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 Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/solar-pumps-market
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