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India Solar Pumps Market Analysis, 2020 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.
Market Opportunities
According to MarkNtel Advisors’ research report titled “India solar pumps Market Analysis, 2020”, 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.
·Market Segmentation
AC Pump Segment Acquired the Significant Market Share
AC submersible water pumps are majorly installed for irrigation and residential purposes, therefore, the segment had acquired the largest market share in 2020. The Ministry of New and Renewable Energy (MNRE) has set an ambitious target to install at least 10 lakh solar water pumping systems in various states of the country for irrigation and drinking requirements by 2020-21.
Western Region Held the Highest Market Share in 2020
In 2020, the western region dominated the market with the highest revenue share toward the overall India solar water pumping systems market. However, the northern region is anticipated to register highest growth in forthcoming years on account of various state government targets of solar pumps installations in the region.
Also, the submersible solar pump segment is gaining traction with depleting groundwater levels, thus, there is a growing demand for submersible solar pumps as stated in the MarkNtel Advisors’ research report “India Solar Pumps Market Analysis, 2020”.
Competitive Landscape
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 Market Research Report:
Market Outlook, Segmentation and Statistics:
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on India solar pumps Market?
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of India solar pumps Market during 2021-26?
A. The CAGR of India solar pump market is expected to grow at 25% during 2021-26.
Q. Who are the key competitors or players operating in India solar pumps Market?
A. Grundfos, Kirloskar Brothers, Ravindra Energy, Bright Solar, C.R.I. Pumps, Claro Energy, Jain Irrigation, Shakti Pumps, lpex Solar, Tata Power Solar Systems etc. are few of the leading players in the India solar pumps Market.
Q. Which type segment would emerge as an opportunity area for players in India solar pumps Market?
A. Submersible pump segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in India solar pumps Market?
A. West region grabbed a significant market share continue to grow at a highest CAGR, presenting immense opportunities for market players of India solar pumps Market.
