Indian Solar Water Pump Market Research and Forecast, 2022-2028

Indian Solar Water Pump Market Size, Share & Trends Analysis Report by Type (Surface and Submersible Water Pumps), by Component (Solar Panel and Controller & Pumps), and by Applications (Agriculture Purpose, Household, and Industrial) Forecast Period (2022-2028)

The Indian solar water pump market is predicted to grow considerably at a CAGR of 15.2% during the forecast period. The Indian solar water pump market is expected to grow significantly due to increasing application in the domestic and agriculture sector, increasing government support, and low maintenance. Solar water pumps are easy to install due to which it is becoming popular among the end-user. In India, the solar water pump is mainly used for irrigation and drinking purpose. The solar water pump of capacity 5hp (horsepower) can deliver about 124,000 liters of water per day. In India, a total of 1, 20,000 solar PV water pumping systems have been installed in 2016. Solar water pumps are widely used due to their several advantages such as low cost as compared to costly diesel water pumps and it also improves energy access in remote areas. The Indian government decided to provide substantial capital subsidy support to the farmer. Government subsidies for the installation of solar water pumps in agricultural activities are further driving the market. Solar water pumps are also used in livestock water usage, which reduces the dependency on fossil fuels such as diesel and other energy sources such as windmills.

Impact of COVID-19 Pandemic on Indian Solar Water Pump Market

The Indian solar water pump market has been hit hard by the outbreak of the virus. Majorly, COVID-19 has affected the market in three ways, which are, production and demand; market and supply chain disruption; along with financial impact on firms and financial markets. Besides, solar module prices are dropping. In 2020, the solar module price dropped to nearly $0.5-0.6 per watt whereas, in 2016, the solar module price was nearly $ 4.5 per watt. The Distributed Renewable Energy (DRE) Sector, announced that the COVID-19 pandemic has dampened the demand and clasped equipment and funds for some of the largest companies operating in the solar industry. DRE estimated the solar industry to reach approximately 101 billion by 2023 before the pandemic. However, the pandemic has led the industry to witness a downfall.

To deal with the crisis times, the players are planning to diversify their businesses in line with COVID-related products such as UV sanitizers among others. Nevertheless, the industry is likely to witness an upswing post-COVID. Moreover, the COVID-19 impact on the Indian solar water pump market's raw materials to end-users will further be discussed in the report. Along with this, the report also contains the strategy analysis of the players to cope and survive in such situations, competitive strategies industry development trends, and other macroeconomic factors.

Segmental Outlook

Indian solar water pump market is segmented based on type, component, and application. Based on the type, the market is segmented into surface water pumps and submersible water pumps. Among the type, the surface water pumps are expected to show lucrative growth during the forecast period. Based on components, the market is segmented into solar panels, controllers, and pumps. Further, based on the application, the solar water pump market has been segmented into agriculture purposes, households, and industrial.

Indian Solar Water Pump Equipment Market Share by Type, 2021 (%)

Indian Solar Water Pump Equipment Market Share by Type

The Surface Sub-Segment is Anticipated to Hold Prominent Share in the Indian Solar Water Pump Market

The surface water pump segment of the market is anticipated to hold a prominent share in the solar water pump market. The solar surface water pumping system operates on the power generated by PV modules. The power generated through these solar panels is used for operating the DC/AC surface monobloc pump. The pumps are used for lifting water from the open well or minor irrigation and drinking water supply moreover the system requires a shadow-free area for solar panels. The components used in solar surface water pumps include solar photovoltaic panels, AC/DC monobloc pump, stand, controller and accessories, and so on. Surface water pumps are used for drinking water supply, drip irrigation, pond management, aquarium, swimming pool water circulation, and so on. Solar surface water pumps are useful as it doesn't require grid electricity and are highly reliable and durable. Moreover, it saves the conventional fuel so the farmers can spend more time on crop production, and other activities rather than ferrying water from far-off distances.

Market Players Outlook

The key players in the Indian solar water pump market include Shakti Pumps Ltd., Bright Solar Pvt. Ltd., Alpex Solar Pvt. Ltd., and Tata Power Solar System Ltd. among others. The companies are focusing on product innovations, expansions, mergers, and acquisitions, and finding a new market in their core competency to expand individual market share. For instance, in May 2019, Stanley Black & Decker launched an energy-efficient solar-powered water pump for the farming sector. Through this launch, the company aims to leverage its core technology services to address unmet social requirements.

The Report Covers

Market value data analysis of 2021 and forecast to 2028.

Annualized market revenues ($ million) for each market segment.

Key companies operating in the Indian solar water pump market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying 'who-stands-where' in the market.