Solar Pump Market Soars: 21.01% CAGR
Evolve Business Intelligence has published a research report on the Global Solar Pump Market, 2024–2034. The global Solar Pump Market is projected to exhibit a CAGR of around 21.01% during the forecast period of 2024 to 2034.
Evolve Business Intelligence has recognized the following companies as the key players in the global Solar Pump Market: Vincent Solar Energy, TATA Power Solar Systems Ltd., Shakti pump, CRI Pump Pvt. Ltd, Oswal Pump Ltd., LORENTZ, The Lubi Group, Samking Pump Company, Greenmax Operation and AQUA GROUP.
Market Highlights
The Global Solar Pump Market is projected to be valued at USD 4.65 Billion by 2034, recording a CAGR of around 21.01% during the forecast period. The Solar Pump Market refers to the global industry involved in the production, distribution, and sale of solar-powered pumps. These pumps are designed to utilize solar energy as their primary power source, making them an environmentally friendly and sustainable alternative to traditional electric pumps.
The Solar pumps use photovoltaic (PV) panels to convert sunlight into electricity, which powers the pump to draw and transport water. These systems are typically used in agriculture for irrigation, livestock watering, and in rural or off-grid areas for domestic water supply.
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Segmental Analysis
The global Solar Pump Market has been segmented based on Operation, Product and End User Industry.
Based on Operation, the Solar Pump Market is segmented into AC Pump an DC Pump. The AC Pump segment is anticipated to dominate the market.
Based on Product, the global Solar Pump Market has been divided into Surface Suction, Submersible and Floating. The Submersible segment is anticipated to dominate the market.
Based on End User Industry, the global Solar Pump Market has been divided into Agriculture, Water Management and Others. The agriculture segment is anticipated to dominate the market.
Regional Analysis
The Solar Pump Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. The North American market for solar pumps is experiencing steady growth, driven by factors such as increasing awareness of environmental benefits and government incentives. Agricultural irrigation and livestock watering are the primary applications for solar pumps in North America. The European market for solar pumps is expanding, driven by a focus on sustainability and energy efficiency and Solar pumps are used for agricultural irrigation, community water supply, and domestic use in Europe. The Asia Pacific region is the largest consumer of solar pumps, accounting for a substantial share of the global market and rapid urbanization, growing agricultural sector, and government initiatives promoting renewable energy are driving the demand for solar pumps in this region. The Latin American market for solar pumps is emerging, with significant growth potential in countries with high agricultural activity and limited access to electricity and agricultural irrigation and community water supply are the primary applications for solar pumps in Latin America. The Middle East and Africa region is witnessing growing demand for solar pumps, driven by the need for sustainable water solutions and the availability of abundant sunlight and solar pumps are used for agricultural irrigation, community water supply, and domestic use in the Middle East and Africa.
