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Solar Pump Market Growth Opportunities, Share Demand and Forecast to 2025

Author : Rahul Sankrityayan | Published Date : 2019-09-10 

Global Market Insights adds global Solar Pump Market report which focuses on the major drivers and restraints for the key players. It also provides analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

Solar Pump Market size is set to witness robust growth on account of increasing agricultural activities coupled with growing demand for water extraction. High adoption rates of renewable energy powered devices along with growing focus toward curbing carbon emission levels will boost the demand for these units.

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Limited access to electricity, heavy dependence on rainfall and logistical challenges toward fuel supply across rural areas will significantly stimulate the demand for solar pumps. Moreover, rapidly declining cost of PV panels will further strengthen product adoption. For instance, as per IEA, the PV module manufacturing costs have decreased 80% between 2009-2016.

U.S. Solar pump market is anticipated to witness growth on account of expansion across agricultural activities and growing water demand for irrigation purposes. Federal tax incentives and subsidies coupled with favorable policies toward adoption of renewable energy technologies will positively influence the adoption of these systems over the forecast period.

Ongoing innovations toward achieving energy optimization across manufacturing plants has created the positive business scenario for the solar pump market. For instance, in February 2019, Sunculture launched RainMaker2, an intelligent ClimateSmart pump technology which offers weather-based irrigation recommendations, supports a lithium ion battery backup, improvement in flow rate and an IoT connected control system to augment value creation for the farmers.

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Solar pump market from oil & gas sector is set to witness growth on account of growing demand for energy efficient technologies across the industry value chain. Adoption of stringent regulations aimed at reducing the environmental impact associated with oil recovery process will strengthen product adoption over the forecast timeline. Ongoing investments toward the relocation of oil & gas fields across remote areas coupled with lack of grid connectivity will further boost the installation of these systems.

Key industry participants operating across the solar pump market include Lorentz, CRI pumps, SunEdison, Sunculture, Tata Power Solar Systems, Shakti Solar Pumping System, Grundfos, and Solar Power & Pump Co amongst others.

 About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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