Press release
Submersible Solar Pumps to Acquire Majority Chunk of the Global Solar Pumps Market by 2031 End
Solar Pumps Market
The report offers actionable and valuable market insights of Submersible Solar Pumps. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Submersible Solar Pumps Market across various industries and regions.
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This newly published and insightful report sheds light on Market Insights of Submersible Solar Pumps, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Submersible Solar Pumps Market.
The global solar pumps market was valued at US$ 1.1 Bn at the end of 2019 and is anticipated to surpass US$ 3.5 Bn during the forecast period. Solar pumps are witnessing immense penetration in the farming sector and it is anticipated to capture a significant chunk of the market share throughout the forecast period. A spurt in agricultural activities across the globe, coupled with high water demand for irrigation is set to drive the farming application segment.
The demand for solar pumps in the farming sector is rapidly increasing and is anticipated to grow significantly in the near future as farming is one of the prime contributors to GDP in many regions globally. Moreover, solar pumps leave minimal environmental impact vis-à-vis other conventionally powered pumps that have observed prolific growth in the worldwide market of solar pumps. The newest report by Fact.MR estimates that the farming sector will account for more than 66% of the total global value share and is projected to grow at a value CAGR of 12.5% during the forecast period 2019-2029.
Key Takeaways of Solar Pumps Market
• Global solar pumps market is expected to create an absolute $ opportunity of more than US$ 2.3 Bn and is anticipated to expand 3X from 2019 through 2029
• 4-6 HP solar pumps will hold maximum share in terms of value accounting for nearly 39% of the total market share and are projected to be valued at US$ 1.3 Bn by the end of forecast period (2019-2029)
• South Asia is projected to hold maximum share in global solar pumps market and is expected to grow ~3.7X more than North America by the end of forecast period
• India is projected to create an absolute $ opportunity of US$ 654.1 Mn between 2019 and 2029 and is estimated to be valued at US$ 865.9 Mn in 2029
“Solar pumps are still in the introduction phase of the market and scope of applications where it can be used are still being explored. Given the growing adoption of solar pumps, they are anticipated to witness high demand growth in the coming years.” Says the Fact.MR’s analyst
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Product Launch and Expansion Paves Way for Future Growth Prospects
The report reveals some of the prominent key players, including KSB SE & Co. KGaA, Kirloskar Brothers Limited, Grundfos, Franklin Electric, BW Solar (Waterboy), Stanley Black & Decker Inc., Glynncorp Electrical, Bernt Lorentz GmbH & Co. KG, and others. Prominent players are focusing on expansion and new product launches to strengthen their global presence. For instance,
• In 2019, Stanley Black & Decker launched STANLEY Earth with the introduction of solar powered water pumps, to empower farmers of India
• In 2019, Grundfos inaugurated its new sales office in Surabaya, Indonesia to enhance customer experience in key segments
Key Segments of the Solar Pumps Market
Fact.MR’s study on the solar pumps market offers information divided into four key segments— type, capacity, application, and region.
This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Type
• Submersible
• Alternating Current (AC)
• Direct Current (DC)
• Surface
• Alternating Current (AC)
• Direct Current (DC)
Capacity
• Below 4 HP
• 4-6 HP
• 6-8 HP
• Above 8 HP
Application
• Farming
• Irrigation
• Livestock
• Aquaculture
• Residential
• Building
• Drinking
• Commercial
• Swimming Pool
• Pond Management
• National Parks
• Industry Water Treatment
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Key Question answered in the survey of Submersible Solar Pumps market report:
• Sales and Demand of Submersible Solar Pumps
• Growth of Submersible Solar Pumps Market
• Market Analysis of Submersible Solar Pumps
• Market Insights of Submersible Solar Pumps
• Key Drivers Impacting the Submersible Solar Pumps market
• Which are the Key drivers impacted by
• Submersible Solar Pumps market
• Restraints Shaping Market Growth
• Market Survey of Submersible Solar Pumps
Solar Pumps Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the solar pumps market, and reach conclusions on future growth parameters of the market.
This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the solar pumps market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases.
Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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