Solar Pump Market is projected to reach $2.05 billion by 2027, At CAGR of 6.8%

Solar pump market growth is driven by increase in agricultural activities coupled with rise in need for water extraction. Adoption of renewable electricity generation methods along with focus on carbon emission reduction further boost the market growth.

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Solar water pump facilitate efficient use of electricity for increasing agricultural productivity. Around 40% of the worldwide populace is based on agriculture, as its primary supply of income, yet access to water remains an ongoing war for many. Fee reductions in economies such as India, Japan, and Africa for solar water pump has the ability to make modern-day irrigation available and fee-powerful for almost 500 million small-scale farmers international. The major focus is on small-sized sun water pump (50–1,000W), as these are used by most of the consumers. Government of the emerging economies such as India, Japan, and Africa are accelerating development and commercialization of solar pump.

By end-user industry, the solar pump market trends are studied across agriculture, water management, and others. The agriculture segment was the highest contributor to the market, and is expected to grow at a CAGR of 7.2% during the forecast period. Countries in Asia-Pacific, such as India, are increasingly installing solar pump for water irrigation purpose. As solar energy is easily available, it is expected that the demand for solar pump, particularly for farming application, will increase notably.

Asia-Pacific and Europe collectively accounted for around 77.1% share in 2019, with the former constituting around 55.0% share. Europe and North America are expected to witness considerable CAGRs of 8.5% and 7.3%, respectively, during the forecast period. The cumulative solar pump market share of these two segments was 37.5% in 2019, and is anticipated to reach 41.0% by 2027.

The key players involved in the global solar pump market are:

Vincent Solar Energy
TATA Power Solar Systems Ltd.
Shakti pump
CRI Pump Pvt. Ltd.
Oswal Pump Ltd.
LORENTZ
The Lubi Group
Samking Pump Company
Greenmax Technology
AQUA GROUP

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The following are the regions covered in this report.

North America [U.S., Canada, Mexico]
Europe [Germany, UK, France, Italy, Rest of Europe]
Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
South America [Brazil, Argentina, Rest of Latin America]
Middle East & Africa [GCC, North Africa, South Africa, Rest of Middle East and Africa]

Impact of COVID-19 on global solar pump market

The outbreak of COVID-19 has led to shortage of manpower in solar industry, loss of components & gadgets, and discriminating expenditure by users. It is expected that social distancing will be followed for a couple of months, and public transport, particularly trains and buses will take time to resume their operations. This has led to disruption of supply chain of solar industry, due to the lockdown implemented by the governments.

Key Findings of the 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.

Reasons for Buying this Report:

Complete analysis on market dynamics, market status and competitive solar pump view is offered.

Forecast Global solar pump Industry trends will present the market drivers, constraints and growth opportunities.

The five-year forecast view shows how the market is expected to grow in coming years.

All vital Global solar pump Industry verticals are presented in this study like Product Type, Applications and Geographical Regions.

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