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Dublin, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The "Solar Water Pumps Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027 Segmented By Type, By Capacity, By Application, By Operation, By Region" report has been added to ResearchAndMarkets.com's offering. The Global Solar Water Pumps Market stood at USD484.46 million in 2021 and is forecast to grow at a CAGR of 8.46% by 2027
A solar water pump system is basically an electrical pump system that is powered by one or more Photovoltaic (PV) panels. A typical solar pumping system includes a solar panel array that runs on electricity, which in turn powers a bore or ground pump.
Moreover, it operates on the photovoltaic principle. PV (photovoltaic) systems absorb radiant solar energy and convert it into electricity while a solar pump is operating. This generated electricity for the entire system is used for many purposes such as irrigation, potable drinking water and community water supply. Rising Environmental Consciousness and Growing Demand to Reduce Reliance on Fuel Sources
The growing use of solar water pumps in areas without grid electricity is propelling the solar water pump market through 2027. Farmers in India, for example, are increasingly using solar pumps for irrigation due to unplanned power outages, with government assistance in the form of subsidies.
Such policies to encourage the use of solar pumps, combined with stringent government regulations on carbon emissions, are boosting the growth of the market. Numerous advantages provided by solar water pumps, such as higher efficiency, cost-effectiveness, ease of maintenance, long operating life, environmental friendliness, and less reliance on fuels, are accelerating market growth.
The growing agricultural activities to meet rising food demand, as well as the need for a clean and fresh source of water, are driving the use of solar water pumps for irrigation. Growing Emphasis on Technological Advancement
Technological advancement is a major factor driving growth in the market for solar water pump systems. Manufacturers of solar water pump systems are looking for new ways to improve the operation and maintenance efficiency of solar panels and water pump systems.
Shakthi Pumps Limited, an Indian developer of water pumps and motors, for example, received a patent in April 2022 for a unidirectional solar water pump with a power generator system. By utilising panels and generating extra power to feed the grid, the new technology ensures efficient performance. Declining Prices of Solar Water Pumps
Millions of people across the world lack access to clean water. Ground water is extracted in many countries using electric water pumps that are powered by diesel.
However, these systems not only necessitate costly, on-going maintenance and the purchase of fuel, but they also pollute the atmosphere with carbon dioxide. Solar water pumps, also defined as photovoltaic water pumping (PVP), are a tested and proven option that is functionally, financially, and environmentally sustainable. The cost of advanced solar technologies has dropped dramatically in recent years. Prices for solar panels used in such systems have dropped by up to 80%.
Furthermore, these panels have a lifespan of about 25 years and require little maintenance during that time. These factors have made solar water pumping an extremely viable way to increase energy access in developing countries and communities, while also creating a strong resistance to changes in rainfall caused by climate change or unreliable seasonal patterns.
Some governments have chosen to subsidise the cost of solar pumping, which has increased the pool of shared learning for this emerging technology. Increasing productivity
Water collection is difficult for those living in developing countries. It may be necessary to walk for several hours in each direction.
Solar-powered water pumps save time by eliminating the need to collect water, improve health, and free up time for more productive activities. When farmers are not reliant on rainfall or electricity, they can produce more food. As a result, the market for Solar Water Pumps is steadily expanding.
Company Profiles: Detailed analysis of the major companies present in the Global Solar Water Pumps Market.
Tata Power Solar Systems Ltd.
C.R.I. Pumps Private Limited
Bernt Lorentz GmbH & Co. KG
Novergy Energy Solutions Pvt. Ltd.
Report Scope: Global Solar Water Pumps Market, By Type:
Global Solar Water Pumps Market, By Capacity:
Global Solar Water Pumps Market, By Application:
Global Solar Water Pumps Market, By Operation:
Global Solar Water Pumps Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/vybslt
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