The industry of solar pumps is flourishing over the past decade. Growing agricultural activities together with water abstraction for irrigation depending on renewable energy is anticipated to drive the global market for solar pumps during the forecast period. Future Market Insights’ forecast study predicts robust growth for the global solar pumps market which exhibits 11.7% CAGR over the duration, 2017-2027. The market is expected to reach a valuation of over US$ 2,000.0Mn by 2027-end.
Our analysts who are part of the report development process have shared value-added insights on how the forecast study predicts about the shaping of the global solar pumps market.
What is the main factor according to you, which can aid in the expansion of the global solar pumps market?
Lately, agricultural industry has turned out to be the prominent user of solar pumps which led to value-added government schemes offered to farmers and increasing affordability of solar pumps.
How is government contributing towards the growth of the global solar pumps market?
Oh yes. The factor of high-importance. Government is offering direct subsidies for stimulating utilization of solar pumps. Even many NGOs like The Sehgal Foundation, with the help of farmers, have planned to position solar pumps in several parts of India. Moreover, for supporting and encouraging large-scale utilization of solar pumps in the forthcoming years, government is offering farmers with an interest-funding together with lessened capital-subsidy. Countries like Africa and India are relying on government funding due to expensive rates of solar pumps.
On what basis can you point out that globally and mainly in India, for irrigation purposes, there is maximum usage of solar pumps?
Worldwide, solar pumps are used on a large scale for the purpose of irrigation. Currently, even the farmer communities are increasing the usage of solar pumps for irrigation purposes. Advancement in agricultural technologies along with growing efforts for the conservation of water at ground level, cumulatively fuels opportunities for solar pumps across the globe, especially in India.
Apart from irrigation, which other application are likely to increase production sales?
Well, I strongly feel that apart from irrigation, solar pumps can be used on a large scale for the purpose of livestock as well as for oil & gas fracking activities, which in turn will help curb environmental impacts.
Why is India lucrative for global solar pumps market?
MEA is leading the global solar pumps market in terms of revenue. However, India is expected to be extremely lucrative for the global market due to increasing demand from end-use industries that are water-intensive which again is helping in shaping the future of the solar pumps. China also has substantial adoption of solar pumps but above all, India is likely to challenge China and MEA on the basis of growth rate. India has ample solar energy supply along with a vast renewable energy utilizing potential.
Can you mention the prominent investors in the global solar pumps market?
Certainly I can. Well, our study has not rated the companies but to name a few, Jain Irrigation, CRI Pumps, Kirloaskar Brothers, Shakti Pump and Tata Power Solar are the prominent stakeholders in the global solar pumps market