The global solar pumps market has been segmented into submersible pumps, surface solar pumps, solar pool pumps, agriculture, drinking water and oil & gas among others. Among these segments, the agriculture segment is anticipated to dominate the market for solar pumps globally. It can be attributed to the initiatives taken by government of different regions. This factor is envisioned to strengthen the growth of global solar pumps market.
The global solar pumps market is anticipated to witness a substantial compound annual growth rate (CAGR) of 34.3% over the period 2015-2021. Factors such as rising awareness, ease of operating and energy efficiency are anticipated to drive the demand for global solar pumps market. Further, Growth of agricultural sector coupled with insufficient supply of power in emerging countries is expected to garner the growth of global solar pumps market over the forecast period
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In the regional segment, Asia Pacific dominated the global solar pumps market by 34.0% share in terms of volume in the year 2015 and is anticipated to witness the highest CAGR of 43.6% during 2015-2021. This can be attributed to increasing government support to farmers in terms of subsidies in countries such as India, Bangladesh and China. Further, North America and Europe together are likely to witness a robust growth in global Solar Pumps Market over the period 2015-2021. The market in these regions is likely to get escalated from formulations of mandatory government regulations regarding use of clean fuels in industries to curb the detrimental effects of global warming.
Rising Government Programs to Hone the Market
The increasing government programs to promote use of solar energy and increasing environmental concerns towards use of clean energy is envisioned to bolster the global solar pumps market over the coming years.
However, high initial investment in solar pumps is anticipated to restrain the development of the global solar pumps market in future.
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The report titled “Global Solar Pumps Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global solar pumps market in terms of market segmentation by type, by end use and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global solar pumps market which includes company profiling of Bright Solar, Lorentz, Sun Edison, Shakti Pumps and Tata Power Solar among others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global solar pumps market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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