Government initiatives,coupled with reduction in cost,will drive india's solar water Pumping system market,says the renew research from 6Wresearch.
According to 6Wresearch,India solar water Pumping System Market is projected to grow at a CAGR of 18.7 percent during FY 2017-22.
Currently,26 Million agricultural pumps are installed of india of which nealy 7 million pumps are diesal based and remaining are grid connected.However,due to unreliable grid supply and increasing diesal prices,solar water pumping system offers,immense oppurtunities to replace conventional pumps.
At present,solar water pumping system market in india is subsidy driven,where non-subsidized pumps accounts for marginal share in the market.The ministry of new and Renewable Energy(MNRE) is implenting solar pumping program through states,NABARD & other Government departments.
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