Solar pumps market is anticipated to witness a substantial compound annual growth rate (CAGR) of 35.7% over the period 2027

 The global solar pumps market has been segmented into submersible pumps, surface solar pumps, solar pool pumps, agriculture, drinking water and oil & gas among others. Among these segments, the agriculture segment is anticipated to dominate the market for solar pumps globally. It can be attributed to the initiatives taken by government of different regions. This factor is envisioned to strengthen the growth of global solar pumps market.

The global solar pumps market is anticipated to witness a substantial compound annual growth rate (CAGR) of 35.7% over the period 2017-2027. Factors such as rising awareness, ease of operating and energy efficiency are anticipated to drive the demand for global solar pumps market. Further, Growth of agricultural sector coupled with insufficient supply of power in emerging countries is expected to garner the growth of global solar pumps market over the forecast period

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Global solar pumps market is expected to value at USD 0.5 Billion in 2027. High agricultural activities and growing demand for water extraction based on renewable energy for irrigation is expected to drive the global solar pumps market over the forecast period. The global solar water pumps market is anticipated to exhibit an exponential growth by 2027, growing with a double digit CAGR of 35.7% during the estimated period (2017 – 2027). This can be attributed to increasing government support to farmers in terms of subsidies in countries such as India, Bangladesh and China. Further, North America and Europe together are likely to witness a robust growth in global Solar Pumps Market over the period 2017-2027. The market in these regions is likely to get escalated from formulations of mandatory government regulations regarding use of clean fuels in industries to curb the detrimental effects of global warming.

In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Rising Government Programs to Hone the Market

The increasing government programs to promote use of solar energy and increasing environmental concerns towards use of clean energy is envisioned to bolster the global solar pumps market over the coming years.

However, high initial investment in solar pumps is anticipated to restrain the development of the global solar pumps market in future.

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The report titled “Global Solar Pumps Market Analysis & Opportunity Outlook 2027” delivers detailed overview of the global solar pumps market in terms of market segmentation by type, by end use and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the global solar pumps market which includes company profiling of Bright Solar, Lorentz, Sun Edison, Shakti Pumps and Tata Power Solar among others.

The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global solar pumps market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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