Future Market Insights (FMI), a global research and consulting firm, announces the addition of its 10-year forecast on the global solar pumps market.
According to the report, titled, “Solar Pumps Market: Global Industry Analysis and Opportunity Assessment 2015-2025”, increasing deployment in industrial and residential is fuelling the demand for solar pumps globally.
Demand from water-intensive industries, along with increasing government support (tax and subsidies benefits) are other key factors driving the growth of the solar pumps market.
However, higher investment cost, difficulty in getting spare parts and limited after-sales services are acting as nagging issues in the growth of the global solar pump market.
The report has segmented the solar pumps market into,
- Direct Current (DC) surface pump ( centrifugal ) or floating pump set
- AC surface or submersible pump set
- DC submersible
- Alternating Current (AC) AC floating
FMI has also segmented the solar pumps market into:
- Drinking water
- Other (Chemical, Oil & gas)
Among these, demand for solar pumps is expected to be robust in the agriculture sector. Intermittent electric supply in developing economies of China and India has created the demand for alternative energy sources, and solar pumps have emerged as a cost-effective alternative.
Solar pumps market: Region-wise outlook
FMI’s report has analysed the solar pumps market in North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa.
Asia Pacific is the largest and fastest-growing market for solar pumps globally. FMI expects the solar pumps market in the region to expand at a double-digit CAGR during the forecast period 2015-2025.
Solar pumps market: Key players
The key players in the solar pumps market include TATA Power Solar Systems, Lorentz, Bright Solar, SunEdison, Shakti Solar Pumping Systems, and USL.
For a free sample and table of contents of the report, visit http://www.futuremarketinsights.com/reports/sample/rep-gb-520