Energy & Power Global Solar Pumps Market | Page 2

“Global Solar Pumps Market Analysis & Opportunity
Outlook 2021”
The global solar pumps market is segmented by type such as submersible
solar pumps, surface solar pumps and solar pool pumps. Among these
segments, surface solar pumps segment is expected to witness significant
growth over the forecast period. The world is currently witnessing a rapid
depletion of non-renewable energy sources such as coal, petroleum, etc.
and is shifting towards renewable sources of energy such as solar, wind,
water, etc. Efforts are being made to utilize these renewable sources for
wider applications. One such example of these efforts is development of
solar pumps, which are highly efficient pumps running on solar panels.
Global solar pumps market is expected to register a CAGR of 34.3% over
the forecast period. Moreover, the Global Solar Pumps Market is
expected to reach at notable revenue by the end of 2021. Factors such as,
growing use of renewable energy resources in order to curb carbon
emission is expected to foster the growth of solar pumps market during the
forecast period. Factors related to environmental concerns such as reducing
carbon emission and increasing consumer awareness are driving the
growth of solar powered products which in turn expected to increase the
adoption of solar pumps in future.
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 i.e. 2015-2021. North America and Europe
together are likely to witness a robust growth in global solar pumps market
over the forecast period of 2015-2021. The market in these regions is likely
Copyright © Research Nester
www.researchnester.com