Solar Pump Market in India by Product and End-user - Forecast and Analysis 2022-2026

The solar pump market share in India is expected to increase by USD 848.40 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 14.84%.

This solar pump market in India research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (surface suction, submersible, and floating) and end-user (agriculture, water management, and others). The solar pump market report in India also offers information on several market vendors, including Aquasub Engineering, Bright Solar Ltd., C.R.I. Pumps Pvt. Ltd., Falcon Pumps Pvt. Ltd., Lubi Solar, Novergy Energy Solutions Pvt. Ltd., Shakti Pumps India Ltd., SunEdison Infrastructure Ltd., Tata Power Co. Ltd., and Waaree Energies Ltd. among others.

What will the Solar Pump Market Size in India be During the Forecast Period?

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Solar Pump Market in India: Key Drivers and Trends

The rising dependence on renewable energy sources is notably driving the solar pump market growth in India, although factors such as high cost may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solar pump industry in India. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Solar Pump Market Driver in India

One of the key factors driving growth in the solar pump market in India is the rising dependence on renewable energy sources. The global energy mix has changed drastically over the past two decades. Improvement in energy efficiency plays a vital role in balancing energy supply and demand. There has been an increase in investments in renewable energy. The competitive cost of producing electricity and the release of low carbon emissions from renewable sources have led to an increase in the demand for renewable energy across the world. For instance, during the last three years, investment in the renewable power sector accounted for a large market share (over 40%) in the total power sector investment. The increased focus on renewable energy sources is increasing investments in the energy industry, which, in turn, will drive the growth of the solar pump market in India.

Key Solar Pump Market Challenge in India

The high cost will be a major challenge for the solar pump market vendors in India during the forecast period. A solar pump is often associated with high costs as the cost of a solar pump ranges from $800-$5,000. A solar pump includes a solar panel, voltage frequency drive (VFD), panel stand, Direct Current Distribution Board (DCDB), and the motor. In addition, solar panels need regular washing and cleaning as dust reduces the water output. Apart from the price of the equipment, the cost of installation and maintenance costs are also high. Thus, the high upfront costs associated with solar pumps are expected to decrease the adoption of these products, thereby hampering the market growth.

This solar pump market in India analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Solar Pump Market Vendors in India?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Aquasub Engineering
• Bright Solar Ltd.
• C.R.I. Pumps Pvt. Ltd.
• Falcon Pumps Pvt. Ltd.
• Lubi Solar
• Novergy Energy Solutions Pvt. Ltd.
• Shakti Pumps India Ltd.
• SunEdison Infrastructure Ltd.
• Tata Power Co. Ltd.
• Waaree Energies Ltd.

This statistical study of the solar pump market in India encompasses successful business strategies deployed by the key vendors. The solar pump market in India is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The solar pump market in India forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

What are the Revenue-generating Product Segments in the Solar Pump Market in India?

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The solar pump market share growth in India by the surface suction segment will be significant during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the solar pump market size in India and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Solar Pump Market Report in India?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive solar pump market growth in India during the next five years
• Precise estimation of the solar pump market size in India and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the solar pump industry in India
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of solar pump market vendors in India

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