Posted On: 2021-08-16
India solar water pumping system market has shown substantial growth in India solar water pumping system market in recent years – 6Wresearch.
In India, solar water pump market has witnessed significant growth in recent years, driven predominantly by government subsidies. Different state governments and central government have sporadically introduced policies such as Maharashtra's Mukhyamantri Saur Krishi Pump Yojana, solar program by NREDCAP, among others, over the years to increase the adoption of the solar water pumping system in the agricultural domain. Such initiatives are expected to give a supply-side push to the market, thereby increasing the annual sales of the solar water pumping systems in the coming years.
According to 6Wresearch, India Solar Water Pumping System Market revenue is projected to grow at a CAGR of 60.7% during the forecast period, 2021-2027F. With the growing adaptation of renewable energy resources, especially solar, along with government initiatives such as the "Pradhan Mantri - Kisan Urja Suraksha evam Utthan Mahabhiyaan (PM KUSUM)" scheme aiming to sanction 20 lakh units of standalone solar water pumping systems by 2022, would act as driving forces behind growing market demand for solar water pumps. Further, subsidy provisions and lower operating costs of the solar water pumping system would incentivize the farmers to increase the adoption of solar water pumps during the forecast period.
According to Navneet Aggarwal, Senior Research Analyst, 6Wresearch, "India solar water pumping system market is mainly subsidy driven, where direct sales accounts for a negligible share in the market. Both the government at the center and state level are providing substantial support to the farmers. The government has recently initiated the KUSUM scheme (Kisan Urja Suraksha evam Utthaan Mahabhiyan), under which financial assistance of INR 34,035 crore will be provided. The financial aid is only extended for up to the 7.5HP solar water pumping category. Thus, the growth in the respective segment of solar-based water pumping system showed a better increase in past years. However, falling prices of the solar water pumping system of the ratings mentioned above on the back of increasing competitiveness in the market are expected to create a moderate drag on the growth of market revenues over the coming years."
"Solar Water Pumping systems in longer-term, i.e., for the life cycle of 25 years, are proven to be cheaper and easier to maintain. The negligible operational and maintenance cost of solar pumping systems makes it a more viable option in the long run when compared to other counterparts such as diesel or electric pumps." Navneet concluded
According to Monis Raees, Research Associate, 6Wresearch, " Solar water pumps require low maintenance in comparison to conventional pump investment, but due to the unavailability of skilled technicians and lack of technical knowledge especially in the remote villages where the pumps are installed, the cost of service and maintenance stands comparatively higher than the conventionally used diesel pumps. Presently, DC solar pumps are less popular in the retail market, due to high capital and maintenance cost. However, with government initiatives to promote local manufacturing and reduce the cost of solar water pumps, the cost of maintenance would also decrease in the near future."
India Solar Water Pumping System Market (2021-2027F) report provides an in-depth analysis with 29 figures and 17 tables, covered in 111 pages. The report comprehensively covers the market by power rating, design type, drive type, application, and region. The report provides an unbiased and detailed analysis of the India solar water pumping system market trends, opportunities, high growth areas, and market drivers, which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.