Press release
Solar Pumps Market Globally Expected to Drive Growth through 2025
Agriculture Segment to Remain the Most Lucrative in the Global Solar Pumps Market
Global solar pumps market to reach up from a value of US$ XX Mn in 2018 to a value beyond US$ XX Mn during the forecast period 2018-2025. Solar pumps is projected to grow at a stellar CAGR of XX%.
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Market Drivers
The key factors fueling the growth of the global market are
• Assenting development in agriculture
• Rising government aid on tax along with subsidies benefits
• Demand for further water-intensive manufacturing
• Demand for places where grid electricity is inaccessible and alternate sources, particularly wind do not supply satisfactory energy.
• Change in industry focus towards environmental aspects
Market Restraints
The overall market is like to be hampered by the following factors:
• High investment cost
• After sales services
• Availability of spare parts on time
Market Segmentation
The overall solar pump market is categorized by product type, by application type and by region.
Forecast by product type
Based on product type, the overall market is sub-segmented into DC submersible, floating pump set or direct current surface pump, alternating current AC floating and AC surface or submersible pump set.
Forecast by application type
Based on the application type, the overall market can be sub-categorized into agriculture purpose, drinking water and others (oil, chemical & gas). The agriculture purpose segment is expected to be the lucrative market and is set to witness the highest growth during the forecast period, 2015-2025.
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Forecast by region
The overall market is studied across into seven prominent regions, namely
• Latin America (Mexico. Brazil)
• North America (U.S., Canada)
• Eastern Europe (Poland, Russia)
• Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
• Japan
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• The Middle East and Africa (GCC, S. Africa, N. Africa)
The APAC region among other regions is anticipated to be witness a rapid growth along with retaining the maximum market shares in the overall market. The government is setting up several policies in countries such as Japan, China and India to support the agriculture growth. The region is likely to grow to manifold a CAGR during the assessment period.
Key Market Players
A number of prominent market participants in the worldwide solar pumps market include
• Lorentz
• TATA Power Solar Systems
• SunEdison
• Bright Solar
• USL
• Shakti Solar Pumping Systems
• Jain Irrigation”
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