The solar pump market size was valued at USD 890.4 million in 2018 and is slated to exhibit a revenue-based CAGR of 31.2% during the forecast period. Solar-powered pump is the electricity generated device by photovoltaic (PV) panels used to pump water from wells and bore holes or reservoirs. This technology works based on power generated solar photovoltaic system. The photovoltaic array system converts the solar power into electricity, that is used for motor pump set. With simple operations. low maintenance cost and no fuel inputs, this device is considered to be the cleaner, cheaper and more reliable option compared to the diesel pumps.
The global solar pump market is majorly driven by the rising government subsidies in the form of financial incentives which support the industry development to great extent. Application wise, agriculture industry dominated the worldwide solar pumps market, accounted for over 60% of market. In terms of geography, Asia Pacific recorded the highest revenue with over 30% of market share in terms of value and volume. Favourable government activities coupled with reduction in fossil fuel import for agricultural activities is anticipated to augment solar pump market in this region over the study period.
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Top Key Players Covered in this report –
Grundfos, USL, SunEdison, CRI Pumps, Lorentz, Bright Solar, Shakti Pumps, TATA Power Solar Systems Ltd., Others
Based on types, the Solar Pump market is segmented into –
DC Surface Suction Pump, AC Submersible Pump, DC Submersible Pump, AC Floating Pump, Others
Based on application, the Solar Pump market is segmented into –
Drinking Water, Agriculture, Other,
The Solar Pump Market Report Covered –
- Market size (revenue, volume, sales and growth rate) of Worldwide Solar Pump industry
- Global solar pump major and emerging manufacturers’ operating situation (revenue, growth prospects and gross margin)
- Market size (revenue and volume) forecast by regions and countries from 2019 to 2025 of Global Solar Pump industry
- New Project Investment Feasibility Analysis, manufacturing equipment & Industry chain analysis and Upstream raw materials of solar pump industry