FMI has released a new market research study on the solar pumps market that includes global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report investigates the solar pumps market and provides critical insights for the forecast period of 2019-2029. As per the study, the solar pumps market is projected to experience generous growth throughout the forecast period due to several governmental policies and regulations, and increasing dependency on renewable source of energy.
- The solar pumps market size in 2019 is estimated to be valued at ~US$ 1 Bn.
- The solar pumps market is estimated to grow at a CAGR of ~12% during the forecast period of 2019-2029.
Request a Sample of this Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-520
The solar pumps market is likely to cross the one billion mark in 2019, and grow notably at a CAGR of ~12% during the forecast period of 2019-2029. This growth is significantly driven by significant reduction in prices of solar pumps, solar panels, and power systems, along with the cost-effective installation process.
South Asia to Offer New Lucrative Opportunities
South Asia is expected to show substantial upsurge in the solar pumps market owing to the high operating costs of diesel motors and non-reliable energy distribution in countries, such as India, Thailand, and Malaysia. The region accounts for a maximum number of villages, which are deprived of electricity and lag access to the grid electricity. India is expected to witness substantial growth in the solar pumps market, owing to the cost-effectiveness and operational efficiency of solar pumps. Moreover, solar pumps reduce irrigation and electrification costs. ASEAN countries are projected to hold a significant share in the solar pumps market, on the account of increasing focus on low carbon emission in these countries. Rapid inclination of aforementioned countries towards installations of solar pumps is creating further opportunities for the market players.
We Offer tailor-made Solutions to fit Your Requirements, Request Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-520
Supportive Governmental Policies Propelling the Market Growth
The global solar pumps market has been segmented based on the product, capacity, applications, and regions, such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa.
- Government authorities and NGOs associated with the promotion of renewable energy have succeeded to offer greater support to solar pump buyers through banking and financial institutions to offset the market restraints of high capital cost.The organizations involved, are taking collective measures to facilitate the flow of funds into solar projects, aggregate the demand within countries, standardize asset-structuring across countries, and establish an ecosystem of financial instruments to mitigate some of the investment risks. Adding to this, the funds for research & development (R&D) are also rising, which will help commercialize models and make them available for larger public use. As a result, the solar pumps market is expected to grow notably during the forecast period.
- The solar water pumps market in India and other developing countries is primarily driven by both national and state-level government schemes addressing irrigation and rural drinking water requirements.The government offers subsidy schemes to help individuals and organizations procure these solar energy systems at reduced capital cost, which is a major driver for the marker as the cost of installing solar pumps is relatively very high when compared to the capital required for installing conventional pumps. This, in turn, is expected to drive the solar pumps market during the forecast period.
- Governments worldwide are actively encouraging the usage of solar pumps to replace diesel and electricity-based pumps to move away from non-renewable energy sources and reduce the carbon footprint, ultimately promoting climate change. Developing countries, such as India, China, Bangladesh, and Australia are expected to emerge as game changers owing to their emission pattern. This factor might lead to a positive impact on the solar pumps market growth.
Market Segmentation
By Capacity
- Below 4 HP
- 4-6 HP
- 6-8 HP
- Above 8 HP
By Product Type
- Submersible
- AC
- DC
- Surface
- AC
- DC
By Application
- Farming
- Irrigation
- Livestock
- Aquaculture
- Residential
- Building
- Drinking
- Commercial
- Swimming Pool
- Pond Management
- National Parks
- Industry Water Treatment
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- MEA
Direct Purchase of this Report@ https://www.futuremarketinsights.com/checkout/520
Solar Pumps Market: Vendor Insights
The report highpoints some of the prominent market players, who have established themselves as global leaders in the solar pumps market. Few examples of key players in the market are KSB SE & Co. KGaA, Kirloskar Brothers Limited, Grundfos, Franklin Electric, BW Solar (Waterboy), Shakti Pumps (India) Ltd., Stanley Black & Decker, Inc., Glynncorp Electrical, and Bernt Lorentz GmbH & Co. KG, among others.The global solar pumps market is significantly prominent, by some players holding prominent shares of the market. Tier-1 players are focusing on mergers, acquisitions, and joint ventures with local market players and deploying advanced 4HP and 4HP-6HP solar pumps to achieve positive traction and healthy competitive edge over its competitors.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com/