With the increasing development of industry, households, and agriculture, as well as lower operation and maintenance costs, the demand for solar pumps in Latin America is rapidly increasing. The solar pump operates on electricity generated by thermal energy or photovoltaic panels. It has a service life of 16 years. These solar pumps are independent of diesel and electricity and provide long-term benefits to residents of remote areas, resulting in greater efficiency and productivity. These pumps are also called photovoltaic solar water pump systems.

They are useful when access to the power grid is not possible and other sources do not provide sufficient energy. In recent years, the market for solar water pumps has grown rapidly. This is due to the low cost of photovoltaic panels, the strong presence of solar water pump manufacturers, and a strong awareness of solar water pumps due to the regulations of various countries and local governments aimed at promoting the generation of 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 lowering the price of solar water pumps.

Market Drivers and Restraints:

Continued expansion of agriculture and demand for other water-intensive industries, along with growing government support, are the key expansion factors of the solar pump market. Due to the industry shift towards eco-friendly features, the demand for solar pumps is increasing in Latin America, which is another factor driving the expansion of this market. A continuous supply of clean water is required for remote locations in various regions where power supply is a problem and diesel pumps are expensive to operate. This factor is expected to drive the solar pump market during the projected period as these locations have great potential to use renewable energy in the form of solar power. AC Submersible pumps are expected to experience the highest rate of expansion during the forecast period. Increasing demand for higher efficiency solar pumps, especially in emerging economies of India and Bangladesh, is expected to drive demand for AC submersible pumps during the projected period.

With the increasing development of industry, housing, and agriculture, and the decrease of operation and maintenance costs, the demand for solar pumps in the Asia-Pacific region is increasing rapidly. The solar pump operates on electricity generated by thermal energy or photovoltaic panels. It has a service life of 16 years, offering opportunities for the Asia-Pacific market.

The high capital cost, unavailability of spare parts, and after-sales service are the main issues hindering the expansion of the market. Nevertheless, the high capital cost, non-availability of spare parts (on time), and after-sales service are the major issues hindering the expansion of the market.

To know more, read:

https://www.marketdataforecast.com/market-reports/latin-america-solar-pumps-market

The report is segmented as follows:

The Latin America Solar Pumps Market is segmented by Application; the Market is segmented by Product:

By Application (Agriculture, Drinking Water)

By Product (DC Surface Suction, AC Submersible, DC Submersible, And AC Floating)

Market Regional Segmentation:

Latin America is now the second-largest region in the world for solar pumps. Countries in this region such as Brazil, Chile, Argentina, and others are major consumers of solar pumps. Increasing agricultural activities in these regions and the provision of water for livestock are expected to increase market penetration in this region over the next five years.

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Impact of the COVID-19 pandemic on the market:

The global health emergency caused by the impact of COVID-19 is staggering and unprecedented, with significant implications for families and economies. The solar power pump market has taken a severe hit with the decline in solar power equipment sales COVID -19.

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