March 16, 2022 05:51 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, March 16, 2022 (GLOBE NEWSWIRE) -- The global market for solar water pump is expected to rise during the projected period due to increasing utilization of solar pumps in improving livelihood. Fortune Business Insights™ publishes this information in a report titled, "Solar Water Pump Market, 2021-2028". As per the report, the solar water pump market size was USD 2.38 billion in 2020. The market size is expected to rise from USD 2.86 billion in 2021 to USD 5.64 billion by 2028 at a CAGR of 10.2% during the forecast period.
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.
Request a Sample Copy of Report: https://www.fortunebusinessinsights.com/enquiry/sample/solar-water-pump-market-101754
Companies Profiled in the Market Report:
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.
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.
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.
Quick Buy: Solar Water Pump Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101754
Agriculture Segment Dominates the Market due to High Utilization of Pumps
By type, the market is bifurcated into the submersible pumps and surface pumps.
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 the 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.
Speak To Our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/solar-water-pump-market-101754
Have a Look at Related Research Insights:
Middle East & Africa Solar Photovoltaic (PV) Market Size, Share & COVID-19 Impact Analysis, By Technology (Monocrystalline Silicon, Multicrystalline Silicon, Thin Film, Others), By Grid Type (On-grid, Off-grid), By Installation (Ground Mounted, Rooftop, Others), By Application (Residential, Non-Residential, Utility) and Regional Forecasts, 2021-2028
Asia Pacific Heat Tracing Market Size, Share & COVID-19 Impact, By Type (Electric and Steam), By Application (Power Temperature Maintenance, Hot Water Temperature Maintenance, Floor Heating, and Freezing Protection), By End-User (Oil & Gas, Chemical, Residential, Commercial, Food & Beverage, Pharmaceuticals, Water & Wastewater Management, Electric Utility, and Others), and Regional Forecast, 2021-2028
Lead Acid Battery for Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Type (Utility Owned, Custom Owned, Third Party Owned), By Application (Micro-grid, Household, Industrial, Military), and Regional Forecast, 2020-2027
Bioenergy Market Size, Share & COVID-19 Impact Analysis, By Product Type (Solid Biomass, Liquid Biofuel, Biogas, and Others), By Feedstock (Agricultural Waste, Wood and Woody Biomass, Solid Waste and Others), By Application (Power Generation, Heat Generation, Transportation, and Others), and Regional Forecast, 2020-2027
Heat Pump Water Heater Market Size, Share & Industry Analysis, By Type (Air Source, Geothermal ), By Rated Capacity (Up to 10 kW, 10?20 kW, 20?30 kW, 30?100 kW, 10–150 kW, Above 150 kW), By Storage Tank Capacity (Up to 500 LT, 500 LT to 1000 LT, Above 1000 LT ) And Regional Forecast 2022-2029
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights™ Pvt. Ltd. 9th Floor, Icon Tower, Baner - Mahalunge Road,
LinkedIn: https://www.linkedin.com/company/fortune-business-insights
Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd
Twitter: https://twitter.com/FBInsightPvtLtd