Government Encouragement and Rebates on Solar Equipment is Driving Growth of Global Solar Pumps Market; Valuation to Reach US$3.1 Bn by 2027, Projects TMR
ALBANY, New York, March 20, 2020 /PRNewswire/ -- Transparency Market Research has published a new research report that provides detailed information about the overall working dynamics of the global solar pumps market. The research report shed light on the key segments, vendor landscape, and both driving as well as restraining factors of the global market. As per the research report, the global solar pumps market is projected to exhibit a highly promising growth rate of ~12% over the course of the given forecast period of 2019 to 2027. With such massive rate of development, the market was projected to reach valuation of US$1.3 Bn in 2019 and will touch a mark of US$3.1 Bn by the fall of 2027.
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Global Solar Pumps Market - Key Takeaways
-- Leading manufacturers are constantly focusing in improving the
production of AC submersible solar pumps.
-- Naturally, this segment is projected to witness a higher growth than its
unprotected counterpart, i.e. surface solar pumps.
-- The segment is also projected to witness improved innovations and
upgrades in terms of operating functions and range of performance.
-- The segment of AC pumps is projected to have a stronger market growth as
compared to DC ones due to their lower maintenance and cost efficiency.
-- In terms of application, the agriculture segment is projected to be
chief contributor for the overall development of the global solar pumps
market.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Solar Pumps Market by Product Type: Submersible Pumps, Surface Pumps; Operation: AC Pumps and DC Pumps; Application: Agriculture, Drinking Water, Municipal Engineering, and Others. At https://www.transparencymarketresearch.com/solar-pumps-market.html
Global Solar Pumps Market - Prominent Growth Factors
-- Increasing use of solar energy for applications such as irrigation and
agricultural activities across the world is the biggest driving factor
for the development of the global solar pump market.
-- Decline in the prices of solar equipment is also a playing an important
role in the development of the global market.
-- In addition to this, subsidies and rebates issued by governments on use
of solar equipment is also encouraging improved sales and thus driving
market growth.
-- With increasing cry about environment conservation, solar pumps offer a
perfect alternative for gas and oil fracking activities.
-- Increasing demand from agrarian countries across the globe to further
fuel the overall development of the global solar pumps market.
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Global Solar Pumps Market - Prominent Growth Inhibitors
-- Lack of knowledge is one of biggest growth inhibitor for the development
of the global market as end users are unaware of the potential and
benefits of using solar pumps.
-- Even though subsidies and rebates are issued, at times, it is still out
of reach for small scale farmers, which is an important growth inhibitor
for the development of the global solar pumps market
-- Lack of accessibility to superior quality products and services is also
a key hindrance for market growth.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/69551
Global Solar Pumps Market - Geographical Outlook
-- Currently, the global market for solar pumps is being led by the
regional segment of Asia Pacific.
-- The region is home to several agrarian economies such as India,
Bangladesh, and China who all have favorable weather conditions for use
of solar pumps.
-- Governments in these countries are making strong efforts to improve
uptake of these products creating lucrative growth opportunities for the
market leaders.
Analyze Solar Pumps market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Solar Pumps Market - Key Market Players
Some of the notable players in the global solar pumps market are Bernt Lorentz GmbH, Bright Solar Ltd., C.R.I. Pumps Private Limited, Dankoff Solar Pumps, and Greenmax Technology among others.
Market Segmentation is as follows
Global Solar Pumps Market by Product Type
-- Submersible
-- Surface
Global Solar Pumps Market by Operation
-- AC Pumps
-- DC Pumps
Global Solar Pumps Market by Application
-- Agriculture
-- Drinking Water
-- Municipal Engineering
-- Others
Global Solar Pumps Market by Region
-- North America
-- Asia Pacific
-- Europe
-- South America
-- Middle East & Africa
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