The Saudi Arabia Solar Pump market is expected to grow at a high rate in the forecast period on account of extensive use of solar energy resources in solar pumps as they are more economical due to the power lower operation and maintenance cost, and has less environmental impact. Moreover, increasing demand for solar pump in irrigation sector, surging deployment of solar pumps in desalination plant and extensive government support with considerable investment in renewable energy such as solar energy are amongst few of the major demand drivers. Under National Renewable Energy Program, the government aims to increase solar energy to 40 gigawatts by 2030. Hence, this is projected to fuel the demand for solar pump in the country in the forthcoming years.
According to MarkNtel Advisors’ research report titled “Saudi Arabia Solar Pump Market Analysis, 2020”, the Saudi Arabia Solar Pump market is anticipated to grow at a substantial CAGR during 2020-25. Based Operation, DC Solar pump acquired the highest market share in 2019 as DC solar pump doesn’t require inverter or battery for the pump to work. However, the high cost factor of pumps can hamper the growth of the market.
“Saudi Arabia Solar Pump Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Solar Pump providers across the country. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Irrigation Segment Captured the Majority Market Share
Based on Application, Irrigation captured the majority market share in the solar pump market in 2019. The growth of the segment is attributed to deficit supply good quality water to remote areas, growing population, and rapid urbanization. Besides this, the surging inclination toward the use of clean electricity and growing dependency on renewable energy-based products to reduce the carbon footing is placing a significant impact on the growth of solar pump in the coming period as stated in MarkNtel Advisors’ research report “Saudi Arabia Solar Pump Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Saudi Arabia Solar Pump market include Lorentz, Grundfos, Shakti pump, Saudi green solutions, jyotysolarpower, Andasolar, Solar Land Energy etc.
Key questions answered in the study:
1. What are the current and future trends of the Saudi Arabia Solar Pump?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the country?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Saudi Arabia Solar Pump?
6. What are the customer orientation, purchase behavior, and expectations from the rental construction equipment companies across various regions?