According to Stratistics MRC, the Global Solar Pumps market is expected to grow from $0.027 billion in 2016 to reach $0.148 billion by 2022 with a CAGR of 32.2%. Growing customer preferences towards solar pumps rather than diesel pumps and raising demand for automated pump systems are some of the factors fuelling the market growth. In addition, due to less availability of its spare parts whenever required and huge capital investment are hindering the growth of the market.
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