Transparency Market Research delivers key insights on the global solar pumps market. In terms of revenue, the global solar pumps market is estimated to expand at a CAGR of ~ 12% during the forecast period, owing to numerous factors, regarding which, TMR offers thorough insights and forecasts in the solar pumps market report.
A solar pump is a major solar equipment product. It consists of a pump and a PV panel that has semiconductors. When this panel is exposed to sunlight, current gets generated and it helps pump water. Solar pumps have a wide range of applications, from household to agriculture and irrigation. The solar pumps market is anticipated to grow at a rapid pace during the forecast period, due to an increase in agricultural and irrigation activities, mainly in developing countries in Asia Pacific and the Middle East & Africa.
The solar pumps market is growing due to the rising demand for pumps in domestic and agriculture applications, mainly for supply water in farms and for irrigation. Also, solar water pumps are increasingly being preferred in oil and gas fracking activities to reduce the environmental impact of these activities. The growing adoption of solar energy for irrigation and agriculture activities across the globe is the major driving factor of the solar pumps market. Asia Pacific is anticipated to be a major region in the solar pumps market during the forecast period. India, China, and Bangladesh, which are major agricultural countries with ample sunlight, are projected to expand their solar pumps market. Governments in developing countries are encouraging people to use solar energy, especially in agricultural sectors, which is fuelling the demand for solar pumps. Additionally, a decline in solar equipment prices is encouraging the solar pumps market.