LOS ANGELES, BEIJING, LONDON and PUNE, India, October 3, 2018 /PRNewswire/ --
QY Research has recently published a detailed research report on the global solar water pumps market for the projected period of 7-years. In this report, the analysts have considered 2017 as a base year while forecast period is between 2018 and 2025, which is useful in estimating the market size of solar water pumps. According to this new and one of its kind report, global solar water pumps market was valued at US$ 822 Mn in the year 2017 and is anticipated to attain the value of US$ 1892 Mn by the end of 2025, expanding at healthy CAGR of 11% throughout the forecasted period.
The global market for the solar water pump is expected to show a healthy growth during the projected period. One of the significant reasons behind this growth is the increasing demand for solar water pumps to fulfill the requirement of a wide range of water from household use and from agricultural irrigation.
Solar power water pumps are relatively cheap than other water pumps. One of the key reasons behind it is almost all the solar water pumping systems store water which can be used later when the sunlight is not available. Because of this, the constant need for batteries is eliminated completely, which also decreases the overall cost of the solar water pumps. Apart from it, favorable initiatives and policies of governments across developing countries in Asia, especially in India are encouraging to adopt the solar water pumps which are ultimately rising the growth of the global market.
Rising demand for solar water pumps from water-intensive industries is one of the important factors which is influencing the growth of the global solar water pump market. Additionally, subsidy and tax benefits due to rising support from the government to boost renewable energy projects, are likely to create a positive impact on the global market for the solar water pump.
Asia Pacific region to dominate the global solar water pump market throughout the projected period
Asia Pacific region dominated the global market for solar water pump in 2017 with around 40% revenue share. This tremendous demand from Asia Pacific region is driven by the various initiatives taken by the countries such as China and India for the promotion of sustainable development. Both the countries have taken initiatives to increase the installation of solar photovoltaic. Thus increasing number of installation of photovoltaic in China is likely to fuel the market growth in Asia Pacific region.
Global Solar Water Pump Market: Segmental Analysis
Based on products, the global market for the solar water pump is segmented into Alternate Current (AC) Pump, Submersible Pumps, Direct Current (DC) Pumps, and Surface Pumps. On the basis of applications, the global solar water pump market is segmented into agriculture, residential, industrial, commercial and other.
India-based Jain Irrigation Systems acquires US-based irrigation tech firm ET water
Jain Irrigation System- one of the key players in the Indian solar water pump market has recently declared that its US subsidiary which is known as Jain Inc. has acquired ETwater. ETwater is a reformer of intelligent irrigation technology based on cloud. This California-based company is committed to help in solving the problem of scarcity of water. After merging with Jain Irrigation System, ETwater will help in making the bigger impact in decreasing water waste in landscape irrigation.
The other key players operating in the global solar water pump market are Greenmax Technology, JNTech, MNE, JISL, Solar Power & Pump, Tata Power Solar, Dankoff Solar, Grundfos, Lorentz, Symtech Solar, Shakti Pumps, Hanergy, CRI Group, and ADA.
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