India Solar Pumps Market Analysis, 2020

Government Support Leading to the Growth of India Solar Pumps Market

India Solar Pumps Market Analysis, 2020 research report depicts a deep-dive market analysis of statistics of India solar pumps market which consists of regional and country-wise market size, market forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end users, applications, product type, technologies, competitive benchmarking, etc.

Market Opportunities

According to this research report titled “India solar pumps Market Analysis, 2020”, the India solar pumps market is anticipated to grow at a considerable CAGR of 25% during 2021-26. The overall solar water pump demand is gaining considerable momentum for its extensive usage in irrigation and domestic purposes. To provide substantial capital subsidy support to the farmers, the government decided to install solar water pumps in India. Maharashtra contributed with the highest market share in 2020. Under the National Solar Mission of India, an initiative to promote solar energy in the country, the government has set a target of achieving 100 GW of solar power by the year 2022.

COVID-19 Negatively Impacted the Growth

Owing to the global pandemic COVID-19, there was a nationwide lockdown in India in the beginning of 2020 which negatively impacted the supply chain and rate of installations in the country as coronavirus ramped up which curtailed the growth of solar water pumps from March 2020 to Nov 2020. However, the sales of solar water pumps are projected to steer growth post COVID-19 and a positive growth would be witnessed throughout 2026 to foster renewable energy.

- Market Segmentation

AC Pump Segment Acquired the Significant Market Share

AC submersible water pumps are majorly installed for irrigation and residential purposes, therefore, the segment had acquired the largest market share in 2020. The Ministry of New and Renewable Energy (MNRE) has set an ambitious target to install at least 10 lakh solar water pumping systems in various states of the country for irrigation and drinking requirements by 2020-21.

Western Region Held the Highest Market Share in 2020

In 2020, the western region dominated the market with the highest revenue share toward the overall India solar water pumping systems market. However, the northern region is anticipated to register highest growth in forthcoming years on account of various state government targets of solar pumps installations in the region.

Also, the submersible solar pump segment is gaining traction with depleting groundwater levels, thus, there is a growing demand for submersible solar pumps as stated in the research report “India Solar Pumps Market Analysis, 2020”.

Competitive Landscape

According to the publisher, the key players with a considerable market share in the India solar pumps market include Grundfos, Kirloskar Brothers, Ravindra Energy, Bright Solar, C.R.I. Pumps, Claro Energy, Jain Irrigation, Shakti Pumps, lpex Solar, Tata Power Solar Systems, etc.

Key Questions Answered in the Market Research Report:

1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of India solar pumps Market?
2. What is the country wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations in the India solar pumps Market?
4. Who are the key competitors or market players and how they perform in India solar pumps Market on the basis of competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of India solar pumps Market study?