Solar Pumps Market Is Estimated To Reach $3.63 Billion By 2022: Grand View Research, Inc.
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.
Full
Research Report On Global Solar Pumps Market Analysis:
www.grandviewresearch.com/industry-analysis/solar-pumps-market
www.grandviewresearch.com/industry-analysis/solar-pumps-market
Further
key findings from the report 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.
View more
reports of this category by Grand View Research at:
www.grandviewresearch.com/industry/renewable-energy
www.grandviewresearch.com/industry/renewable-energy
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
View press
release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/solar-pumps-market
www.grandviewresearch.com/press-release/solar-pumps-market
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.
For more
information: www.grandviewresearch.com
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