The Latin America solar pumps market was worth US$ 0.25 billion in 2023 and is anticipated to reach a valuation of US$ 1.01 billion by 2032 from US$ 0.29 billion in 2024, and it is predicted to register a CAGR of 16.79% during the forecast period 2024-2032.
With the increasing development of the industrial, residential, and agricultural industries together with lower operating and maintenance costs, the market call for solar pumps in Latin America 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. These solar pumps are independent of diesel and electricity, ensuring long-term benefits for residents in remote areas that result in increased efficiency and productivity. These pumps are also known as photovoltaic solar water pumping systems.
They are useful when grid electricity is inaccessible and other sources do not provide adequate power. In recent years, the market for solar water pumps has grown at a tremendous rate. This has been attributed to the low cost of the low price of photovoltaic panels, the strong presence of solar water pump producers, and a strong awareness of solar water pumping, due to the regulations of various countries and local governments aimed at promoting production. energy from renewable sources to reduce dependence on fossil fuels and minimize polluting emissions. The rapid development of photovoltaic technology has benefited the market by reducing the price of solar water pumps.
Due to the industry shift towards environmentally friendly characteristics, the call for solar pumps in Latin America 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.
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.
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.
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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
16.79% |
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Segments Covered |
By Product, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Country Covered |
Brazil, Chile, Argentina, and Others. |
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Market Leaders Profiled |
Lorentz (Germany), C. R. I. Pumps Private Limited (India), Tata Power Solar Systems Ltd (India), Shakti Pumps (India) Ltd (India), WenlingJintai Pump Factory Limited (China), Bright Solar Limited (India), Grundfos (Denmark), Symtech Solar (Oman), PhotonSolar.com (Australia), Urja Global Limited (India), Kavita Solar Energy Private Limited (India), and Others. |
DC suction dominated the market, accounting for over 80% in 2023. 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 2023. 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.
Latin America has become the second-largest region in the world for solar pumps. Countries in this region such as Brazil, Chile, Argentina, and others are large consumers of solar pumps. Increased agricultural activities in these regions, together with the provision of water for livestock, are predicted to increase market penetration in this region over the next five years.
Companies playing a prominent role in the latin america solar pumps market include Lorentz (Germany), C. R. I. Pumps Private Limited (India), Tata Power Solar Systems Ltd (India), Shakti Pumps (India) Ltd (India), WenlingJintai Pump Factory Limited (China), Bright Solar Limited (India), Grundfos (Denmark), Symtech Solar (Oman), PhotonSolar.com (Australia), Urja Global Limited (India), Kavita Solar Energy Private Limited (India), and Others.
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