The Middle East And Africa Solar Pumps Market is expected to grow at a CAGR of 13.96% during the forecast period 2024-2029. The market value was at USD 0.18 billion in 2023, and the value is expected to reach USD 0.39 billion by the end of 2029.
Market Drivers:
The continued expansion of agriculture, and the need for other water-intensive industries, coupled with growing support from the government, are the main expansion drivers of the solar pump market. Due to the industry shift towards environmentally friendly characteristics, the call for solar pumps in the Middle East And Africa is increasing, which is a secondary factor driving the expansion of this market. A continuous clean water supply is needed for remote locations in various regions where electricity supply is a problem and diesel pump operation is expensive.
This factor is predicted to drive the solar pump market during the foreseen period, as these locations have great potential to harness renewable energy in the form of solar power. AC submersible pumps are predicted to experience the highest expansion rate during the foreseen period. An increasing call for higher-efficiency solar pumps, especially in the emerging economies of India and Bangladesh, is predicted to drive the call for AC submersible pumps during the foreseen period.
Market Restraints:
But still, the high cost of capital, the unavailability of spare parts (on time), and after-sales services are the main problems that hamper the expansion of the market.
Market Opportunities:
With the increasing development of the industrial, residential, and agricultural industries, as well as the fall in operating and maintenance costs, the market call for solar pumps in the Asia Pacific is increasing rapidly. The solar pump works with electricity produced by thermal energy or by photovoltaic panels. It has a shelf life of 16 years, providing opportunities for the Asia Pacific market.
Market Challenges:
The high cost of capital, the unavailability of spare parts, and the after-sales service are the main problems that hinder the expansion of the market.
Market Segmentation:
DC suction has dominated the market, accounting for more than 80% of the market in 2020. Increased drip irrigation business, especially in developing countries in the Asia Pacific, is predicted to lead to. solar energy for the anticipated period mentioned above. AC submersible pumps are predicted to experience the highest expansion rate during the predicted period. An increasing call for higher-efficiency solar pumps, especially in developing countries of India and Bangladesh, is predicted to drive the call for AC submersible pumps during the foreseen period.
Agriculture was the dominant application category, accounting for 60% of the total market in 2020. Increased agricultural activities associated with water needed for irrigation are predicted to drive the market for solar pumps for this application. Government subsidies to solar pump farmers and manufacturers, especially in developing countries in Asia and the Pacific, are predicted to drive the expansion of the solar pump market during the foreseen period.
Market Regional Analysis:
The Middle East and Africa also experienced significant growth during the forecast period. The change in trend towards reducing dependence on imported fossil fuels in the form of diesel and butane as their primary energy required to generate electricity for agriculture and drinking water.
Market Key Players:
The key players operating in the Middle East And Africa Solar Water Pumps Market are
Market Recent Developments:
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