Solar Pumps Market Segments, Opportunity, Growth and Forecast by End-Use Industry 2015-2025

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Date Submitted: 11/10/2016 02:21 AM

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Increasing development in the industrial, residential and agricultural industry along with lower operation and maintenance cost, the demand for global solar pumps market is rapidly escalating. Solar Pump is a pump which runs on electricity generated by thermal energy (available from collected sunlight) or photovoltaic panels (method of converting solar energy into direct current electricity). Considering maintenance, this solar pumps last for more than 16 years on field. This solar pumps are neither dependent upon diesel nor electricity thus, ensuring people at remote areas to avail the benefit which in turn will further result in increased efficiency and productivity.Solar Pumps are free from difficulties like supply cut, feeder damage, rate hikes etc. Additionally, solar pump provides less environmental impact than other powered (internal combustion engine) pumps which have witnessed a major growth in the global solar pumps market.

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Solar Pumps Market: Drivers & Restraints

Solar pumps are also known as Solar PV water pumping system. Solar pumps are very useful where grid electricity is unreachable and substitute sources (in particular wind) do not provide adequate energy. Simultaneous growth in agriculture, demand for other water intensive industries along with increasing government support (tax and subsidies benefits) are the major factors driving the growth in solar pumps market. On account of shift in industry towards eco-friendly feature, the demand for global solar pumps is increasing. However, higher investment cost, availability of spare parts (on time) and after sales services are acting as nagging issue in the growth of the global solar pump market.