As per the report titled ‘Global Solar Pump Market Size study, by Product (Surface Suction, Submersible, Floating), by Operation (AC Pump, DC Pump), by End-User (Agriculture, Water Management, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global solar panel pump market was valued USD 1.2 billion in 2019 and is projected to register a y-o-y growth rate of 6.8% through 2027.
 

According to the findings of the report, shifting focus towards sustainable development in line with upsurge in electricity demand from renewable energy sources, and government subsidies are propelling global solar pump market growth.
 

Notably, solar energy concept is gaining popularity in areas besides developed regions, which has consequently led to the development of solar pumps. Unlike diesel-run water pumps, these pumps operate on energy produced from photovoltaic pumps or radiated thermal energy from accumulated sunlight. Benefits like lower maintenance and operational costs, and reduced environmental impact in comparison to pumps that feature an internal combustion engine (ICE) has led to rise of global solar pump industry.
 

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For the record, the data revealed by Center for Climate and Energy Solution states that the United States is the leading country in renewable energy generation, which saw a 100% rise from 2000 to 2018. Renewable constituted 17% of net electricity production in 2018, with hydropower and wind power accounting for 7% and 6.6% respectively. Meanwhile, solar generation in the nation contributed 11% to the total renewable generation in 2018 and is expected to account for 48% by the year 2050.  Similar trends in other nations will positively impact global solar pump industry. However, high installation costs may restrain the industry expansion over the forecast timeframe.
 

Considering the regional outlook, North America, Latin America, Asia Pacific, and Europe are the key contributors to worldwide sola pump market remuneration. Asia Pacific currently captures majority of the industry share owing to supportive government policies and subsidies for deployment of solar pumps in agriculture sector, along with high concentration of manufacturers in the region.
 

Key players influencing global solar pump market dynamics are SunEdison, Inc., Aqua Group, Greenmax Technology, Bright Solar Ltd., Lorentz, Oswal Pump Ltd., CRI Pump Pvt. Ltd., Shakti Pumps India Ltd., Tata Power Solar Systems Ltd., and Vincent Solar Energy.