Global Solar Pumps Market 2016-2020

Outlook of the solar pumps market

Technavio’s market research analysts have predicted the global solar pumps market to experience tremendous growth at an impressive CAGR of more than 34 % during the forecast period. Factors like rising preference for solar pumps over diesel pumps is one of the key growth drivers of this market. Solar pumps are becoming increasingly popular among the end-users due to the several advantages they have over diesel pumps. Solar pumps do not face issues like shortage of fuel, feeder damage, and price fluctuations, unlike diesel pumps. Moreover, these pumps offer a clean, sustainable energy solution compared to fuel-powered pumps. Also, solar pumps are economical, unlike diesel pumps which have high operational costs and financial risks associated with its use.

Factors such as the increasing demand for automated pump systems is expected to propel the growth prospects of this market in the coming years. End-users are increasingly looking to automate pump systems for pumping water for irrigation, livestock, and fish farming. Another emerging solar pumping solution brings together drive technology, and a maximum power point tracking (MPPT) system. Rural pump users can significantly benefit from the highest output of this pump during daytime as the MPPT system ensures maximum output from the solar panel, thereby enhancing the performance of the pump. The several advantages of solar pumps over diesel pumps and the introduction of automated pump systems will bolster the growth prospects of the solar pumps market during the forecast period.

Segmentation by end-user and analysis of the solar pumps market

• Agriculture
• Water management
• Others