SOURCE: Radiant Insights, Inc.

Radiant Insights, Inc.

August 17, 2015 11:45 ET

The Global Solar Pumps Market Is Expected to Reach USD 3,639.0 Million by 2022: Radiant Insights, Inc.

SAN FRANCISCO, CA--(Marketwired - Aug 17, 2015) - The global solar pumps market is expected to reach USD 3,639.0 million by 2022. 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.

Browse full research report with TOC on "Solar Pumps Market Research Report To 2022" at: http://www.radiantinsights.com/research/solar-pumps-market-analysis-by-product-dc-surface-suction-ac-submersible-dc-submersible-and-ac-floating-by-application-agriculture-and-drinking-water-and-segment-forecasts-to-2022

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.

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.

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

Browse More Reports By Radiant Insights:

About Radiant Insights

Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. We assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. We have a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, our experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.

Read Our Blog: bmrreports, 9dimenresearch, apwatersummit2

Contact Information