Solar Pump Market to Reach $2.05 Bn, Globally, by 2027 at 6.8% CAGR: AMR
"According to the report published by Allied Market Research, the global solar pump market generated $1.21 billion in 2019, and is projected to reach $2.05 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027.
- "According to the report published by Allied Market Research, the global solar pump market generated $1.21 billion in 2019, and is projected to reach $2.05 billion by 2027, registering a CAGR of 6.8% from 2020 to 2027.
- Rise in demand for solar pump in agricultural applications and supportive government regulations for use of photovoltaic technology propel the growth of the global solar pump market.
- Nevertheless, high cost associated with installation and barriers in adoption of solar water pump restrain the market growth.
- Submersible solar pump is utilized for domestic water supply to large residences and multi storied apartments and dewatering of mines.