Growth of Agriculture Solar Water Pumps Market Trends, Share, Industry Size

Posted by DenMark on February 5th, 2018

“Global Solar Pumps Market Analysis & Opportunity Outlook 2021”

The global solar pumps market is segmented by type such as submersible solar pumps, surface solar pumps and solar pool pumps. Among these segments, surface solar pumps segment is expected to witness significant growth over the forecast period. The world is currently witnessing a rapid depletion of non-renewable energy sources such as coal, petroleum, etc. and is shifting towards renewable sources of energy such as solar, wind, water, etc. Efforts are being made to utilize these renewable sources for wider applications. One such example of these efforts is development of solar pumps, which are highly efficient pumps running on solar panels.

Global solar pumps market is expected to register a CAGR of 34.3% over the forecast period. Moreover, the Global Solar Pumps Market is expected to reach at notable revenue by the end of 2021. Factors such as, growing use of renewable energy resources in order to curb carbon emission is expected to foster the growth of solar pumps market during the forecast period. Factors related to environmental concerns such as reducing carbon emission and increasing consumer awareness are driving the growth of solar powered products which in turn expected to increase the adoption of solar pumps in future.

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 i.e. 2015-2021. North America and Europe together are likely to witness a robust growth in global solar pumps market over the forecast period of 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.

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Environment and Energy Saving Concerns

Factors related to environmental concern such as carbon emission, global warming and increasing consumer awareness regarding benefits of using solar powered technologies are driving the growth of solar powered products. Further, wide range applications of solar pumps such as drinking water supply, drip irrigation, pond management, aquarium and swimming pool water circulation are expected to bolster the growth of global solar pumps market in near future.

Favourable Government Initiatives and Programmes

Governments of developed countries are encouraging the solar energy generating additions. For instance, U.S. has observed and inclination in its solar energy additives from 4% to 39% from 2010 to 2016. These encouragements are increasing the consumer awareness which is further anticipated to increase the demand for solar pumps. For instance, Indian government announced a target to install 1 million solar water pumps, equivalent to approximately 3,000 MW, for irrigation and drinking water by 2021. However, availability of alternative technologies and high required initial investment are some of the factors that are likely to inhibit the growth of the solar pumps market in the near 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, Tata Power Solar, Alternative Energy Store Inc., Grundfos, and C.R.I. Pumps Private Limited. 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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