rising dependence on renewable energy sources is driving the Solar Pump Market in India
Technavio analyzes that the Solar Pump Market in India is expected to grow at a CAGR of 10% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 518.4 million.There are various factors that contribute to the growth of the market. The Solar Pump market in India is experiencing significant growth due to the increasing reliance on renewable energy sources. With the government's push towards sustainable energy solutions and the availability of subsidies, solar pumps are becoming an attractive option for farmers and rural communities. These pumps offer energy independence, cost savings, and environmental sustainability, making them a viable solution for irrigation needs in India. The market is expected to continue expanding as the country moves towards a more sustainable energy future.
The surface suction segment of India's solar pump market is witnessing robust growth due to the escalating demand for sustainable and efficient irrigation solutions for high-value crops, fruits, and vegetables. Surface solar water pumps, which draw water from sources such as rivers, lakes, or reservoirs, are gaining popularity in agricultural applications where groundwater is scarce. These pumps offer several advantages over traditional diesel or electric pumps, including reliability, eco-friendliness, lower operating costs, and minimal maintenance requirements. The adoption of solar-powered irrigation systems, which include photovoltaic panels and drip irrigation kits, is a significant factor driving market expansion. The use of these pumps in rural areas with limited access to conventional power sources further bolsters their appeal. Overall, the solar pump market in India is poised for substantial growth due to the numerous benefits offered by surface solar water pumps.
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Solar Pump Market in India Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Solar Pump Market in India presents an economic opportunity for providing off-grid and microgrid solutions to rural customers, enabling access to basic energy services such as lighting and cell-phone charging. Solar-powered irrigation systems, including electric pumps and drip irrigation kits, are crucial for rainfed agriculture, particularly for high-value crops like fruits and vegetables. Monsoon patterns and crop yields are significantly impacted by reliable irrigation, making solar pumps an essential electrification solution. The World Development Report highlights the importance of irrigation infrastructure, with solar-powered pumps offering a sustainable alternative to diesel pumps and grid-connected pumps, mitigating frequent outages and reducing reliance on kerosene. Photovoltaic panels are the backbone of these systems, providing the necessary energy for irrigation and electrification in areas with limited access to the central grid.
The Solar Pump Market in India represents a significant business opportunity within the broader Industrial Machinery and Supplies and Components sector. This market caters to the demand for electrification solutions in rural areas, providing access to basic energy services such as lighting and cell-phone charging. Solar pumps offer off-grid and microgrid solutions, reducing the reliance on traditional sources like kerosene. The Indian market's growth is driven by the economic expansion of developing countries, leading to increased demand for energy, agriculture, and manufacturing industries. As a result, the market for solar pumps is expected to grow, contributing to the overall growth of the Industrial Machinery and Supplies and Components market. This market encompasses companies manufacturing machinery and components, including pumps, used in industrial environments. The global market size is determined by the combined revenue generated by these manufacturers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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