Solar pumps are gaining traction due to the growing adoption of solar energy, and are anticipated to witness high demand growth in the coming years.
ROCKVILLE, MD / ACCESSWIRE / April 15, 2020 / Swiftly increasing awareness regarding the hazardous effects of carbon emissions on the environment and health is propelling the demand for solar energy-based products. Projecting the market growth at a robust CAGR of 11.8% during the forecast period (2019 – 2029), a new market study by Fact.MR provides an inclusive analysis of the solar pumps market. The growth is further complemented by the inclination towards renewable energy sources in growing economies in the Asia-Pacific region.
Solar Pump Market – Key Takeaways
- Based on capacity, 4-6 HP solar pumps remain the most sought-out product type, and will hold maximum share in terms of value accounting for more than 1/3rd of the global market share.
- Invigorated by their high efficiency, productivity and low maintenance cost, the submersible pump segment will provide substantial revenue opportunities.
- South Asia remains the leading regional market for solar pump sales, and is projected to grow at a higher pace than North America during the forecast period.
- Backed by government subsidies, India is projected to create an absolute $ opportunity between 2019 and 2029.
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Solar Pump Market – Key Driving Factors
- Growing agricultural activities across the globe, coupled with high water demand for irrigation activities are giving momentum to increase applications of solar pumps in the farming segment.
- The environmental benefits of solar pumps, as opposed to other conventionally powered pumps, are sprouting the worldwide demand for solar pumps.
- Growing economies in the Asia-Pacific region are shifting their focus towards renewable energy sources to lower energy consumption and minimize environmental impact, thereby impelling the market.
Solar Pump Market – Key Restraints
- The high cost of solar pumps makes it unaffordable for small-scale farmers, thus limiting the end-users.
- Accessibility of high-quality pumps and efficient after-service remain major issues in several countries.
- Lack of basic understanding of the set-up and functions of solar pumps leads to challenges in daily operations and maintenance.
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The Impact of Coronavirus Pandemic
While the solar pumps industry is significantly resilient to market stresses, manufacturers are currently paying close attention to the changes taking place in the industry, arising from the covid-19 pandemic. The complete ramifications of the coronavirus outbreak on the solar pumps industry is still not completely clear.
However, so far, the covid-19 pandemic has disrupted a number of delivery schedules, through impacted supply chains for materials and components, and an inadequate workforce, which could impact the capabilities of manufacturers to meet installation and project completion deadlines. Manufacturers will continue to grapple with the challenges of meeting production targets while remaining in compliance with the increasingly strict measures being set up by governments around the world.
Competition Landscape
Some of the key players in the solar pump market are KSB SE & Co. KGaA, Kirloskar Brothers Limited, Grundfos, Franklin Electric, BW Solar (Waterboy), Stanley Black & Decker Inc., Glynncorp Electrical, and Bernt Lorentz GmbH & Co. KG, among others. The market players are focusing on expansion and are launching new products to strengthen their global presence
About the Report
This 170-page study offers readers a comprehensive market forecast of the global solar pump market. With historical demand data (2014-2018) and forecast statistics for the period, 2019-2029, the study divulges compelling insights on the solar pump market on the basis of type (submersible (alternating current, direct current), surface (alternating current, direct current) capacity (below 4 HP, 4-6 HP, 6-8 HP, above 8 HP), and application (farming (irrigation, livestock, aquaculture), residential (building, drinking), commercial (swimming pool, pond management), national parks, industrial water treatment) across seven major regions.
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About Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over a thousand reports and 1 million+ data points, the team has scrutinized the Food & Beverages sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: FactMR
View source version on accesswire.com:
https://www.accesswire.com/585205/Solar-Pump-Market-Accelerated-by-Rising-Preference-for-Solar-Energy-Sales-Record-a-Slowdown-Due-to-COVID-19-Outbreak-Says-a-New-FactMR-Report
