Worldwide Solar Pumps Market Growing at 34.03% CAGR to 2020

30 Mar, 2016, 05:30 ET from ReportsnReports

PUNE, India, March 30, 2016 /PRNewswire/ --

The need for increasing agriculture productivity is driving technological developments in the global solar pumps market as automating these pumps to carry out operations, such as pumping water for irrigation and livestock and fish farming, and ensure domestic water supply is gaining importance worldwide.

Complete report on solar pumps market spread across 53 pages, analyzing 5 major companies and providing 20 data exhibits is now available at http://www.reportsnreports.com/reports/514468-global-solar-pumps-market-2016-2020.html.

The analysts forecast global solar pumps market to grow at a CAGR of 34.03% during the period 2016-2020. Developing countries such as China, India, and Bangladesh are taking measures to spread awareness about the benefits of renewable energy such as solar pumps for irrigation purposes. For instance, the Indian government is providing grants and subsidies to the country's farmers to purchase solar water pumping systems. In January 2016, the government announced an investment of $11 billion to set up solar pumps across the country. Such initiatives not only facilitate in reducing the use of conventional energy sources but also help in increasing the market penetration of solar pumps in the developing countries.

Factors like rising preference for solar pumps over diesel pumps is one of the key growth drivers of this market. Solar pumps are becoming increasingly popular among the end-users due to the several advantages they have over diesel pumps. Solar pumps do not face issues like shortage of fuel, feeder damage and price fluctuations, unlike diesel pumps. Moreover, these pumps offer a clean, sustainable energy solution compared to fuel-powered pumps. Also, solar pumps are economical, unlike diesel pumps which have high operational costs and financial risks associated with its use. Order a copy of Global Solar Pumps Market 2016-2020 report @ http://www.reportsnreports.com/Purchase.aspx?name=514468.

During 2015, the agriculture industry segment dominated the solar pumps market and accounted for close to 63% of the market share. As water management is critical for irrigation purposes, the demand for solar pumps will continue to increase over the forecast period. Moreover, these pumps play a crucial role in pumping water in areas with erratic rainfall, water scarcity, and insufficient electricity. Furthermore, the declining groundwater levels will aid in the growth of this market until the end of 2020.

During 2015, APAC dominated the global solar pumps market with a market share of nearly 41% in terms of revenue. The demand for solar pumps is mainly driven by the initiatives taken up by countries like India and China to promote sustainable development.  These countries have taken measures to increase their solar photovoltaic installations. The rising number of photovoltaic installations in China is expected to propel this market's growth in APAC.

Key players in the global solar pumps market: Bright Solar, LORENTZ, Shakti Pumps, SunEdison, and Tata Power Solar. Other prominent vendors in the market are: Conergy, CRI Group, Dankoff Solar, Flowserve, Greenmax Technology, Grundfos, Jain Irrigation Systems, and USL.

Further, the solar pumps market report states that solar pumps have high initial investment and negligible maintenance cost compared to diesel pumps. Diesel pumps involve recurring service and maintenance costs with little initial capital requirement. The high initial cost of solar pumps makes them unaffordable to farmers.

Another related report is Global Solar Generator Market 2015-2019- Market Analysis: Analysts forecast global solar generator market to grow at a CAGR of 8.32% in terms of revenue over the period 2014-2019. Browse complete report @ http://www.reportsnreports.com/reports/426958-global-solar-generator-market-2015-2019-market-analysis.html.

Key players in the global solar generator market: Goal Zero, Hollandia, Altern, Jaspak and Sunvis Solar. Other prominent vendors in the market are: Biolite, Powerenz, Sol-man, Solarover, Solarline, and Voltaic.

Explore other new reports on Manufacturing & Construction Market @ http://www.reportsnreports.com/market-research/manufacturing/.

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