Portland, OR, Nov. 18, 2020 (GLOBE NEWSWIRE) — According to the report published, the global solar pump market garnered $1.21 billion in 2019, and is anticipated to reach $2.05 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in demand for solar pump in agricultural applications and supportive government regulations for use of photovoltaic technology augment the growth of the global solar pump market. On the other hand, high cost associated with installation and barriers in adoption of solar water pump impede the market growth to certain extent. Nevertheless, technological advancement in emerging economies anticipates to usher a number of opportunities for the industry.
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- The COVID-19 outbreak disrupted operations in the global solar industry. Most of the materials in the solar industry get imported from China. And, the pandemic has greatly impacted the manufacturing capacities of China.
- On the other hand, the disruptions in exports and imports have also led to a shortage of raw material.
- However, the government bodies in several regions have issued certain relaxations on the restrictions, owing to which the industry has started to reinitiate the working processes.
The global solar pump market is segmented into product, end-user industry, operation, and region.
Based on product, the submersible segment contributed to the largest share in 2019, accounting for more than half of the global solar pump market, and is expected to maintain its dominant position during the forecast period. Nevertheless, the floating segment is expected to register the highest CAGR of 8.7% from 2020 to 2027. The report also covers surface suction segment.
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Based on end-user industry, the agriculture segment accounted for the largest share in 2019, holding nearly two-thirds of the global solar pump market, and is anticipated to lead the trail throughout the forecast period. Furthermore, the segment is estimated to portray the highest CAGR of 7.2% during the forecast period. The study also analyzes segments including water management and others.
Based on region, the market has been studied across Asia-Pacific, Europe, LAMEA, and North America. The Asia-pacific region has contributed to the highest share, accounting for more than half of the global solar pump market in 2019, and will maintain its dominance throughout the forecast period. On the other hand, Europe is expected to grow at the highest CAGR of 8.5% from 2020 to 2027.
The key players in the report include TATA Power Solar Systems Ltd., Shakti pump, CRI Pump Pvt. Ltd., LORENTZ, Vincent Solar Energy, The Lubi Group, Samking Pump Company, Greenmax Technology, AQUA GROUP, and Oswal Pump Ltd.
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