Market Overview:

Solar Pumps Market size was around USD XX million in 2019. It is expected to grow at a CAGR of XX% to reach USD XX million by 2024. Increasing development in the industrial, residential, and agricultural industry along with lower operation and maintenance cost, the demand for global solar pumps market is rapidly escalating. Solar Pump runs on electricity produced by thermal energy or photovoltaic panels. It has a life span of 16 years. These solar pumps are independent of diesel and electricity, therefore, ensuring people in remote areas the long-term benefits resulting in higher efficiency and productivity. These pumps are also known as Solar PV water pumping system. They are useful where grid electricity is unreachable, and alternate sources do not provide sufficient energy.

Market Drivers and Restraints:

Continued growth in agriculture, the demand for other water-intensive industries and growing government support (tax benefits and subsidies) are the main drivers of the growth of the solar pump market. Due to the change of industry towards environmentally friendly products, the demand for global solar pumps is growing, which is a secondary factor in the growth of this market. But still, substantial investment cost, lack of availability of spare parts (on time) and post sales services are the primary issues hindering the market growth.

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Report segmented as

By Product Type:

DC Surface Suction
AC Submersible
DC Submersible
AC Floating
By Application:

Agriculture
Drinking Water
Geographical Analysis:

The global solar pump market has been geographically divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region was dominant in 2013 and made more than 30% of the total market volume. It is expected that the increase in government subsidies and the reduction of the import of fossil fuels for agricultural activities to boost the market of solar pumps in the forecast period mentioned region. It is expected that increasing agricultural activities and growing government subsidies in the form of financial incentives to boost the market of solar pumps in the Asia-Pacific region. The countries of this region, such as China, India, Bangladesh, and Pakistan, are essential agricultural regions with abundant solar energy. The Middle East and Africa also recorded significant growth forecast period mentioned. The change in the tendency to reduce dependence on imported fossil fuels in the form of diesel and butane for their primary demand for energy to generate electricity for agriculture and drinking water.

Important Market Players:

Key players in this market are Lorentz, Grundfos, Shakti Pumps, CRI Pumps, TATA Power Solar Systems Ltd., USL, SunEdison, and Bright Solar.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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Market Data Forecast is a firm working in the areas of market research, business intelligence, and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

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