Yahoo Finance Solar Water Pump Systems Global Market Report 2022
Major players in the solar water pump systems market are Bright Solar Limited, C. R. I. Pumps Private Limited, Lorentz, Shakti Pumps (India) Ltd, Tata Power Company Limited, Wenling Jintai Pump Factory Limited, Grundfos, Symtech Solar, Photon Solar, Urja Global Limited, Kavita Solar Energy Private Limited, Lubi Electronics, Samking Pump Company, Greenmax Technology, Aqua Group, and Vincent Solar Energy Company.
New York, June 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Solar Water Pump Systems Global Market Report 2022" - https://www.reportlinker.com/p06286056/?utm_source=GNW
The global solar water pump systems market is expected to grow from $1.21 billion in 2021 to $1.35 billion in 2022 at a compound annual growth rate (CAGR) of 11.88%. The solar water pump systems market is expected to reach $2.06 billion in 2026 at a CAGR of 11.08%.
The solar water pump systems market consists of sales of solar water pump systems by entities (organizations, sole traders, partnerships) that refer to water pumps that run on electricity that is provided by one or several photovoltaic (PV) panels.Solar energy is converted into electricity by the photovoltaic array, which is used to run the motor pump set to draw water from an open well, a bore well, a stream, a pond, or a canal.
Solar water pump systems are used for the water supply for irrigating crops, watering livestock, or providing potable drinking water.
The main types of solar water pump systems include surface pumps, submersible pumps, and other pump types.The solar surface pump systems refer to the pumps designed to pump water from the surface of water bodies like ponds, tanks, shallow wells, and springs.
The power ratings of solar water pump systems include below 3HP, 3HP to 10HP, and above 10HP, and the different drive types of these systems includes AC motor powered solar water pumps and DC motor powered solar water pumps. These water pumps are used in agriculture, residential, commercial and industrial end-users.
Asia Pacific was the largest region in the solar water pump system market in 2021, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the solar water pump system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The favourable government incentives for installing solar water pumps are driving the growth of the solar water pump systems market.The governments across the globe are promoting initiatives to focus on solar water pumps due to the rise in the price of diesel and the instability of electricity.
The incentives or subsidies by governments to purchase solar powered water pumps is focused on reducing dependence on other forms of electricity and also reduce operational cost over the long run.For instance, in 2019, the Government of India launched the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha Utthan Mahabhiyan) scheme, an initiative to assist the installation of off-grid solar pumps on village land (rural areas), reducing their reliance on the grid.
Under this scheme, 60% of the total installation cost is subsidized by the government. Therefore, the favourable government incentives for installing solar water pumps are propelling the growth of the solar water pump systems market.
Technological advancement is a key trend gaining popularity in the solar water pump systems market.The companies operating in the solar water pump systems market are developing innovative technologies to increase the operational efficiency of solar panels and water pump systems.
For instance, in April 2022, Shakthi Pumps Limited, an India-based developer of water pumps and motors, received a patent for a unidirectional solar water pump with a grid-tied power generation system. The new technology ensures efficient performance by utilizing panels and generating extra power to feed the grid.
In August 2020, Tata Power Company Limited, an Indian electric utility company announced its plan to merge its three wholly-owned subsidiaries including Coastal Gujarat Power Ltd (CGPL), Tata Power Solar Systems (TPSSL), and Af-Taab Investment Company (Af-Taab).This is part of its strategic initiative to simplify the group holding structure and set the company for future growth.
The merger will also help the subsidiary companies in getting corporate support and efficient use of cash.Coastal Gujarat Power Ltd (CGPL) is an Indian company that runs a 4150-megawatt supercritical coal-fired power plant located near the port city of Mundra in India’s Gujarat state.
Tata Power Solar Systems (TPSSL) is an Indian company that specializes in solar energy services and also offers solar modules, solar cells, and other solar products such as solar water pumps. Af-Taab Investment Company (Af-Taab) is an Indian financial services firm.
The countries covered in the solar water pump systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06286056/?utm_source=GNW
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