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ENERGY & POWER

Global Solar Pumps Market Analysis & Opportunity Outlook 2021

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Extensive insights into the Growth of Solar Pumps Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Solar Pumps Market Overview button

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. CLICK TO DOWNLOAD FREE SAMPLE REPORT

Middle East and Africa (MEA) solar pumps market is projected to reach at USD 602 Million by 2021.

Market Segmentation

By Type

  • Submersible Solar Pumps
  • Surface Solar pumps
  • Solar Pool Pumps

By End Use

  • Drinking Water
  • Agriculture
  • Oil & Gas
  • Others

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.

Key Players

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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