According to a report by Market Research, the market for solar pumps is growing due to increasing demand for pumps in households and agriculture, especially for water supply on farms and for irrigation. In addition, solar water pumps are increasingly preferred in hydraulic fracturing activities in the oil and gas industry to reduce the environmental impact of these activities. The increasing use of solar energy for irrigation and agricultural purposes around the world is the main driver for the solar pump market. A solar pump consists of a pump and a photovoltaic panel equipped with semiconductors. When this panel is exposed to the sun, it generates electricity and helps pump water. Solar pumps have a wide range of applications, from households to agriculture and irrigation.

Market Drivers and Restraints:

The solar water pump market is primarily driven by government initiatives and subsidies provided to consumers to purchase solar panels. These government initiatives are driving the adoption of solar pumps by consumers in the agricultural sector. Governments around the world are actively implementing initiatives to reduce the growth of carbon emissions with the goal of reducing global warming. These initiatives result from the growing reliance on the use of renewable energy sources across all industries to reduce energy consumption costs and the overall carbon footprint on the environment. These initiatives are stimulating demand for solar pumps.

Lack of awareness about solar pumps in rural areas is likely to hamper the growth of the solar pump market to some extent during the forecast period. Many farmers and farmland owners are not yet aware of solar technology and its ability to generate electricity. Moreover, the easy availability of electric pumps and their lower maintenance costs discourage farmers from switching to solar pumps. These factors are likely to restrain the growth of the market in the coming years.

To know more, read:

https://www.marketdataforecast.com/market-reports/europe-solar-pumps-market

The report is segmented as follows:

The Europe Solar Pumps Market is segmented by Application; the Market is segmented by Product:

By Application (Agriculture, Drinking Water)

By Product (DC Surface Suction, AC Submersible, DC Submersible, And AC Floating)

Regional Segmentation:

Europe is now the second-largest solar pumping region in the world. Countries in this region such as Germany, the United Kingdom, Italy, and France are the main consumers of solar pumps. Increasing agricultural activities in these regions and water supply for livestock are expected to increase the market penetration in this region over the next seven years.

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Impact of the COVID-19 pandemic on the market:

The global health emergency caused by the impact of COVID-19 is staggering and unprecedented, with significant implications for families and economies. The solar power pump market has taken a severe hit due to the COVID-19 decline in solar power equipment sales.

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