Government initiatives, coupled with a reduction in cost, will drive India solar water Pumping system market, says the renew research from 6Wresearch.
According to 6Wresearch, India solar water Pumping System Market is projected to grow at a CAGR of 18.7 percent during FY 2017-22.
Currently,26 Million agricultural pumps are installed of India of which nearly 7 million pumps are diesel-based and remaining are grid-connected. However, due to unreliable grid supply and increasing diesel prices, solar water pumping system offers, immense opportunities to replace conventional pumps.
At present, the solar water pumping system market in India is subsidy driven, where non-subsidized pumps account for a marginal share in the market. The ministry of new and Renewable Energy(MNRE) is implementing solar pumping programs through states, NABARD & other Government departments.
Media Courtesy : MW