Growth Drivers
The demand for food is anticipated to have strong growth with about 10,093 million tons in 2030, and approximately 14,885 million tons in 2050, globally. Hence, owing to this, agriculture activities are seeing a boost. Therefore, in order to make this activity more efficient and cost-effective, demand for solar-powered irrigation systems is set to rise.
In 2022, about 19 million of the population all across the world were living without electricity. And the majority of them come from remote and rural regions. However, electricity is the major source of energy needed to keep agricultural activities productive. Hence, the installation of solar energy in such areas is growing.
A solar-powered irrigation system reduces dependency on foreign oil and fossil fuels and takes energy directly from the sun. Hence, it is known to be one of the cleanest sources of energy because it is pollution-free and causes zero greenhouse gas emissions after installation.
Challenges
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
8.9% |
Base Year Market Size (2024) |
USD 69.97 billion |
Forecast Year Market Size (2037) |
USD 211.97 billion |
Regional Scope |
|
Author Credits: Dhruv Bhatia
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