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WILMINGTON, Del. , Sept. 8, 2022 /PRNewswire/ -- The solar pump market size is projected to reach US$3.38 Bn by 2031, advancing at a CAGR of 11.1% from 2022 to 2031 (the forecast period). Focus toward commercialization of technologically advanced solar photovoltaic water pump (SSPWP) is boosting the outlook of solar pump global market. Lower maintenance requirement than diesel-powered pumps and cost-effectiveness of solar power are key propositions anchoring the adoption of solar pumps in agriculture, water treatment, and household applications.
Many solar pump manufacturers are tapping DC solar pumps to capture value-grab opportunity in smart solar pumps. Solar pump for agriculture presents a lucrative avenue. The increasing trend of renewable power in agriculture sector in a bid to reduce the carbon footprint is a key underpinning for the expansion of the solar pumps market. Low penetration of grid-based power in rural areas of emerging economies has unlocked lucrative demand for solar pumps. Their commercialization is gathering momentum from the need for sustainable ways to achieve clear water supply for various agriculture activities.
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Key Findings of Solar Pumps Market Study
Solar Pumps Market: Key Drivers
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Solar Pumps Market: Regional Growth Dynamics
Solar Pumps Market: Key Players
The study finds that mergers and acquisitions is one of the key competitive strategies adopted by key players to grow their shares in solar pumps market.
Some of the key players in the solar pumps market are Schneider Electric SE, PM Pumpmakers GmbH, K.S.B. Ltd., Grundfos, Franklin Electric, C.R.I. Pumps Private Limited, Dankoff Solar, and Bright Solar Ltd.
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Sewage Pump Market - The global sewage pump market is expected to reach US$ 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
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