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.
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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.
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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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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