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:
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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.
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