunnels Affiliate, Leadpages Affiliates, Cryptohopper Affiliates, Binance Affiliates and more.

Clicking on links in WeeklyReviewer may or may not provide us commission through any qualifying purchases.

World Reviewer Staff
World Reviewer Staffhttps://weeklyreviewer.com/
The first logical thought has to be "no way". I'm the World Observer! Ill find and share important news all day.

Latest articles

Related articles

WeeklyReviewer