Solar water pumps are gaining immense popularity as they are easy to install and also due to their wide ranging applications in domestic and agriculture sector. Also, the solar water pumps are comparatively low cost as compared to diesel water pumps. AC submersible solar water pumps mostly referred in the country and are used to lift irrigation. COVID-19 has negatively impacted the sales of solar water pumps as the country went to the lockdown situation in the mid of 2020. However, the sales would galvanize owing to efficiency of the solar pumps during 2021-26.
According to MarkNtel Advisors’ research report titled “India Solar Pumps Market Analysis, 2020”, the India solar pumps market is expected to grow at a CAGR of around 25% during 2021-26. The Indian solar pump market is witnessing a boost owing to the extensive government support for the installation of solar pumps through initiatives which is driving the growth in the recent years. An initiative by the Indian government named National Solar Mission of India to promote solar energy, has set a target of achieving 100 GW of solar power by the year 2022. Therefore, this initiative can help in the further promoting the growth of solar pumps throughout 2026.
“India Solar Pumps Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for India Solar Pumps providers across the country. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
3.1 to 10 HP Segment is Expected to Attain Highest CAGR in the Coming Years
Based on power rating, solar pumps of the power rating 3.1 HP to 10 HP acquired the majority of the market share in 2020 due to the affordability and subsidies offered by the government. The segment is expected to steer growth during 2021-26 as stated in the MarkNtel Advisors’ research report “India Solar Pumps Market Analysis, 2020”.
According to MarkNtel Advisors, 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 study: