Solar Pumps Market Consumption and Revenue Forecast by Regions 2022

26^th November 2019 – The global solar pumps market is expected to reach USD 3.63 Billion by 2022. The market is expected to gain a positive traction in the forthcoming period. Photovoltaic panels are usually used for agricultural operations, particularly in remote areas where alternative energy source is needed. The major benefits in using solar panels have resulted in a reliable produce that is sufficient in directing electricity from solar radiation in order to supply power livestock and irrigation systems. Other reasons such as powering agricultural water pump systems raises water requirements for irrigation and livestock to concur with increased solar energy.

Product segmentation for solar pumps market includes DC suction and AC submersible pumps. DC suction pumps have emerged as the leading product accounting for more than 70% of the solar pumps market. AC submersible pumps have witnessed a higher growth in the forecast period owing to increase in use.

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The solar pumps market is driven by factors such as consumer awareness and rise in modernization of agriculture, shift in energy usage trends, rise in government subsidies and financial incentives. In addition, the demand for clean water supply needed to fulfill agricultural objectives adds to the growth of market during the forecast period. Higher depletion rate of natural resources also adds to the market growth in the forecast period.

Geographical segmentation for solar pumps industry includes North America, South America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific market is highly driven by rise in government subsidies and low dependency on fossil fuels. In addition, rise in government initiatives to install solar pumps for residential use also stimulates the market growth in the forecast period.

North American and European market is likely to gain a significant market share due to consumer awareness and stringent norms for pollution control. The key players in the solar pumps market include SunEdison, USL, Bright Solar, Lorentz, CRI Pumps, Shakti Pumps and Tata Power Systems Ltd.

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