Solar Pump Market is Projected to Reach $2.05 Billion by 2027

Based on product, the submersible segment contributed to the largest share in 2019, accounting for more than half of the global solar pump market, and is estimated to maintain its dominant position during the forecast period. Submersible solar pump is utilized for domestic water supply to large residences and multi storied apartments and dewatering of mines. This fact drives the growth of the segment. However, the floating segment is expected to register the highest CAGR of 8.7% from 2020 to 2027. The increasing use of floating solar pumps for bird bath, fish tank, small pond, pool, and garden decoration is expected to drive the growth of the segment.

Based on end-user industry, the agriculture segment accounted for the largest share in 2019, holding nearly two-thirds of the global solar pump market, and is anticipated to lead the trail throughout the forecast period. Furthermore, the segment is estimated to portray the highest CAGR of 7.2% during the forecast period. The study also analyzes segments including water management and others.

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Based on region, Asia-pacific contributed to the highest share, accounting for more than half of the global solar pump market in 2019, and will maintain its dominance throughout the forecast period. This is attributed to increase in government initiatives in region such as India, drive the market growth in this region. However, Europe is expected to grow at the highest CAGR of 8.5% from 2020 to 2027. This is owing to means of innovations and development inside the solar industry and implementation of stringent environmental rules to reduce carbon emission in this province. On the other hand, North America is expected to register the CAGR of 7.3% during the forecast period.

Increase in demand for solar pump in agricultural applications and supportive government regulations for use of photovoltaic technology augment the growth of the global solar pump market. On the other hand, high cost associated with installation and barriers in adoption of solar water pump impede the market growth to certain extent. Nevertheless, technological advancement in emerging economies anticipates to usher a number of opportunities for the industry.

The key players in the solar pump market report include TATA Power Solar Systems Ltd., Shakti pump, CRI Pump Pvt. Ltd., LORENTZ, Vincent Solar Energy, The Lubi Group, Samking Pump Company, Greenmax Technology, AQUA GROUP, and Oswal Pump Ltd.

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Key Findings of the solar pump market Study:

The floating segment is projected to grow with a CAGR of 8.7% during the forecast period.

Agriculture is projected serve as a lucrative segment for manufacturers to invest in the future.

Europe is expected to grow with a CAGR of 8.5% during the forecast period.

The submersible and surface suction segments collectively accounted for around 83.3% market share in 2019, with the former constituting around 55.3% share.

Covid-19 scenario:

Due to the COVID-19 outbreak, operations in the global solar industry have been disrupted.

The solar industry imports nearly four-fifths of its main solar panel material from China. However, the pandemic has impacted the manufacturing capacities of China. Also, the disruptions in exports and imports have led to the shortage of raw material.

Moreover, the manufacturing industries have initiated working processes with concern to the precautionary measures, as relaxations have been issued by the government.

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