Wind Powered Water Pumps Market Size

Wind Powered Water Pumps Market size was valued at USD 3.24 Billion in 2023 and is anticipated to exceed USD 8.93 Billion by the end of 2036, expanding at over 8.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of wind powered water pumps is evaluated at USD 3.48 Billion. The major factor influencing the industry growth is the growing impact of crude oil on the environment. For instance, the oil emission in 2022 grew by about %3 to approximately 12 Gt, globally. However, crude oil is necessary for the generation of electricity and since, the electricity demand is growing the preference for clean alternative sources is rising.

Additionally, there has been a surge in initiatives of government to encourage the adoption of renewable sources of energy. Renewable energy targets, subsidies, grants, and many more are some of the initiatives conducted by the government. These initiatives aim to make renewable technology affordable to an individual by reducing installation and operation costs.