Solar Water Pumping System Market in India to Grow at a CAGR of 18%: Research and Markets

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Research and Markets in its latest report "India Solar Water Pumping System Market (2017-2022) forecasts the Indian solar water pumping system market to grow at a CAGR of 18% during FY 2017-2022

Currently, 26 million agricultural pumps are installed in India of which nearly 7 million pumps are diesel based and remaining are grid connected. However, due to unreliable grid supply and increasing diesel prices, solar water pumping system offers immense opportunities to replace conventional pumps said the research firm.

The Ministry of New and Renewable Energy (MNRE) has set an ambitious target to install at least 10 lakhs solar water pumping systems in various states for irrigation and drinking requirements by 2020-21. According to Research and Markets Medium power (3.1 to 10 HP) AC submersible solar water pumps are most widely installed in the country, where majority of pumps are used for lift irrigation.

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The Northern region accounted for the largest revenue share in the country in the year 2015-16, followed by Southern region. Rajasthan leads the market in terms of solar pump installations. During 2016-22, the western region is expected to witness large number of solar water pump installations.

The report covers the solar water pumping system market by power ratings, design, drive, applications and regions. It provides detailed analysis of the on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.