India Solar Pumps Market Analysis, 2021 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.
According to MarkNtel Advisors’ research report titled “India solar pumps Market Analysis, 2021”, 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.