India Solar Water Pump Market
India Solar Water Pump Market Forecast to grow at a CAGR of 8.4%
Published | 16 September 2022
India Solar Water Pump Market is flourishing mainly due to the governments’ favorable regulations, significant subsidies, and supportive programs that encourage the generation of solar power and utilization solar water pumps for agricultural and water management purposes.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, forecasts the size of India Solar Water Pump Market to grow at a significant CAGR of 8.4% between 2022 and 2028. Major growth factors for India Solar Water Pump Market include the sustainability of water pumped through solar pumps for agricultural and domestic purposes and the governments’ massive support encouraging the transformation of fossil fueled pumps to solar-powered pumps.
India Solar Water Pump Market Technology Advancements
C.S.C. and Tata Power worked together in April 2021 to construct microgrids and solar-powered water pumps. Tata Power installs distributed, small-scale solar power systems in rural areas with the aid of the collaboration and provides households and businesses with round-the-clock electric power. It welcomes village-level business owners to the partnership to provide quick, economical service, and provide rural clients with a distributed solar power source.
India Solar Water Pump Market - Rising Demand
As irrigation is such an important aspect for farmers, the demand for solar water pumping systems could grow in tandem with the growth in agricultural investments. The potential for solar pumps could rise in the coming years, as the sector modernizes and gradually transitions to sustainable energy sources. Solar water pumps enable individual farmers to increase their agricultural yield, as they are powered by the sun and money is saved on fuel. It could lead to an improvement in the smallholder farmer's income, resiliency, and crop productivity. As a result, chances for implementing such pump systems are being created by investments by governments.
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India Solar Water Pump Market - By Type
Due to its higher energy efficiency, the submersible pump is expected to maintain its market dominance. Surface pumps and submersible pumps are the two types of market segments. Which of these two types of pumps is more appropriate often depends on the water source. In wells and boreholes, submersible pumps are fully submerged in the water source. Additionally, submersible pumps can be positioned horizontally inside water reservoirs at a minimum depth of 0.5 m, securely fastened, and equipped with a cooling sleeve to adequately cool the motor, which increases efficiency by using less power to move the fluid via the pump's liquid path. Surface pumps are typically installed at a lake's edge or on the water's surface. They can pull water from roughly 6.5 vertical meters and are highly suited for moving water over long distances.
India Solar Water Pump Market - By Motor Type
AC Pumps will continue to dominate the market due to its high durability and performance. Based on motor type, the market is split into AC motor and DC motor segments. A pump assembly with a DC motor is directly connected to a PV array by a DC controller. As no power conversion is required, DC pumps last longer and are more efficient than an equivalent-sized AC pump. These pumps are typically used for lower head, lower volume (smaller) applications with a power demand of up to 4 kW; however, they have limited head and flow capabilities. In addition, DC pumps have had a lower rate of acceptance than AC pumps due to a number of instances of faulty wiring, electronic circuitry failure, unsafe DC voltages, and terminals that did not offer a good electrical connection.
India Solar Water Pump Market - By Application
Due to widespread use of solar water pumps, the agriculture sector will continue to hold a dominant market share. By application, the market is divided into agricultural, water treatment, and other sectors. The largest consumers of solar water pumps are farmers in India. Nearly 40% of the Indian labor force is reliant on the agricultural industry, which is why irrigation is crucial for the country. These pumps are used in agriculture for irrigation, which enables farmers to better manage groundwater and control their water and electricity supplies by using solar water pumps. For instance, as of April 18, 2021, government initiatives in India have implemented off-grid solar-powered water pumps that harness renewable energy to draw water for agriculture during the daytime as some villages in Maharashtra only receive electricity at night. It has significantly reduced problems, such as water scarcity. For this reason, it is crucial for nearby farms to be able to operate a water pump during the day.
India Solar Water Pump Market is divided into four geographic regions: North India, East India, West India, and South India. In 2021, South India held the highest market share.
Impact of COVID-19 on India Solar Water Pump Market
The COVID-19 pandemic's impacts on demand around the globe have been shocking and unprecedented, negatively affecting supply in every sector. Compared to the average yearly growth throughout the years of 2017 to 2019, the global market exhibited a decline of -18.1% in 2020. This market's growth and demand will return to their pre-pandemic levels once the pandemic is over, which would account for the higher CAGR. Sales of solar pumps have been disrupted by the COVID-19 pandemic, which has affected a number of enterprises. The global lockdown and severe restrictions put in place by governments caused the industrial operations of some firms to come to a protracted halt. This had an effect on large corporations' rates of revenue and sales growth. Due to government-enforced social distance laws, several businesses have reduced operating staff, which has had an effect on their supply chain and productivity. Families and the economy were significantly affected by the unprecedented and massive global health catastrophe caused by COVID-19 pandemic and subsequent lockdowns. The market for solar power pumps has suffered as a result of the COVID-19-induced fall in solar power unit sales. However, India had positive growth of roughly 6% as a result of the market's top corporations providing financial, technical, and other support to the sector.
Don’t miss the business opportunity in the India Solar Water Pump Market. Consult our analysts to gain crucial insights and facilitate your business growth.
Numerous large firms that provide products for a variety of functions dominate the solar water pump market, which affects the degree of competition. Other significant market rivals include Alpex Solar Pumps, Aqua Group, Bright Solar Limited, Crompton, Lorentz Dankoff Solar, Eco Soach, Ecozen Solutions, and Franklin Electric.
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- India Solar Water Pump Market; By Product (Surface Suction, Submersible, Floating), By End-User Industry (Agriculture, Water Management, Others), By Operation (AC Pump, DC Pump), By Region (North India, South India, East India, West India), Trend Analysis, Competitive Market Share & Forecast, 2018–2028
Publish Date: September 2022
India Solar Water Pump Market is surging at a significant growth rate mainly due to the increased use of renewable energy sources for solar water pump systems that are utilized more frequently to enhance market value of the water being pumped.
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