NEWARK, Del, April 19, 2023 (GLOBE NEWSWIRE) -- The solar pump market is predicted to be valued at US$ 1.55 billion in 2023 and US$ 4.64 billion by 2033. Over the projection period, sales of solar pumps are expected to increase at a CAGR of 13.5%.
The demand for solar pumps is anticipated to expand swiftly as a result of the predicted growth in demand for environment-friendly water supply systems. A few other important considerations fueling market growth are:
- Government programs to encourage the use of renewable energy sources
- An increasing understanding of the advantages of solar pumps in rural regions
Download a sample to obtain additional highlights and key points on various market segments and their impact in the coming years @ https://www.futuremarketinsights.com/reports/sample/rep-gb-520
Several challenges might hinder the demand for solar pumps. High installation costs, a lack of experts with the necessary skills to set up and run solar pumps, and a lack of dependable and affordable energy storage solutions are a few of these issues. For the solar pump industry to grow to its full potential, these issues must be resolved.
There are a lot of potential opportunities in the solar pumps industry despite the drawbacks. Manufacturers of solar pumps have a ton of opportunities due to the growing need for water supply in the agricultural, animal, and residential sectors, particularly in rural areas. Technology advancements and increasing research and development spending are also anticipated to fuel the development of solar pumps that are efficient and affordable.
The solar pumps industry has grown in recent years due to the use of IoT-based solutions that allow for remote monitoring and control of solar pumps. Along with the development of robust and dependable solar panels, there are some other market advances too. These advances include the integration of solar pumps with other renewable energy sources like wind and hydropower. Future predictions indicate that these modifications are likely to affect the solar pumps industry, giving producers the possibility to develop new products and meet consumer demand.
Key Takeaways from the Solar Pumps Market:
- According to FMI research, the United States currently holds a significant market share, accounting for almost 35% of the global market in 2022.
- With a 15% market share in 2022, Germany has emerged as a prominent participant in the solar pumps market.
- In 2023, China's solar pump sector is predicted to have a market share of roughly 25%.
- The solar pump sector in Japan is still in its infancy, but it is predicted to develop significantly throughout the projection period.
- With a market share of around 35% by 2023, the above 8 HP sector is predicted to dominate the solar pumps industry.
- Submersible pumps are predicted to dominate the solar pump industry, accounting for nearly 40% of the market by 2023.
- With a market share of roughly 60% by 2023, the agriculture segment is predicted to dominate the solar pumps industry.
Ask An Analyst: https://www.futuremarketinsights.com/ask-question/rep-gb-520
How Key Players Are Revolutionizing the Manufacturing of Solar Pumps?
The solar pumps industry has a very competitive environment due to the large number of companies that operate globally. Some of the top players in the market are KSB SE & Co. KGaA, Franklin Electric, BW Solar (Waterboy), Shakti Pumps (India) Ltd., Grundfos, Stanley Black & Decker, Inc., Kirloskar Brothers Limited, Glynncorp Electrical, and Bernt Lorentz GmbH & Co. KG.
To sustain their market position, these businesses concentrate on:
- Creating cutting-edge and distinctive goods.
- Extending their geographic reach.
- Forming strategic alliances and collaborations.
Industry participants are also funding research and development projects to improve their product offerings and acquire a competitive edge.
The players must also deal with problems including fluctuating raw material costs, heightened competition, and ignorance about solar pumps' benefits. To get over these challenges, businesses are developing reasonably priced, efficient solar pumps and launching marketing campaigns to increase consumer awareness.
The market presents a tremendous opportunity due to the increasing demand for genuine and renewable energy sources. In addition, increased government measures to promote the use of solar pumps and the growing need for efficient irrigation systems are expected to boost sales. The entry of new market players and technical advancements in solar pump technology is also projected to provide lucrative market opportunities.
Buy Now: https://www.futuremarketinsights.com/checkout/520
Key Segments Profiled in the Market
By Fuel Type:
- Natural Gas
- Diesel
- Others
By Design:
- Stationary
- Portable
By Power Rating:
- Up to 50 kW
- Up to 10 kW
- 11–20 kW
- 21–30 kW
- 31–40 kW
- 41–50 kW
- 51–280 kW
- 281–500 kW
- 501–2,000 kW
- 2,001–3,500 kW
- Above 3,500 kW
By Application:
- Prime & Continuous Load
- Standby
- Peak Shaving
By Sales Channel:
- Direct
- Indirect
By End User:
- Industrial
- Utilities/Power Generation
- Oil & Gas
- Chemicals & Petrochemicals
- Manufacturing
- Marine
- Commercial
- Mining & Metals
- Construction
- Residential
- Healthcare
- IT & Telecom
- Data Centers
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
Expand operations in the future to get requisite details, ask for a custom report @ https://www.futuremarketinsights.com/customization-available/rep-gb-520
Table of Content
1. Executive Summary | Solar Pumps Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Capacity
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Capacity, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Capacity, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Capacity, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Capacity, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2023 to 2033
6.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
Know more about this market's geographical distribution along with a detailed analysis of the top regions @ https://www.futuremarketinsights.com/reports/solar-pumps-market
Explore FMI’s Extensive Coverage on Oil and Gas Domain :
DC Power Supplies Market Trends: The DC power supplies market is predicted to grow at a moderate CAGR of 4.3%. It is estimated to reach a valuation of US$ 626.47 million by 2033 from a value of US$ 411.21 million in 2023.
Carbon Steel Tubing in Oil and Gas Lift Applications Market Research: The global carbon steel tubing in oil and gas lift applications market size is set to reach US$ 5798.6 million in 2023. Overall sales of carbon steel tubing in oil and gas lift applications are likely to surge at 3.3% CAGR, taking the forecasted market valuation to US$ 7992.6 million by the end of 2033.
Oil and Gas Hose Assemblies Market Overview: As per the latest market research conducted by FMI, the global oil and gas hose assemblies market is expected to record a CAGR of 4.3% from 2023 to 2033. In 2023, the market size
projected to reach a valuation of US$ 1,409.5 million.
Petroleum Liquid Feedstock Market Forecast: FMI anticipates that the global petroleum liquid feedstock market valuation could reach US$ 313 billion in 2023. As per the projection of the analysts, the market is likely to record a value of over US$ 474.1 billion by 2033, registering a CAGR of 4.2% between 2023 and 2033.
Generator Sales Market Demand: The global generator sales market is estimated to reach a valuation ofUS$ 32.2 billionin 2023. As per Future Market Insights (FMI) analysis, the generator sales market size is expected to surpassUS$ 55.3 billionby 2033.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com
