The global solar pumps market was valued at US$ 1.1 Bn at the end of 2019 and is anticipated to surpass US$ 3.5 Bn during the forecast period. Solar pumps are witnessing immense penetration in the farming sector and it is anticipated to capture a significant chunk of the market share throughout the forecast period. A spurt in agricultural activities across the globe, coupled with high water demand for irrigation is set to drive the farming application segment. The demand for solar pumps in the farming sector is rapidly increasing and is anticipated to grow significantly in the near future as farming is one of the prime contributors to GDP in many regions globally. Moreover, solar pumps leave minimal environmental impact vis-à-vis other conventionally powered pumps that have observed prolific growth in the worldwide market of solar pumps. The newest report by Fact.MR estimates that the farming sector will account for more than 66% of the total global value share and is projected to grow at a value CAGR of 12.5% during the forecast period 2019-2029.
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Key Takeaways of Solar Pumps Market
- Global solar pumps market is expected to create an absolute $ opportunity of more than US$ 2.3 Bn and is anticipated to expand 3X from 2019 through 2029
- 4-6 HP solar pumps will hold maximum share in terms of value accounting for nearly 39% of the total market share and are projected to be valued at US$ 1.3 Bn by the end of forecast period (2019-2029)
- South Asia is projected to hold maximum share in global solar pumps market and is expected to grow ~3.7X more than North America by the end of forecast period
- India is projected to create an absolute $ opportunity of US$ 654.1 Mn between 2019 and 2029 and is estimated to be valued at US$ 865.9 Mn in 2029
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Key Segments of the Solar Pumps Market
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 report covers following Solar Pumps Market insights and assessment that are helpful for all participants involved in the Solar Pumps Market:
- Data on recently introduced regulations and their impact on key industries and on demand in Solar Pumps Market
- Latest industry Solar Pumps Market with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Solar Pumps Market and changing consumer preferences in major industries.
- Changing Solar Pumps Market demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Solar Pumps Market major players
- Solar Pumps Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Solar Pumps Market demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
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