- The worldwide solar pumps market was estimated to have attained a size of about USD 0.28 billion in 2014. It is predicted to rise to around USD 3.6 billion by 2022. The market is likely to achieve a CAGR of about 37.6 percent during 2015 to 2022. Augmented governmental assistance in relation to tax benefits and funds in the regions of Africa and Asia Pacific is also projected to boost the solar pumps market through the forecast phase. In addition, robust switch towards the substitution of electric pumps and diesel to decrease dependency on conventional energy is also projected to steer the sales of the market.For Market Research Report on “Solar Pumps Market ” Visit –http://www.grandviewresearch.com/industry-analysis/solar-pumps-marketNations, like India, China, Bangladesh, Pakistan and Nigeria have set objectives to decrease imports of fossil fuels and profit from the same. These regions have plenty of solar energy provisions with a large prospective of tapping renewable energy. This factor is also predicted to amplify the demand for the solar pumps market through the forecast phase. Rising governmental funds in favor of solar pumps are also estimated to further the market. Intensified reliance on products based on renewable energy due to reducing fossil fuel reserves is also anticipated to propel the sales of the solar pumps market.
Solar pumps are mainly utilized for cultivation and drinking. Harsh governmental regulations to decrease carbon footprints in the environment are also expected to push further development of the solar pumps market in the coming seven years. However, high preliminary expenses of solar pumps in comparison to conventional diesel pumps are acting as a significant hindrance for participants of the market. The solar pumps market is trifurcated on the basis of three categories. These are applications, products and regions.
Cultivation was the leading application sector of the solar pumps market in 2014. It captured more than 60 percent of the share. Worldwide rise in cultivation operations and boosting demand for water for irrigation purposes are estimated to steer the solar pumps market ahead in this sector. Governmental funds to farmers and solar pump makers, specifically in the developing regions of Asia Pacific, are likely to augment the demand for the market for cultivation in the coming seven years.
DC suction surfaced as the dominating product sector of the solar pumps market in 2014. This sector captured more than 80 percent of the entire market that year. Rising operations of drip irrigation in the developing markets of Africa and Asia Pacific are projected to steer the sales of the DC suction solar pumps market in the years ahead.
Asia Pacific rose as the biggest solar pumps market in 2013. The region occupied more than 30 percent of the entire share in terms of volume. Growing governmental funds and lessening of imports of fossil fuels for agricultural operations are estimated to drive the market forward in this region. Africa and Middle East are likely to generate huge profits in the years to come. The Asian Pacific solar pumps market is anticipated to be propelled forward by India, China, Pakistan and Bangladesh.
Information Source: Grand View Research