According to the recent study the solar pump market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 6% to 8% from 2023 to 2028. Growth in this market is primarily driven by increasing demand for water extraction for growing agriculture activities, growing adoption of renewable energy powered devices supported by government regulation to promote sustainable renewable energy sources, decreasing prices of solar water pumps, and benefits of solar pumps or photovoltaic water pumping (PVP) that is ecological, economical, and operationally sustainable.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in solar pump market by product (surface suction, submersible, and floating), operation (AC pump and DC pump), motor type (below 4 HP, 4 to 6 HP, 6 to 8 HP, and above 8 HP), end use industry (agriculture, water management, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Submersible market is expected to remain the largest segment during the forecast period.”
Based on product, the solar pump market is segmented into surface suction, submersible, and floating. Lucintel forecasts that the Submersible market is expected to remain the largest segment due to the increasing usage of submersible solar pump for water extraction from all size of bores and rising usage of submersible solar pump for domestic water supply in large residence and multi-storied apartments.
“Within the solar pump market, the agriculture segment is expected to remain the largest end use industry”
Based on end use industry the agriculture segment is expected to witness the highest growth over the forecast period due to the rising use of solar pumping systems in agriculture and increasing usage of solar pumps by farmer to reduce operational costs and increase earnings.
“Asia pacific will dominate the solar pump market in near future”
APAC will remain the largest region due to increasing power demand and need for drinking safe water, rising usage of solar energy to generate electricity for standalone systems and rural electrification in the region, and growing adoption of solar pumps in India.
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Major players of solar pump market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Lorentz, CRI pumps, SunEdison, Sunculture, Tata Power Solar Systems, Shakti Solar Pumping System, and Grundfos are among the major solar pump providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/solar-pump-market.aspx or [email protected]