DUBLIN--(BUSINESS WIRE)--Added "Australian Solar Pump System Market (2021-2027): By rated power, by design type, by drive type, by application, by region and competitive landscape Segmented Market Forecast" reports products to ResearchAndMarkets.com.
The Australian solar water pump system market is expected to grow at a compound annual growth rate of 11.0% during the forecast period of 2021-2027
The growth can be attributed to initiatives by the Australian and state governments to provide rebates and incentives to support farmers and small producers under programs such as renewable energy certificates, including small technology certificates (STC) and large power generation certificates (LGC), water emergency foundation Facilities rebates, drought assistance programs, etc.
Programs such as the National Water Emergency Infrastructure Rebate Program and Drought Assistance Loans provide incentives and rebates to help primary producers build water infrastructure and provide subsidized loans to ensure a sustainable future for small producers. This will drive the market for solar water pumps. Australia goes further.
Overview of the Australian Solar Pumping System Market
The growth of the Australian solar pumping system market is largely due to the support measures taken by the Australian Federal Government in the past few years. In addition, the Clean Energy Commission has deployed environmental protection infrastructure, achieved renewable energy targets, and established strong ties with foreign countries such as the China-Australia Free Trade Agreement.
However, due to supply chain disruptions, stricter inspections and export agreements, and nationwide lockdowns, the COVID-19 outbreak has had a slight negative impact on the solar pump market. In addition, with the rising cost of electricity, small producers and farmers are becoming more aware of the low operating costs of solar pumps and the adverse climatic conditions that cause water shortages.
The global pandemic hinders innovation and equipment on farms. Due to the relatively high initial cost of solar pumping systems, farmers are reluctant to install pumping systems during times of crisis. The government’s continued support will lower the price of the entire solar pumping system, which will further increase the demand during the forecast period.
Market analyzed by power level
In terms of rated power, the market segments up to 3 Hp and 3.1 to 10 Hp accounted for 70% of market revenue in 2020, with 3.1 to 10 Hp leading the market. Australia's solar pumping systems with a rated power of 3.1 to 10 horsepower and below will dominate in the next few years, because people's affordability becomes stronger and the preference for multi-stage suction motors continues to increase.
In Australia's solar off-grid pumping system market, boosted irrigation will dominate the overall market revenue in 2020, accounting for more than 65% of market revenue. With the government's initiatives to support the use of renewable energy in all economic activities and growing exports, this market segment will continue to grow in the coming years.
The main attraction of the report
Main highlights of the report
The report provides a detailed analysis of the following market segments:
Grid-connected solar pumping system
Off-grid solar pumping system
For more information about this report, please visit https://www.researchandmarkets.com/r/pnpw7x
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call +353-1- 416- 8900