The world is currently witnessing a rapid depletion of non-renewable energy sources such as coal, petroleum, etc. and is shifting towards renewable sources of energy such as solar, wind, water, etc. Efforts are being made to utilize these renewable sources for wider applications. One such example of these efforts is development of solar pumps, which are highly efficient pumps running on solar panels.
The global solar pumps market is anticipated to witness a substantial compound annual growth rate (CAGR) of 34.3% over the forecast period i.e. 2015-2021. Regionally, the global solar pumps market is segmented into North America, Latin America, Western and Eastern Europe, Asia-Pacific, Middle East and North Africa (MENA) and Rest of World (Row).
Market Size and Forecast
With approximately 34.0% share, Asia-Pacific dominated the global solar pumps market in terms of volume in the year 2015. The region is also anticipated to witness the highest CAGR of 43.6% during 2015-2021, sparked by increasing government support to farmers in terms of subsidies in countries such as India, Bangladesh and China.
North America and Europe together are likely to witness a robust growth in global solar pumps market over the forecast period of 2015-2021. The market in these regions is likely to get escalated from formulations of mandatory government regulations regarding use of clean fuels in industries to curb the detrimental effects of global warming.
Middle East and Africa (MEA) solar pumps market is projected to reach at USD 602 Million by 2021.
By End Use
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and challenges
Growth of agricultural sector coupled with insufficient supply of power in emerging countries is expected to garner the growth of global solar pumps market over the forecast period i.e. 2015-2021.
In addition to that increasing government programs to promote use of solar energy and increasing environmental concerns towards use of clean energy is also envisioned to bolster the global solar pumps market over next 4-5 years.
However, high initial investment in solar pumps is anticipated to restrain development of the global solar pumps market in future.
Global Solar Pumps market includes some of the top players such as Bright Solar, LORENTZ, Sun Edison, Shakti Pumps, Tata Power Solar, etc.
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