Albany, NY -- (SBWIRE) -- 03/25/2019 -- The US$ 822.0 Mn solar pumps market is presumed to attain revenues of over US$ 2,000.0 Mn during the 10-year assessment period. In terms of volume, the consumption of solar pumps is anticipated to reach beyond 490 thousand units by the end of 2027. Over the forecast period 2017-2027, the global market for solar pumps is expected to foster at a stellar CAGR of 11.7% in terms of value.

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India to emerge the most lucrative and fastest growing regional market

Middle East and Africa has been the top consumer of solar powered pumps over the years. China has also been a key market owing to substantial adoption of solar pumps. However, India has been expected to challenge MEA and China in terms of growth rate, emerging as the fastest growing region with the most attractive opportunities for solar pumps manufacturers.

"Anticipates robust growth for the India solar pumps market at a CAGR of over 15.0% during 2017-2027," states a research analyst, (energy, mining, oil, and gas domain). Apart from India, the overall growth for Asia Pacific, precisely South East Asia Pacific is also likely to be on a higher side at a CAGR value of over 12%. In a nutshell, developing economies are slated for robust growth in the global solar pumps market over the next decade.

Indian market to witness hefty sales of solar pumps predominantly driven by governmental policies

Relatively low awareness about installation and benefits of solar powered pumps among farmer communities has been a long standing challenge to limit the adoption of solar pumps in developing countries such as India. This however indicates that rapidly growing awareness since the recent past has already caused sales of solar pumps to surge and agricultural sector has now become the top consumer of solar pumps. Another impactful challenge to market growth is higher upfront costs. Favorable government schemes for farmers, coupled with increasing affordability, will fuel the market growth in near future. The Indian government has recently implemented several initiatives regarding renewable energy projects, resulting in a heap of tax and subsidy benefits.

Soaring demand from water-intensive end-use industry is another factor shaping the future of solar pumps market in India. Irrigation will remain the top application throughout the forecast period, owing to growing water conservation efforts at ground level and technological advances in agriculture. To support and encourage farmer communities for solar pumps deployment on a large-scale, the Government of India is providing an interest-subsidy and a reduced capital-subsidy. In addition, the government has been offering direct subsidies specifically for solar pumps promotion. Various NGOs are also taking efforts to popularize use of solar powered pumps in different parts of India. While the Indian market is being operated by key players such as Jain Irrigation, Shakti Pump, CRI Pumps, Tata Power Solar, and Kirloaskar Brothers, few global players are planning to launch their plants in India to capitalize on attractive opportunities.

Recently, Denmark-based Grundfos Group has announced the launch of its new plant in Gujrat so as to expand in India and amplify the global market footprint.

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Irrigation to remain top consumer of solar pumps – globally and in India

In terms of application, irrigation has been the top application generating substantial demand for solar pumps on a global level. Irrigation is projected to remain a dominant application throughout the forecast period. While adoption of solar pumps for irrigation purpose will continue at a rapid pace all over the globe, a large number of farmer communities in India are also expected to embrace deployment of solar powered pumps for irrigation. Advancing agricultural technologies and increasing efforts for water conservation at ground level will collectively fuel the opportunities for solar powered pumps used for irrigation application across India. While the government is providing direct subsidies for promoting deployment of solar pumps, several NGOs such as The Sehgal Foundation, through combined investment of farmers, have preferred to pilot solar pump initiatives in different parts of India. In a bid to support and encourage large-scale deployment of solar pumps in near future, the government is providing farmers with an interest-subsidy along with reduced capital-subsidy.

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