The Indian solar water pump market is anticipated to grow at a CAGR of 15.2% during the forecast period. The cohesive government schemes are promoting the adoption of solar-powered water pumps, which is accelerating market growth. By October 2019, more than 181,000 solar power pumps had been installed in the country to meet the electricity demand for irrigation under the PM-KUSUM scheme implemented by the MNRE, as per the power and renewable energy minister R K Singh. The area of land acquired under irrigation using these solar pumps rely on multiple factors such as the capacity of the pump, groundwater level, and type of crop. Generally, a 5-horsepower (HP) capacity solar water pump linked with a micro-irrigation system covers an area of 2.5 hectares for irrigation.
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Further, the Union Budget 2020 put a major emphasis on the use of solar energy for farming under the PM-KUSUM scheme with Nirmala Sitharaman (Finance Minister) to extend the implementation of the scheme with new targets. Nirmala Sitharaman proposed to extend the PM-KUSUM scheme that will enable 20 lakh farmers to establish standalone solar pumps. PM-KUSUM scheme was approved by the Cabinet Committee on Economic Affairs in March 2019 to provide $4.69 billion in central financial support. Therefore, this scheme is primarily focusing on increasing the accessibility of solar water pumps to small and needful far
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- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- By Type
- By Component
- By Application
Competitive Landscape Shakti Pumps Ltd., Bright Solar Pvt. Ltd., Alpex Solar Pvt. Ltd., and Tata Power Solar System Ltd. among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How has COVID-19 impacted the market?
oDeviation from the pre-COVID-19 forecast
oMost affected segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
- Indian Solar Water Pump Market Report Segment
- Submersible Water Pumps
- Solar Panel
- Controller & Pumps
- Agriculture Purpose
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