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.
Download the full report: https://www.reportbuyer.com/product/3863204/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
For more information:
Research Advisor at Reportbuyer.com
Tel: +44 208 816 85 48
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/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-2022-300328272.html