Analysis of Solar Pumps market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The hazardous effects of carbon emissions on the environment as well as on health is rapidly increasing the demand for products that run on solar energy.
Developed nations and growing economies in the Asia-Pacific region have been shifting their focus towards renewable energy sources to reduce energy consumption.
This, in turn, is expected to have a positive impact on the growth of solar pumps market. In addition, the governments of several countries are offering various incentive schemes such as subsidies for the installation of solar pumps to promote the use of renewable energy.
This is therefore anticipated to create a plethora of opportunities for players operating in the solar pumps market.
Solar pumps have zero operational costs coupled with higher efficiency and longer lifespan as compared to conventional pumps which in turn is prompting consumers to invest in solar pumps.
In Fact. MR’s report, it is estimated that the solar pumps market will account for US$ ~1.1 Bn in 2019 in terms of value and is anticipated to grow at a robust CAGR of 11.8% by the end of the forecast period 2019-2029.
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The alternating current (AC) submersible pumps are specially designed to pump groundwater from boreholes or deeper wells, where surface pumps cannot be utilized.
Owing to its high efficiency, productivity and low maintenance cost in the agriculture sector, the submersible solar pumps are definitely more in demand as compared to surface pumps.
The submersible solar pumps segment is projected to create an absolute $ opportunity of more than US$ ~1.6 billion, and projected to be valued at more than US$ 2.4 billion by the end of the forecast period (2019 – 2029), predicts the report recently published by Fact.MR.
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The governments in South Asian countries are offering various subsidy schemes to help individuals and organizations in procuring these solar energy systems at reduced capital cost.
For instance, in India, Ministry of New and Renewable Energy (MNRE) and the National Bank of Agriculture and Rural Development (NABARD) offer capital subsidies.
Due to the high operating costs of diesel motors, South Asia is expected to witness substantial growth in the market owing to the operational efficiency and longer life span of the solar pumps.
India and ASEAN countries are pegged to be prominent markets for solar pumps owing to the high demand from agriculture sector.
Collectively, India and ASEAN countries are expected to account for nearly 90% of the total absolute $ opportunity in the market during the assessment period.
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Prominent players are setting a new benchmark by expanding their product offerings in terms of higher efficiency and expanding their market presence to better serve the needs of consumers.
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.
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The global Solar Pumps market is segmented on the type, capacity, application, and region.
The CAGR of over 11.8% Solar Pumps market
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