- Increasing energy crisis across the globe is key in pushing up the use of solar pumps and thus driving the overall market development
- Solar revolution is increasingly becoming realty and not just remain mere concept as these solar pumps are being increasingly installed in key geographical regions
ALBANY, New York, March 20, 2020 /PRNewswire/ -- Transparency Market Research has published a new research report that provides detailed information about the overall working dynamics of the global solar pumps market. The research report shed light on the key segments, vendor landscape, and both driving as well as restraining factors of the global market. As per the research report, the global solar pumps market is projected to exhibit a highly promising growth rate of ~12% over the course of the given forecast period of 2019 to 2027. With such massive rate of development, the market was projected to reach valuation of US$1.3 Bn in 2019 and will touch a mark of US$3.1 Bn by the fall of 2027.
Global Solar Pumps Market – Key Takeaways
Leading manufacturers are constantly focusing in improving the production of AC submersible solar pumps.
Naturally, this segment is projected to witness a higher growth than its unprotected counterpart, i.e. surface solar pumps.
The segment is also projected to witness improved innovations and upgrades in terms of operating functions and range of performance.
The segment of AC pumps is projected to have a stronger market growth as compared to DC ones due to their lower maintenance and cost efficiency.
In terms of application, the agriculture segment is projected to be chief contributor for the overall development of the global solar pumps market.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Solar Pumps Market by Product Type: Submersible Pumps, Surface Pumps; Operation: AC Pumps and DC Pumps; Application: Agriculture, Drinking Water, Municipal Engineering, and Others. At https://www.transparencymarketresearch.com/solar-pumps-market.html
Global Solar Pumps Market – Prominent Growth Factors
Increasing use of solar energy for applications such as irrigation and agricultural activities across the world is the biggest driving factor for the development of the global solar pump market.
Decline in the prices of solar equipment is also a playing an important role in the development of the global market.
In addition to this, subsidies and rebates issued by governments on use of solar equipment is also encouraging improved sales and thus driving market growth.
With increasing cry about environment conservation, solar pumps offer a perfect alternative for gas and oil fracking activities.
Increasing demand from agrarian countries across the globe to further fuel the overall development of the global solar pumps market.
Currently, the global market for solar pumps is being led by the regional segment of Asia Pacific.
The region is home to several agrarian economies such as India, Bangladesh, and China who all have favorable weather conditions for use of solar pumps.
Governments in these countries are making strong efforts to improve uptake of these products creating lucrative growth opportunities for the market leaders.
Analyze Solar Pumps market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Solar Pumps Market – Key Market Players
Some of the notable players in the global solar pumps market are Bernt Lorentz GmbH, Bright Solar Ltd., C.R.I. Pumps Private Limited, Dankoff Solar Pumps, and Greenmax Technology among others.
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