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Solar Pumps Market Projected to Prosper at 11.7% CAGR by 2027

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News provided by

Future Market Insights

28 Mar, 2018, 14:45 GMT

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VALLEY COTTAGE, New York, March 28, 2018 /PRNewswire/ --

In a newly published research report titled "Solar Pumps Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)," Future Market Insights estimates the global solar pumps market to reach up from a value of US$ 822 Mn in 2017 to a value beyond US$ 2,000.0 Mn in the next decade. During the forecast period 2017-2027, the global market for solar pumps is projected to grow at a stellar CAGR of 11.7%.

     (Logo: http://photos.prnewswire.com/prnh/20161020/430874LOGO )

India to emerge the most lucrative and fastest growing regional market 

Middle East and Africa has been the top consumer of solar powered pumps over the years. China has also been a key market owing to substantial adoption of solar pumps. However, India has been expected to challenge MEA and China in terms of growth rate, emerging as the fastest growing region with the most attractive opportunities for solar pumps manufacturers.

Request a Sample Report with Table of Contents and Figures: https://www.futuremarketinsights.com/reports/sample/rep-gb-520

"Future Market Insights anticipates robust growth for the India solar pumps market at a CAGR of over 15.0% during 2017-2027," states a research analyst, (energy, mining, oil, and gas domain). Apart from India, the overall growth for Asia Pacific, precisely South East Asia Pacific is also likely to be on a higher side at a CAGR value of over 12%. In a nutshell, developing economies are slated for robust growth in the global solar pumps market over the next decade.

Indian market to witness hefty sales of solar pumps predominantly driven by governmental policies 

Relatively low awareness about installation and benefits of solar powered pumps among farmer communities has been a long standing challenge to limit the adoption of solar pumps in developing countries such as India. Future Market Insights however indicates that rapidly growing awareness since the recent past has already caused sales of solar pumps to surge and agricultural sector has now become the top consumer of solar pumps. Another impactful challenge to market growth is higher upfront costs. Favorable government schemes for farmers, coupled with increasing affordability, will fuel the market growth in near future. The Indian government has recently implemented several initiatives regarding renewable energy projects, resulting in a heap of tax and subsidy benefits.

Our advisory services are aimed at helping you with specific, customised insights that are relevant to your specific challenges. Let us know about your challenges and our trusted advisors will connect with you: https://www.futuremarketinsights.com/askus/rep-gb-520

Soaring demand from water-intensive end-use industry is another factor shaping the future of solar pumps market in India. Irrigation will remain the top application throughout the forecast period, owing to growing water conservation efforts at ground level and technological advances in agriculture. To support and encourage farmer communities for solar pumps deployment on a large-scale, the Government of India is providing an interest-subsidy and a reduced capital-subsidy. In addition, the government has been offering direct subsidies specifically for solar pumps promotion. Various NGOs are also taking efforts to popularize use of solar powered pumps in different parts of India. While the Indian market is being operated by key players such as Jain Irrigation, Shakti Pump, CRI Pumps, Tata Power Solar, and Kirloaskar Brothers, few global players are planning to launch their plants in India to capitalize on attractive opportunities.

View Report Preview at Solar Pumps Market Segmentation By type - Submersible, Surface; By capacity - Below 5PH, 5PH, 5-8PH, Above 8PH; By application - Irrigation, Drinking water, Industry, Others: https://www.futuremarketinsights.com/reports/solar-pumps-market

Insights from the Report 

Due to expensive prices of solar powered pumps, the market for solar pumps especially in developing countries such as India and Africa are highly dependent on government funding. "The Government of India has been taking strong steps towards solar pumps popularization since the past few years. The plan involves credit extensions to other developing countries to purchase solar pumps from manufacturers based in India. Moreover, the government also has plans to use the International Solar Alliance specifically for popularization of indigenously developed solar water pumps in Africa, with the help of NGOs. A few less developed countries in Africa are already experiencing the benefits of solar pumps installation in form of drastically increased farm yields and income of rural families. This will be the most important factor driving the market growth in India," opines an analyst at Future Market Insights.

Browse More: Energy, Mining, Oil, And Gas Market Insights

More from FMI's Cutting-edge Intelligence: 

Asia Pacific Upstream Oil & Gas Services Market Segmentation by Services Type - Inspection, Repair and Maintenance, Sampling, Decommissioning, ROV Drill Support, SURF Support, Seismic and Geophysical Services: https://www.futuremarketinsights.com/reports/asia-pacific-upstream-oil-and-gas-services-market

Intelligent Pigging Services Market Segmentation: By Technology - Magnetic Flux Leakage (MFL) And Ultrasonic Test (UT); By End Use Industry - Oil, Natural Gas; By Region - North America, APEJ, Latin America, Weston Europe, Easton Europe, Middle East & Africa, Japan: https://www.futuremarketinsights.com/reports/intelligent-pigging-market

Wood Pellet Market Segmentation By Feedstock Type - Forest Wood & Waste, Agriculture Residue, Others (energy crops, food waste and virgin lumber); By Heating Application - Free Standing Pellet Stove, Pellet Stove Inserts, Pellet Boilers; By Application - Industrial Pellet for CHP/District Heating, Industrial Pellet for Co-firing, Pellet for Heating Residential/ Commercial, Other (horse bedding, absorbent): https://www.futuremarketinsights.com/reports/wood-pellet-market

ABOUT US: 

Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.

CONTACT:  
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
F: +1-845-579-5705
T (UK): + 44 (0) 20 7692 8790
Sales: sales@futuremarketinsights.com

Press Office: Press@futuremrketinsights.com

FMI Blog: http://www.fmiblog.com/

Website: http://www.futuremarketinsights.com

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