COVID-19 Impact on the Worldwide Market
The market trends for COVID-19 Solar water pumps Market show a drop. Fewer investments and economic changes are to blame for the decline. The demand and supply chain of the solar water pump business has been badly harmed as a result of Covid 19. Another covid consequence on this market is the price reduction.
The slowdown in mining, groundwater extraction, and treatment is having a negative impact on demand for solar water pumps. Furthermore, the possibility of a further wave of covid will result in lockdowns and market closures for the solar water pump business. Furthermore, the price of raw materials is rising, which disrupts the manufacturing process of solar water pumps. Finally, all of these reasons are reducing the demand for the growth rate of solar pumps.
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Lorentz (Germany), C. R. I. Pumps Private Limited (India), Tata Power Solar Systems Ltd (India), Shakti Pumps (India) Ltd (India), Wenling Jintai Pump Factory Limited (China), Bright Solar Limited (India), Grundfos (Denmark), Symtech Solar (Oman), PhotonSolar.com (Australia), Urja Global Limited (India), and Kavita Solar Energy Private Limited (India).
Market Research Future (MRFR) presumes the global solar water pumps market size to reach USD 1,725.0 million at 9.50% CAGR from 2020 to 2027 (forecast period).
Multiple Factors to Augment Market Growth
The key demand driving element in the market is an investment in infrastructure development. The infrastructure will expand at an exponential rate during the next decade. China, Japan, Indonesia, China, and the Asia Pacific area are the major investors in infrastructure development. These countries are increasing their investments in development initiatives. Investing in infrastructure improves water extraction. These advancements are occurring primarily in rural and underdeveloped areas. It eventually alters the market outlook for solar water pumps during the projection period.
Many governments are now promoting the generation of clean, renewable energy. Water storage, extraction, and recycling are critical components of the government project. Environmental organizations are urging the government to increase its investment in energy-efficient solar water pumps. This government assistance is also a demand driver in the solar water pump market.
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Renewable energy technology, such as solar water pumps, will see increased usage in the future years. Furthermore, there is a strong preference for low-cost, clean energy. Many end consumers are drawn to the technology that utilizes clean and cost-effective energy sources. As a result, the use of solar water pumps in the construction and industrial sectors will increase. All of these critical drivers will increase market demand and profitability.
The global solar water pumps market has been segmented into solar water pumps and applications.
By solar water pumps, the global solar water pumps market has been segmented into Submersible Pumps and Surface Pumps.
By application, the global solar water pumps market has been segmented into Agriculture, Drinking Water, and Others.
APAC to Rule the Global Market
The Asia Pacific has the world’s fastest-growing solar water pump market. Australia, China, and Indonesia are among the countries with high demand for solar pumps in the Asia Pacific region. India, Thailand, Malaysia, and Japan will also see increased demand in the Asia Pacific region. It is an ideal place for the installation of new solar pumps. The regions’ high production rate is due to an abundance of raw materials and lower labor costs.
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Furthermore, industrial activities and government assistance are permitting large expenditures in solar pumps. The Asia Pacific region’s R&D projects for solar water pumps are constantly expanding. Another reason that provides potential opportunities for solar pumps is the world’s growing population.