The solar water pumps market is garnering extensive traction globally. The market growth attributes to the rising government initiatives to provide safe drinking water. Solar water pumps have vast potential to transform lives and ways of working, offering humanitarian aid and development from lighting and internet connectivity to the water provision. Regions with abundant solar power are reducing their dependency on highly expensive diesel fuel.
Augmenting demand for the increasing clean and safe drinking water access escalate market growth. According to Market Research Future (MRFR), the global solar water pumps market valuation is poised to reach approximately USD 1,725.0 MN by 2025, registering 9.50 CAGR throughout the assessment period (2019 – 2025). Many regions are investing hugely in the solarisation of water supply infrastructure to bring drinking water supply sustainably, which, as a result, foster the market growth.
Besides, wide-spread application areas of solar water pumps create substantial market demand. Additionally, the rapidly increasing population, industrialization, urbanization worldwide boost the growth of the market. Also, depleting water reserves across the globe, propel the growth of the market. The rising global economy boosting consumer purchasing power and expanding distribution channels provide impetus to the market increase.
Conversely, the lack of awareness of the benefits of solar water pumps is projected to impede market growth. Nevertheless, increasing demand for sustainable water supply and additional funding would support the market growth throughout the forecast period.
Solar Water Pumps Market – Segmentations
The report is segmented into three dynamics;
By Products : Submersible Pumps (AC and DC pumps) and Surface Pumps (1AC pumps and DC pumps), and others.
By Applications : Agriculture, Drinking Water, and others.
By Region : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
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Global Solar Water Pumps Market – Regional Analysis
The Asia Pacific region dominates the global solar water pumps market. The largest market share attributes to the rising demand for clean and safe drinking water due to the ever-increasing population. Besides, the burgeoning agriculture sector in the region, alongside the reduced grid connectivity for agricultural activities, drives the market growth. Moreover, rapid agriculture activities in China, India, Bangladesh, and Pakistan boost the growth of the regional market. APAC countries such as Japan, China, and India contribute to the market growth majorly due to the increasing industrialization. The APAC solar water pumps market is estimated to retain its dominance throughout the projected period.
North America stands second in the global solar water pumps market. The market growth attributes to the spurring rise in sectors heavily reliant on water, such as pharmaceutical, food & beverages, and water treatment fuel the sales in the market. The North American solar water pumps market is estimated to increase significantly during the assessment period.
The Europe solar water pumps market is growing rapidly. Factors such as the flourishing food & beverage and water treatment sectors foster the growth of the market.
Simultaneously, the increased demand for clean drinking water influences the market growth, driving the demand for solar pumps in the region. Moreover, the UN development programs to promote solar energy use in the region propel market growth.
Global Solar Water Pumps Market – Competitive Landscape
Highly competitive, the solar water pumps market appears fragmented due to the presence of several notable players. To gain a substantially larger market share, 5G Service providers adopt strategies such as mergers & acquisitions, collaboration, expansion, and product & service launch. Service providers make substantial investments in transforming the consumer and business landscape in the future.
Industry players strive to develop pumps that can reduce the downtime and maintenance with longer life lowering the total costs. Due to the expected extensions in products and services, the market is soon expected to witness a fierce competition.
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