Solar pump market to grow at 29.54 % CAGR during the forecast period.
Increasing dependency on renewable energy based products drives solar pumps market over the forecast period. 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 expected to accelerate solar pumps market growth. However, high initial cost compared to conventional diesel pumps poses a key challenge for market players.
DC surface suction is the leading product for solar pumps and accounted for three fourth of total solar pumps 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. Escalating demand for greater efficiency solar pumps particularly in emerging economies of India is predicted to drive the demand for AC submersible pumps during the forecast period. AC submersible pumps are especially designed to pump groundwater from deeper wells or boreholes where DC suction pumps cannot be utilized.
Agriculture is dominant application segment of solar pumps and will remain dominant throughout the forecast. Increase in agricultural activities across globe coupled with water required for irrigation drives the agriculture application segment. Clean and continuous water supply is essential to remote place of various regions where electricity supply is a problem and operating diesel pumps is expensive.
Asia Pacific region is foremost in solar pump market with two third share of total market volume in 2017. Increasing agricultural activities coupled with government subsidies in the form of financial incentives to drive solar pumps market in Asia Pacific. Countries in this region such as China, India, Bangladesh, and Pakistan are major agricultural regions with plentiful availability of solar energy. The swing in 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.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding solar pump market dynamics, structure by identifying and analyzing the market segments and project the market size. Further, the report also focuses on a competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER's analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in solar pump market.
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Scope of Global Solar Pumps Market
Global Solar Pumps Market, By Product:
• DC Surface Suction
• AC Submersible
• DC Submersible
• AC Floating
Global Solar Pumps Market, By Application:
• Drinking Water
Global Solar Pumps Market, By Region:
• North America
• South America
• Asia Pacific
• Middle East & Africa
Key Player analyzed in the report for Global Solar Pumps Market:
• PM Pumpmakers GmbH
• Megawatt New Energy
• Solar Online
• Dankoff Solar Pumps
• Lorentz Technology
• 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
• Kirloaskar Brothers
• Schnieder Electric
• Bernt Lorentz GmbH & Co. KG
• Claro Energy Private Limited
• Waaree Energies Ltd.
• Zhejiang Taifu Pump Company Ltd.
• Yozeal New Energy Technology Co.,Ltd
• PM Pump Makers GmbH
• Solar Power & Pump Company
• Rainbow Power Co., Ltd.
• Wenling Jintai Pump Factory
• American West Windmill & Solar Company
• Bright Solar Water Pumps
This Report Is Submitted By : Maximize Market Research Company
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