WILMINGTON, DE / ACCESSWIRE / March 30, 2023 / Transparency Market Research Inc. - According to the wind powered water pumps market report by TMR, the global business is estimated to expand at a CAGR of 7.4% during the forecast period 2023-2031. The market was worth US$ 219.5 Mn in 2022 and is expected to grow extensively by the end of 2031.
Market research by TMR includes various parameters that contribute to market growth. The extensive market survey is based on the current market scenario. It provides intrusive insights into various aspects, including market growth drivers, market segmentation, competitive landscape, regional dynamics, and company profiles.
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Wind powered water pumps can be defined as pumps that harness wind energy to drive the rotor blade. It can draw water from a well and pump it to storage tanks. Thus, its application in the irrigation sector is expanding. Additionally, it uses renewable energy, so it does not require any fuel for operations. These pumps can be installed at any location, including windy and remote areas. Concurrently, they are cost-efficient, reliable, and require no tech support. The numerous advantages associated with these pumps have made them popular and created multiple opportunities for business growth.
Wind Powered Water Pumps Market: Growth Drivers
- Rise in Environmental Concerns across the Globe Accelerates Market Growth: Expanding use of non-renewable energy resources has affected the environment adversely. Hence, the government bodies of several countries across the globe are focusing on the use of renewable and sustainable energy resources. Wind powered water pumps are efficient and reliable. Furthermore, novel designs and technological advancements have increased their efficacy. Stringent environmental norms have proven to be a prominent growth driver for the wind powered water pumps market.
- Promotional Activities to Initiate Use of Renewable Energy Resources Bolsters Industry Growth: Government initiatives and activities across the world to promote the benefits of the application of renewable energy resources have encouraged the adoption of wind-powered water pumps in various sectors. Government funding and incentives to bring this into action have created immense growth opportunities for the global industry.
- Technological Innovations and Advancements in Structure and Design Boosting Market Development
Advancements in the structure and design of wind-powered water pumps have led to the smooth and efficient working of these pumps in various applications. Algorithms and sensors incorporated into smart control systems help operate the pumps with maximum efficacy. Energy storage systems can store excess energy in huge volumes. Consequently, remote monitoring is possible due to the Internet of Things (IoT), which has eased the workload. These advancements have increased the life of the pumps and optimized their performance.
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Key Findings of Wind Powered Water Pumps Market
- Electric Pump Mechanisms to Witness Stupendous Growth: The two technologies available in the market are mechanical pumps and electrical pumps. Electric pumps are more efficient than mechanical pumps at converting wind energy into mechanical energy. Additionally, they are highly flexible and can be controlled through computers. These aspects have increased the adoption of electric pumps, especially in the irrigation sector, which may ultimately contribute to growth of the wind powered water pumps market.
- Expanding End-use Applications in Irrigation Sector to Propel Market Progress: The need for sewage water treatment has increased due to a shortage of water resources across the globe. Thus, the application of wind powered water pumps is anticipated to grow rapidly in water treatment plants in the next few years.
Wind Powered Water Pumps Market: Regional Outlook
Asia Pacific is estimated to continue leading the market due to expanding irrigation and agricultural activities in countries such as India and China. Moreover, growing investments in various sectors such as agriculture, irrigation, and petrochemicals, have created tremendous growth opportunities for global business.
The market in North America is also expected to witness lucrative growth due to an increase in the number of installations in agricultural lands. Further, the net zero initiative by the government has opened new growth avenues for the global market.
Wind Powered Water Pumps Market: Competitive Landscape
Key players operating in the market are focusing on novel product launches through relentless research and development activities. They are putting efforts into creating pumps that are easy to use, need low maintenance, are cost-effective, and smooth. These developments have created multiple growth opportunities for the global industry.
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Some of the key market participants are:
- IWAKI
- Grundfos
- QED Environmental
- Aermotor Windmill Company
- Waterquip Pty Ltd
- O'Brock Windmill Distributors
- Southern Cross Windmills
- Johnson Pump
- Iron Man Windmill Co.
Wind Powered Water Pumps Market: Segmentation
Mechanism
- Electrical Pumps
- Mechanical Pumps
Component
- Mild Steel Frames
- Pneumatic Cylinders
- Rotor Blades
- Slider Crank Discs
- Shafts
- Ball Bearings
- Others
Capacity
- < 2.5 kWh
- 2.5 kWh-10 kWh
- 10 kWh
End-use
- Irrigation
- Off-grid Water Supply
- Water Treatment Plants
- Others
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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