December 17, 2015: According to a recent report from Future Market Insights (FMI), a global research and consulting firm, China and India have created the demand for alternative energy sources, and solar pumps have emerged as a cost-effective alternative. With the key players in the solar pumps market being TATA Power Solar Systems, Lorentz, Bright Solar, SunEdison, Shakti Solar Pumping Systems, and USL, the solar pumps market in India and China is expected to witness a lot more action in the coming months. In fact, the demand for solar pumps is expected to be robust in the agriculture sector as compared to the other segments of the pumps market.
Overall, Asia Pacific is the largest and fastest-growing market for solar pumps globally. FMI expects the solar pumps market in the region to expand at a double-digit CAGR during the forecast period 2015-2025. However, higher investment cost, difficulty in getting spare parts and limited after-sales services still remain as the challenges in the growth of the global solar pump market.