Solar Water Pumps Market during 2021-2027

1. Solar Water Pumps Market

2. 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.

3. 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 Sample:https://www.blueweaveconsulting.com/global-solar-water-pumps-market-report/report-sample