September 05, 2022 08:08 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 05, 2022 (GLOBE NEWSWIRE) -- The global solar water pump market size stood at USD 2.38 billion in 2020. The market is estimated to rise from USD 2.86 billion in 2021 to USD 5.64 billion by 2028 at 10.2% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Solar Water Pump Market, 2021-2028.”
According to the analysis, increasing utilization of solar pumps in improving livelihood to aid the industry growth. Solar water pump is a system that works on solar energy and pumps water for various purposes such as potable drinking water, community water supply, and irrigation. Using solar water pumps has decreased the resource utilization of energy-dependent resources such as diesel, gas, and coal. Increasing investment in agriculture application is expected to propel market growth in the coming years.
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List of Key Companies Profiled in the Market Report:
Rising Government Initiatives to Propel Market Growth
The market is expected to witness prominent growth during the forecast period due to emerging government initiatives and subsidies to bolster market development. Rising demand for clean and renewable energy sources is expected to boost the market in the segmented regions. Increasing solar pumps in the agriculture sector and improving livelihood are anticipated to drive the market. These factors are expected to ensure the solar water pump market growth in the coming years.
However, high costs and lack of awareness about solar energy may hamper the market growth.
Restricted Workforce Affected Production Rate of Companies
The outbreak of COVID-19 has affected various industries, which affected the sales of solar pumps. The global lockdown and stringent restrictions imposed by governments created a long halt on the production operations of several companies. This affected the major key players' sales and revenue generation rate. To maintain social distancing norms imposed by governments, various companies have reduced the operating workforce that affected their production and supply chain.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/solar-water-pump-market-101754
The report focuses on factual data and statistical information regarding market development and recent trends in the industry. Also, drivers and restraints affecting the market are highlighted further in the report. Furthermore, the impact of COVID-19 pandemic on market growth and expansion is elaborated along with recent trends in the industry. The report sheds light on major key players in the market and their business development strategies.
Agriculture Segment Dominates the Market due to High Utilization of Pumps
By type, the market is bifurcated into submersible pump and surface pump.
Based on motor type, the market is divided into AC pump and DC pump.
On the basis on power rating, the market is segregated into upto 5 HP, 5 HP to 10 HP, 10 HP to 20 HP, and more than 20 HP.
According to application, the market is trifurcated into agriculture, water treatment, and others.
By region, the market is categorized into Asia Pacific, Latin America, the Middle East & Africa, and rest of the world.
Asia Pacific Dominates Market Due to Rising Agriculture Sector
Asia Pacific dominates the global solar water pump market share during the forecast period due to increasing installation of these pumps in the agriculture sector. Also, increasing the utilization of these water pumps in rural areas is expected to propel market growth.
Latin America holds the second-largest global market share due to the growth of clean energy, which is anticipated to acquire a high market share.
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Product Development Allows Key Players to Expand Market Reach
Key players in the market focus on introducing a new product range by implementing innovative strategies to enhance their product portfolio. Further, the companies implement various business development and expansion strategies such as forming strategic alliances, mergers, acquisitions, and partnerships. These strategies allow key players to expand their business reach globally.
Solar Water Pump Market Segmentation:
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