The concept of solar energy is no longer limited to developed regions, but is nearing ubiquity all over the globe. It has been hailed as a one-stop solution towards a sustainable future. Choked with alarming air pollution levels and unchecked industrial waste, several governments are also starting to take cognizance of an approaching calamity, and emphasizing the efficient utilization of renewable energy in wide range of applications.

Things are changing, but not fast enough. Transparency Market Research (TMR), in its new research study, brings to light the role of solar pumps in achieving the goal of a sustainable future. The study also analyzes multiple nodes and internodes of the solar pumps market to offer credible insights and assist stakeholders in data-driven and value-creation decision making.

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Exploring the Roots and Rise of the Solar Pumps Market

Solar pumps were first introduced in the late 1970s, but took more than four decades to gain popularity and application in groundwater pumping. The teething troubles of the first generation of solar pumps brought focus on accurate wiring, and improved electronic circuitry, voltages, and terminals to provide effective electrical connections. More focus has also been placed on affordability, which remained a key growth influencer of the market. In 2018, the worldwide sales of solar pumps achieved the ~ US$ 1 billion mark, and are expected to register a robust growth over the next five years.

However, it is imperative to note that, there are also certain challenges with the uptake and use of solar pumps. TMR’s study finds that, the financial condition of small-scale farmers and accessibility of high quality products and services remain among the major issues in several countries. In addition, lack of basic understanding of the set-up and functions of solar pumps has led to challenges in daily operations and maintenance.

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Competitive Landscape

The solar pumps market shows a fair level of consolidation, considering the ‘capital intensive’ nature of the industry, along with the prevalence of brand inclination and customer loyalty.

As initial investments are higher for solar pumps as compared to the conventional ones, adding to reluctance of farmers for their adoption, manufacturers are constantly focusing on cutting down the costs of their products. This factor will not only increase the adoption of solar pumps but also make them a viable alternative to systems dependent on fossil fuel or grid electricity.

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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