India Solar Water Pumping Systems Market is projected to grow at a CAGR of over 27% during 2018-24

Government Initiatives towards Solar Pump Installations Coupled with Major Subsidy Provision by Government is anticipated to Fuel the Growth of India Solar Water Pumping Systems Market - 6Wresearch

The National Solar Mission of India is targeting 100 GW of solar energy by the year 2022, which has fueled the demand of solar powered resources in the country. India solar water pumping systems market exhibited substantial growth over the past few years. Although, the overall cost of solar water pumping systems is higher than electric and diesel pumps, however, government is providing up to 90% subsidy to the consumers in order to encourage the installation of solar water pumps in the country.

According to 6Wresearch, India Solar Water Pumping Systems Market is projected to grow at a CAGR of over 27% during 2018-24. Irrigation application contributed majority revenue share towards the overall solar water pumping systems market in 2017. Further, among design types, submersible pumps bagged highest revenue share. With declining ground water level, submersible solar pumps are projected to record high growth over the coming years.

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According to Mr. Piyush Thumar, CMD, Bright Solar Limited, "Solar energy sector is emerging as an attractive industry with ambitious government initiatives within this sector. Solar water pumping systems are gaining immense acceptance in the country for past 3-4 years, backed by government subsidies and economic benefits of solar pumps over the long run. Moreover, India solar water pumping systems market would register substantial growth over the coming years owing to presence of large untapped market in the country coupled with increasing awareness regarding solar pumps usage across consumers especially among farmers."

According to Anuj Mehrotra, Assistant Research Manager, Research and Consulting, 6Wresearch, "India holds huge potential for solar energy and is posing immense opportunities for solar equipment manufacturers in the country. Government is aggressively targeting to increase solar pumping systems penetration by providing high subsidy & loan assistance which is likely to emerge as the key contributing factor for the overall market growth in the coming years."

"Additionally, in terms of power rating, 3.1 to 10 HP solar pumps are gaining huge acceptance among farmers for irrigation, drinking applications, and livestock watering. The segment is anticipated to generate key growth over the next six years as it is easily affordable and caters to all the major applications," Anuj concluded.

According to Suman Gautam, Research Analyst, Research and Consulting, 6Wresearch, " Chhattisgarh, Rajasthan, Andhra Pradesh, Uttar Pradesh, and Gujarat are the leading states in terms of cumulative solar pump installations until August 2018. Amongst the regional markets, Western region emerged as majority revenue contributor towards the overall solar pumps market in 2017. However, Northern region is estimated to display highest growth rate during the forecast period, majorly attributed to the upcoming projects in Rajasthan and Uttar Pradesh."

"Moreover, with substantially rising demand of solar water pumps, the market is witnessing entry of new players indicating attractiveness of the market; innovative business models, distribution network, and appropriate after sales services are further required to tap the immense growth opportunities within this segment," Suman added.

Some of the major companies in India Solar Water Pumping Systems Market includes- Jain Irrigation Systems Ltd, Tata Power Solar Systems Ltd, Shakti Pumps (India) Ltd, Waaree Energies Ltd, Kirloskar Brothers Ltd, Claro Energy Pvt Ltd, Bright Solar Pvt Ltd, Lubi Solar Pvt Ltd, Alpex Solar Pvt. Ltd, and Topsun Energy Ltd.

"India Solar Water Pumping Systems Market (2018-2024)" provides in-depth analysis with 41 figures and 10 tables covered in 116 pages. The report estimates and forecast the overall India Solar Water Pumping Systems Market by power rating, design type, drive type, applications, and regions. The report also offers insights on competitive landscape, companies benchmarking, company profiles, market drivers, and restraints.

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