Dublin, Oct. 09, 2020 (GLOBE NEWSWIRE) — The “Solar Pump Market by Product, End-user Industry and by Operation: Global Opportunity Analysis and Industry Forecast, 2020-2027” report has been added to ResearchAndMarkets.com’s offering.
The global solar pump market was valued at $1.21billion in 2019 and is projected to reach $2.05 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027.
Solar-powered pumps run on power generated by photovoltaic panels or the radiated thermal energy from collected sunlight in place of grid strength or diesel run the water pump. The operation of a solar pump is low budget and has much less environmental effect than a pump powered with the aid of an internal combustion engine (ICE). Solar pumps are beneficial where grid energy is unavailable and alternative resources (particularly wind) do not provide sufficient electricity.
In developing nations, the agricultural sector offers a potential opportunity for the growth of the solar water pump market. In rural areas, wherein farmers face increases in gas prices, difficulties in getting entry to handle electric grid projects, and preference for environmentally friendly projects, the solar pump market exhibits lucrative opportunities. The maximum use of solar pumps has been witnessed in India and Africa and the center East. In these nations, solar pumps are widely used for irrigation and water management.
The global solar pump market is segmented into product, end-user industry, operation, and region.
On the basis of product, the market is divided into：
- surface suction
- submersible
- floating
The submersible segment was the highest contributor to the solar pump market in 2019. This is majorly attributed to the surge in the use of the submersible solar pumps for water extraction from bores, irrigation systems, drip and & sprinkler systems, and pressure boosting applications.
By end-user industry, the solar pump market trends are studied across：
- agriculture
- water management
- others
The agriculture segment was the highest contributor to the market.
By Operation, the market is divided into:
- AC pumps
- DC pumps
The AC pump segment was the highest contributor to the solar pump market in 2019. This is majorly attributed to its high pumping efficiency and longevity.
Region-wise, the market is segmented into:
- North America
- Europe
- Asia-Pacific
- LAMEA
Asia-Pacific was the highest revenue contributor to the market. The Asia-Pacific solar pump market is analyzed across China, Japan, South Korea, Australia, and rest of Asia-Pacific. In Asia-Pacific, solar energy is used for the generation of electricity. Several government regulations are established such as Akshay Urja, which include electrification of rural areas. These initiatives are expected to increase the demand for the solar pump, as governments of various countries are planning to distribute solar pumps in rural areas.
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically includes; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenarios and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
For more information about this report visit https://www.researchandmarkets.com/r/1ttqev
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