888-776-0942 from 8 AM - 10 PM ET
CLEVELAND , June 8, 2022 /PRNewswire/ -- An important growth segment in the $76 billion global pumps industry is solar water pumps, which are increasingly common in India and finding expanding use in sub-Saharan Africa. These products represent a promising agricultural tool in regions that lack electricity infrastructure but receive high levels of sunshine, which describes areas covering hundreds of millions of people and thus presents a massive potential market.
While solar pumps are becoming more common, suppliers have struggled to deploy them as rapidly as called for by ambitious government targets. The high upfront costs of solar water pump systems represent a barrier to adoption, as the target markets for these products tend to be very price sensitive.
However, the long-term cost savings associated with these products show a path to economic viability if effective financing strategies can be developed. For instance, firms are finding ways to expand market access by offering options like pay-as-you-go financing, with the rising prevalence of mobile banking representing an important synergistic technology.
The Freedonia Group forecasts global demand for pumps to increase 5.1% per year to $97.9 billion in 2026, driven by strong gains in the process manufacturing industries of China and other Asia/Pacific nations. Growth will also be bolstered by increasing industrialization and urbanization in a number of Asia/Pacific countries. Ongoing recovery from the impact of the COVID-19 pandemic will provide further opportunities across markets in all regions.
For more information about solar pumps and the global pump industry in general, see Global Pumps, now available from The Freedonia Group. This study presents historical data (2011, 2016, and 2021) and forecasts for 2022, 2026 and 2031 for demand in the global fluid handling pumps industry by product and market in US dollars.
Pump demand is also segmented by market:
About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
Press Contact: Corinne Gangloff +1 440.842.2400 [email protected]
More news releases in similar topics
Cision Distribution 888-776-0942 from 8 AM - 9 PM ET