India Solar Water Pump Systems Market Size
|Study Period:||2019 - 2028|
*Disclaimer: Major Players sorted in no particular order
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India Solar Water Pump Systems Market Analysis
The Indian solar water pump systems market is expected to register a CAGR of 15% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has reached pre-pandemic levels.
- Over the long term, the high solar power targets set by the country for the coming years, and the ease of installation of these systems, are expected to drive the market.
- On the other hand, the sociological and economic needs of the users are expected to hinder the market growth in the near future, as they come in competition with the agricultural spaces required for them.
- Nevertheless, the volatile diesel or gas prices associated with fuel-based pumping systems create ample opportunities for the demand for solar-powered water pumps in the coming years.
India Solar Water Pump Systems Industry Segmentation
Solar water pump systems are devices that use photovoltaic technology to produce electricity that runs a motor pump set.
The Indian solar water pump systems market is segmented by pump type and application. By pump type, the market is segmented into the surface pump, submersible pump, and other pump types. By application, the market is segmented into irrigation, drinking water supply, and other applications. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
|Centrifugal Pump Technology|
|Positive Displacement Technology|
|Drinking and Cooking Water Supply|
India Solar Water Pump Systems Market Trends
This section covers the major market trends shaping the India Solar Water Pump Systems Market according to our research experts:
Surface Pumps Expected to Witness Significant Growth
- Surface pumps are used to pump surface water at 10-20 feet depth. They can be placed at the side of a lake or the water surface in case of a floating pump. Surface pumps are less expensive than submersible pumps and are highly recommended when water is pushed over long distances.
- The off-grid solar water pump installed capacity has continuously shown a positive trend in the last five years and has reached 256,156 units as of 2021. The major application for the systems has been the irrigation systems in India, where they are deployed to cover long distances to drench the crops.
- The surface solar water pump market is likely to face uninterrupted growth due to technological developments that are still happening to enhance its versatility in agriculture. For example, in February 2021, researchers at the Indian Institute of Technology Bhubaneswar launched a solar power system that can be easily moved between farms to pump water for irrigation. The whole method comprises solar panels and an inverter to power a surface-mounted pump.
- The other significant upcoming innovation is the "Unidirectional Solar Water Pump Systems," the new plan of the leading player Shakti Pumps. In April 2022, Shakti Pumps received a maiden patent to develop the system with at-par grid power generation capabilities. Moreover, the technology allows limiting the pump discharge as per the water needs, saving electricity and water.
- All such developments are expected to propel the surface solar pump market during the forecast period.
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Government Programs Expected to Drive the Market
- India has witnessed a continuous uptrend in the growth of the solar pump market, exclusively as a conclusion of the efforts made by the government. The Indian government has initiated a number of programs in collaboration with private players to develop the market with both installations and marketing for awareness.
- The government has set a target of 300 GW of solar power in India by 2030, far from the current status of around 40 GW in 2021. The authorities have planned many new blueprints for expanding solar power without negligence on the applications like solar water pumping systems.
- The most lucrative benefits of installing solar water pump systems are entitled in the Pradhan Mantri KUSUM Yojna. In 2022, the central government decided to provide up to 75% subsidy for installing 50,000 solar water pumps. The Haryana government has taken the lead in the applications, with 13,800 projects in progress.
- Not only the ministerial offices but some non-profit organizations have also volunteered on their own to support the supply of solar pumps in rural India. For instance, in 2021, the Switch On Foundation, the West Bengal-based non-profit organization, and Punjab National Bank signed an MoU to establish a guarantee fund to finance the solar water pump supply to small and marginal farmers.
- Such initiatives by various organizations and the Indian government are expected to give robust growth to the market studied in the coming years.
India Solar Water Pump Systems Industry Overview
The Indian solar water pump market is fragmented. Some of the key players in the market (in no particular order) include Shakti Pumps (India) Ltd, Lubi Electronics, Falcon Pumps Pvt Ltd, Aqua Group, and Waaree Energies Ltd.
India Solar Water Pump Systems Market Leaders
Shakti Pumps (India) Ltd.
Falcon Pumps Pvt. Ltd.
Waaree Energies Ltd.
*Disclaimer: Major Players sorted in no particular order
India Solar Water Pump Systems Market News
- August 2021: the Indian government decided to set a target of 1.75 million installations of solar water pumps for irrigation and installations of solar systems for another 1 million grid-connected pumps by 2022 under the PM KUSUM Program.
- Under the PM KUSUM Scheme, Shakti Pumps distributed around 30,000 solar water pumps to the farmers during 2021-2022. The company has planned to distribute 75,000 pumps during 2022-2023, out of which 10,000 were already distributed.
India Solar Water Pump Systems Market Report - Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD million, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Pump Technology
5.1.1 Centrifugal Pump Technology
5.1.2 Positive Displacement Technology
5.2.2 Drinking and Cooking Water Supply
5.2.4 Other Applications
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Shakti Pumps (India) Ltd
6.4.2 Lubi Electronics
6.4.3 Falcon Pumps Pvt. Ltd
6.4.4 Aqua Group
6.4.5 Waaree Energies Ltd
6.4.6 Solex Energy Limited
6.4.7 Novergy Energy Solutions Pvt Ltd
6.4.8 Greenmax Technology
6.4.9 Amrut Energy Pvt Ltd
6.4.10 Mecwin Technologies India Pvt. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Solar Water Pump Systems Market Research FAQs
What is the study period of this market?
The India Solar Water Pump Systems Market is studied from 2019 - 2028.
What is the growth rate of India Solar Water Pump Systems Market?
The India Solar Water Pump Systems Market is growing at a CAGR of 15% over the next 5 years.
Who are the key players in India Solar Water Pump Systems Market?
Shakti Pumps (India) Ltd., Lubi Electronics, Falcon Pumps Pvt. Ltd., Aqua Group, Waaree Energies Ltd. are the major companies operating in India Solar Water Pump Systems Market.
India Solar Water Pump Systems Industry Report
Statistics for the 2023 India Solar Water Pump Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Solar Water Pump Systems analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.