Valley Cottage, NY -- (SBWIRE) -- 11/02/2017 -- Increasing development in the industrial, residential and agricultural industry along with lower operation and maintenance cost, the demand for global solar pumps market is rapidly escalating. Solar Pump is a pump which runs on electricity generated by thermal energy (available from collected sunlight) or photovoltaic panels (method of converting solar energy into direct current electricity). Considering maintenance, this solar pumps last for more than 16 years on field. This solar pumps are neither dependent upon diesel nor electricity thus, ensuring people at remote areas to avail the benefit which in turn will further result in increased efficiency and productivity.Solar Pumps are free from difficulties like supply cut, feeder damage, rate hikes etc. Additionally, solar pump provides less environmental impact than other powered (internal combustion engine) pumps which have witnessed a major growth in the global solar pumps market.

Solar Pumps Market: Drivers & Restraints

Solar pumps are also known as Solar PV water pumping system. Solar pumps are very useful where grid electricity is unreachable and substitute sources (in particular wind) do not provide adequate energy. Simultaneous growth in agriculture, demand for other water intensive industries along with increasing government support (tax and subsidies benefits) are the major factors driving the growth in solar pumps market. On account of shift in industry towards eco-friendly feature, the demand for global solar pumps is increasing. However, higher investment cost, availability of spare parts (on time) and after sales services are acting as nagging issue in the growth of the global solar pump market.

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Solar Pumps Market: Segmentation

Global Solar pumps market can be segmented on the basis of types:

Direct Current (DC) surface pump ( centrifugal ) or floating pump set
AC surface or submersible pump set
DC submersible
Alternating Current (AC) AC floating

On the basis of application, the global solar pump market can be segmented into:

Drinking water
Agriculture Purpose
Other (Chemical, Oil & gas)

Agriculture is considered as the largest application segment and is expected to witness the fastest growth through 2015 to 2025. Growing agricultural activities in emerging markets such as India and China, among others is expected to drive agriculture segment over the forecast period.

Solar Pumps Market: Region-wise Outlook

The global solar pump market is geographically segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan and Middle East & Africa. Asia-Pacific market is the fastest growing market and holds the major market share in global solar pump market.In India, China and Japan, to assist the growth of agriculture, the government is introducing various policies in these countries. The region is expected to grow at a double digit CAGR through 2015 to 2025.

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Solar Pumps Market: Key Players

Some of the key market participants in the global solar pumps market include TATA Power Solar Systems, Lorentz, Bright Solar, SunEdison, Shakti Solar Pumping Systems, USL, among many others.