The Indian solar water pump market is anticipated to grow at a CAGR of 15.2% during the forecast period. The cohesive government schemes are promoting the adoption of solar-powered water pumps, which is accelerating market growth. By October 2019, more than 181,000 solar power pumps had been installed in the country to meet the electricity demand for irrigation under the PM-KUSUM scheme implemented by the MNRE, as per the power and renewable energy minister R K Singh. The area of land acquired under irrigation using these solar pumps rely on multiple factors such as the capacity of the pump, groundwater level, and type of crop. Generally, a 5-horsepower (HP) capacity solar water pump linked with a micro-irrigation system covers an area of 2.5 hectares for irrigation.
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Further, the Union Budget 2020 put a major emphasis on the use of solar energy for farming under the PM-KUSUM scheme with Nirmala Sitharaman (Finance Minister) to extend the implementation of the scheme with new targets. Nirmala Sitharaman proposed to extend the PM-KUSUM scheme that will enable 20 lakh farmers to establish standalone solar pumps. PM-KUSUM scheme was approved by the Cabinet Committee on Economic Affairs in March 2019 to provide $4.69 billion in central financial support. Therefore, this scheme is primarily focusing on increasing the accessibility of solar water pumps to small and needful farmers.
The expansion of solar pump schemes has increased competition among market players. The companies are bidding to design, manufacture, and install solar pumps under the scheme. For instance, in January 2020, The Energy Efficiency Services Limited (EESL) invited bids for off-grid solar water pump systems across the country under the PM KUSUM program to promote the use of solar in agriculture. The scope of work comprises the design, manufacture, supply, transport, installation, testing, and commissioning of 10 HP water pumps along with the repair, maintenance, and warranty, for five years. 181,200 solar pumps will be installed across India, categorized under clusters in each state. This, in turn, represents an emerging focus on increasing the installation of solar pumps in the agriculture sector, which is offering a considerable opportunity for market growth.
Market Coverage
Segment Covered-
Competitive Landscape Shakti Pumps Ltd., Bright Solar Pvt. Ltd., Alpex Solar Pvt. Ltd., and Tata Power Solar System Ltd. among others.
Key questions addressed by the report
oDeviation from the pre-COVID-19 forecast
oMost affected segment
By Type
By Component
By Application
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