Solar Water Pumps Market Size, Industry Trends & Forecast Report

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Solar Water Pumps Market
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The global Solar Water Pumps market was worth USD
995.0 million in 2020 and is further projected to
reach USD 1685.2 million by 2027, at a CAGR of
8.8 during 2021-2027 (forecast period).
Stringent government regulations to reduce carbon
emissions and favorable government incentive
schemes to promote the installation of solar
water pumps are fueling the growth of the global
solar water pumps market. Moreover, rapid
urbanization, the booming infrastructure
industry, and growing demand from the agriculture
sector are likely to boost the growth of the
global solar water pumps market during the
forecast period. A solar water pump system is an
electrical pump system, where the electricity is
provided by one or several photovoltaic (PV)
panels, i.e., a solar energy source. A
solar-powered pumping system is composed of a
water pump, pump controller, and solar panel
array that powers an electric motor, which in
turn powers a bore or surface pump. The water is
often pumped from the ground or a stream into a
storage tank that provides a gravity feed hence,
energy storage is not needed for these systems.
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Growth Drivers Favorable Government Initiatives
for Installation of Solar Water Pumps The
governing bodies of various developing and
developed economies are launching several
initiatives to install solar water pumps in
agriculture sectors. In developing countries,
such as India, China, and others, most farmers
still use diesel-powered water pumps for
irrigation processes. The agriculture sector
needs properly managed irrigation technology to
provide water to the crops, animals, and for
other use. Solar energy is being used to combat
energy consumption issues. As a result, the
Indian government has created several schemes to
stimulate the development of grid-connected solar
power plants and solar pumps to provide farmers
with financial and water security. For instance,
the scheme launched by the Indian government for
the penetration and adoption of solar water pumps
is divided into three parts Installing
standalone solar pumps, solarization of
grid-connected pumps, and commissioning of
grid-connected solar power plants. The Indian
government intends to add 25,750 MW of combined
solar capacity (all three Types) through this
scheme by 2022. Report Samplehttps//www.bluewea
veconsulting.com/global-solar-water-pumps-market-r
eport/report-sample