Posted On: 2020-02-28
Irrigation application of the solar water pumping system accounts for the largest revenue share in the India solar water pumping market- 6Wresearch
India solar water pumping market is projected to witness massive growth during the forecast period as currently the Indian central and state governments are providing heavily subsidized solar water pumping systems of up to 7.5 HP to the farmers for irrigation purpose across all regions. Due to this, the solar water pumping system of upto 7.5 HP contributed majority of the revenue share towards the overall India solar water pumping sustem market and the same trend is expected to continue during the forecast period as well.
According to 6Wresearch, India solar water pumping system market volume is expected to grow at a CAGR of 23.2% during 2020-26. AC solar water pumping system accounted for majority of the revenue share till early 2019, however, later in 2019, the demand shifted in favor of DC solar pumps owing to higher efficiency in lower solar radiation condition and focus of the government towards releasing the tender for the same.
According to Navneet Aggarwal, Research Analyst, Research and Consulting, 6Wresearch, “India solar water pumping system market is mainly subsidy driven, where direct sales accounts for a negligible share in the market. Both the government at the center and state level are providing substantial support to the farmers. The government has recently initiated the KUSUM scheme (Kisan Urja Suraksha evam Utthaan Mahabhiyan), under which a financial assistance of INR 34,422 crore will be provided. The financial aid is only extended for up to 7.5HP solar water pumping category. Thus, the growth in the respective segment of solar-based water pumping system showed a better increase in past years. However, falling prices of the solar water pumping system of the ratings mentioned above on the back of increasing competitiveness in the market are expected to create a moderate drag on the growth of market revenues over the coming years.”
According to Apoorva Sawhney, Research Analyst, Research and Consulting, 6Wresearch, “India being an agrarian country and high farmers’ dependency on groundwater to irrigate their farmlands, leads to heavy usage of solar water pumping system for irrigation application. Additionally, there is an increasing demand for solar water pumping systems for various other purposes such as drinking water and wastewater management. However, the government push for the adoption of a solar-powered water pumping system in agriculture activities is leading to a significant revenue share of irrigation application in the overall solar water pumping system during the overall study period.
Moreover, the retail sales of the solar water pumping system are expected to increase over the coming years, due to its lucrative advantage of zero operational cost in comparison to diesel and electric based solar water pumping.” Apoorva concluded.
Some of the key players in India solar water pumping system market include Bright Solar Power, CRI, Claro, Grundfos, Shakti Pumps, Jain irrigation, Tata Power Solar, Lubi, Ravindra Energy Rotomag Motors, Topsun Energy, Waaree Energies, Alpex Solar.
“India Solar Water Pumping System Market (2020-26)” report provides an in-depth analysis with 23 figures and 15 tables covered in more than 102 pages. The report estimates and forecast the overall India solar water pumping system market by revenues, volumes, power rating, design type, drive type, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.