Press release
Solar Pump Market is Expected to Witness Market Growth at a Rate of 6.8%
The solar pump market is expected to witness market growth at a rate of 6.8% in the forecast period of 2022 to 2029 and is expected to reach USD 2.4 billion by 2029.
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Market Overview:
Major factors that are expected to boost the growth of the solar pump market in the forecast period are the rise in the demand for alternative energy sources and initiatives taken by the government authorities. Furthermore, the growing urbanization is further anticipated to propel the growth of the solar pump market. Moreover, the increasing need for solar pumps in domestic applications is further estimated to cushion the growth of the solar pump market. On the other hand, growing initial investment costs is further projected to impede the growth of the solar pump market in the timeline period.
Some of the major players operating in the Solar Pump market are Vincent Solar Energy., Tata Power Solar Systems Ltd., Shakti pumps (India) Ltd., Oswal Pump., LORENTZ., Lubi Industries LLP., SAMKING Solar Pump, Greenmax Technology., Aquasub Engineering., Stanley Black & Decker, Inc., KSB SE & Co. KGaA, Premier Energy Holdings., SunEdison Inc., and C.R.I. Pumps Private Limited among others.
Global Solar Pump Market Scope
The solar pump market is segmented on the basis of type, capacity and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
On the basis of type, the solar pump market is segmented into submersible and surface.
On the basis of capacity, the solar pump market is segmented into Below 4 HP, 4-6 HP, 6-8 HP and Above 8 HP.
On the basis of application, the solar pump market is segmented into farming, residential, commercial, national parks and industry water treatment.
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