The Global Solar Pumps Market is
expected to reach USD 3,639.0 million by 2022, according to a new study by
Grand View Research, Inc. Strong shift in trend towards replacing diesel
and electric pumps in order to reduce reliance on conventional energy is
expected to drive the global solar pumps market. Increasing government support
in the form of subsidies and tax benefits particularly in emerging markets of
Asia Pacific and Africa is also expected to have a positive influence on the
market growth over the forecast period. However, higher upfront investment cost
compared to its conventional counterparts is expected to remain a barrier for
market participants.
DC surface suction pump was the
largest product segment and accounted for 83.4% of the total market volume in
2014. Increasing micro-irrigation activities coupled with continuous &
clean drinking water supply in remote places with irregular electric supply is
expected to drive this segment over the forecast period. AC submersible pump is
expected to witness the highest growth of 40.7% from 2015 to 2022. Increasing
adoption of AC submersible pumps particularly in high growth markets such as
India and Bangladesh is expected to drive this segment over the next seven
years.
Browse full research report on solar pumps market: http://www.grandviewresearch.com/industry-analysis/solar-pumps-market
Further key findings from
the study suggest:
- Global solar pumps market was 120,786 units in 2014
and is expected to reach 1,571,028 units by 2022, growing at a CAGR of
38.1% from 2015 to 2022.
- Agriculture was the largest application segment and
accounted for 62.9% of total market volume in 2014. Agriculture is also
expected to witness the fastest growth of 38.5% from 2015 to 2022.
Increasing agricultural activities in emerging markets such as India,
China, Bangladesh, Morocco and South Africa is expected to drive this
segment over the forecast period.
- Asia Pacific emerged as the largest regional market
and accounted for 33.0% of total market volume in 2014. Asia Pacific is
also expected to be the fastest growing regional market for solar pumps.
The region is expected to grow at a CAGR of 43.4% from 2015 to 2022.
Government support to the farmers in the form of subsidies particularly in
China, India and Bangladesh is expected to drive the regional market over
the forecast period. Middle East & African solar pumps market is
expected to exceed USD 600 million by 2022.
- Global solar pumps market is characterized by a mix
of both large MNCs and small regional companies. Some major companies operating
in the global market include Lorentz, TATA Power Solar Systems Ltd,
SunEdison, CRI Group, Bright Solar, USL and Shakti Solar Pumping System.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/renewable-energy
For the purpose of this study, Grand View Research has
segmented the solar pumps market on the basis of product, application and
region:
Global Solar Pumps Product Outlook (Volume, Units;
Revenue, USD Million, 2012 - 2022)
- DC
Suction
- AC
Submersible
- DC
Submersible
- AC
Floating
Global Solar Pumps Application Outlook (Volume, Units;
Revenue, USD Million, 2012 - 2022)
- Agriculture
- Drinking
Water
Global Solar Pumps Regional Outlook (Volume, Units;
Revenue, USD Million, 2012 - 2022)
- North
America
- U.S.
- Europe
- Asia
Pacific
- China
- India
- Central
& South America
- Middle
East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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