Solar Pump Market is segmented By Product (DC Surface Suction, AC Submersible, DC Submersible and AC Floating), Application (Agriculture and Drinking Water) and Region (North America, South America, Asia Pacific, Europe and Middle East & Africa) to grow at 29.54 % CAGR during the forecast period.
Depletion in fossil fuel reserves as resulted into increased dependency on renewable energy based products. Also, increasing government subsidies to install solar pumps is further expected to propel the market growth over the forecast period. Stringent government regulations to reduce carbon footprints are anticipated to accelerate solar pump market growth. However, high initial cost compared to conventional diesel pumps poses a key challenge for market players.
DC surface suction comprised three fourth of total solar pums market in 2017.
Increasing drip irrigation activities particularly in emerging economies of Asia Pacific is expected to drive solar powered DC suction pumps over the forecast period. While AC submersible pumps is foreseen to witness the highest growth rate over the forecast period.
Agriculture will remain dominant segment throughout the forecast timeframe in solar pump market.
In agriculture, clean and continuous water supply is essential. Regions where electricity supply is a problem and operating diesel pumps is expensive solar pump remain an advantageous choice for them. Increase in agricultural activities across globe coupled with water required for irrigation drives the agriculture application segment.
Asia Pacific region is foremost in solar pump market.
Countries in this Asia Pacific region such as China, India, Bangladesh, and Pakistan are major agricultural regions with plentiful availability of solar energy. Increasing agricultural activities coupled with government subsidies in the form of financial incentives to drive solar pump market in Asia Pacific. Trend towards reducing dependency on importing fossil fuels in the form of diesel and butane for their primary need for energy to generate electricity for agriculture and drinking water.
This report includes a study of marketing and development strategies, along with the Form portfolios of leading companies. It includes the profiles of leading manufacturers such as PM Pumpmakers GmbH, Mono, Megawatt New Energy, Solar Online, Dankoff Solar Pumps, Lorentz Technology, Polysolar, Franklin Electric, Tata Power Solar, Greenmax Technololgy, Sun Pumps, Shenzhen Sacred, Bodisun New Energy, Sun Edison, Jain Irrigation, Shakti Pump, CRI Pumps, Tata Power Solar and Kirloaskar Brothers.
Maximize market research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the solar pump market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making the informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global solar pump market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market of our clients and at the same time explain solar pump market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Solar Pump Market”.
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