A solar water pump is a device that reduces reliance on coal, gas, or diesel by using solar energy to pump water for a range of functions, such as irrigation, communal water supply, and potable drinking water. These systems need little fuel-free maintenance and are friendly to the environment. It is among the most effective uses of solar energy and is applicable to the majority of distant and rural areas on the planet. As the demand for dependable, clean water supplies and agricultural operations increases, it is anticipated that product demand in rural areas would rise.
India Solar Water Pump Market Driving Factors and Challenges
The India Solar Water Pump market has a variety of possibilities and challenges. The solar water pump is a well-known application of solar energy. Various government organizations have given subsidies for solar types of water pumps in order to increase acceptance and adoption of solar driven water pump systems. These incentives reflect the move to clean renewable energy and clean energy. A pump subsidy, for example, aimed at boosting their use in order to ameliorate negative environmental effects and reduce dependency on fossil fuel-powered pumps, has a significant impact on the Indian market.
Furthermore, as product usage grows, market participants and innovators in the solar pump business will have the chance to profit on the economic potential of these pumps while simultaneously enhancing the standard of living in rural and urban areas.
However, the high cost of solar water pumps, along with a lack of understanding, may limit market growth. The primary reasons for low uptake of solar water pumps are the system's affordability and the current financial situation, which are the most significant impediments to market expansion. As a result, many other solutions, due to their high costs and disadvantageous terms, are less appealing to smallholder farmers. Furthermore, even with subsidies, the vast majority of these pumps are beyond of reach for smallholder farmers, who make up the large majority of the Indian solar pump market.
Impact of COVID-19 on India Solar Water Pump Market
The COVID-19 pandemic caused a decline in sales. Families and the economy were severely impacted by the unusual and widespread global health crisis caused by COVID-19. The Indian market for solar power pumps has been impacted by the COVID-19-related decline in sales of solar power units. Due to the efforts of important market participants who gave the sector vital financial, technical, and operational support, India saw growth of roughly 6%.
India Solar Water Pump Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Alpex Solar Pvt. Ltd., Eco Soach, Ecozen Solutions, Aqua Group, Crompton, Franklin Electric, Shakti Pump Limited, Bright Solar Pvt. Ltd., and Lorentz.
India Solar Water Pump Market Segmentation:
By Product: Based on the Product, India Solar Water Pump Market is segmented as; Surface Suction, Submersible, Floating.
By End User: Based on the End User, India Solar Water Pump Market is segmented as; Agriculture, Water Management, Others.
By Operation: Based on the Operation, India Solar Water Pump Market is segmented as; AC pump, DC pump.
By Region: This research also includes data for North India, East India, West India, South India.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.