DUBLIN--(BUSINESS WIRE)--The "India Solar Water Pumping Systems Market (2018-2024): Market Forecast by Power Ratings, Design Type, Drive Type, Applications, Regions and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The National Solar Mission of India is targeting 100 GW of solar energy by the year 2022, which has fueled the demand for solar-powered resources in the country. India solar water pumping systems market exhibited substantial growth over the past few years.
Although, the overall cost of solar water pumping systems is higher than electric and diesel pumps, however, the government is providing up to 90% subsidy to the consumers in order to encourage the installation of solar water pumps in the country.
According to this research, the solar water pumping system market is projected to grow at a CAGR of over 27% during 2018-2024.
Among different power ratings, 3.1 to 10 HP solar pumps segment bagged highest revenue share in 2017 followed by up to 3 HP segment. 3.1 to 10 HP segment is projected to record highest growth rate during the forecast period attributed to its affordability and high subsidies provided by the government. Further, with depleting groundwater level, there is a rising demand for submersible solar pumps and the segment is projected to grow significantly over the coming years.
In 2017, western region contributed the highest revenue share towards overall India solar water pumping systems market. However, the northern region is anticipated to register the highest growth during the forecast period owing to various state government targets of solar pumps installation in the region.
Markets Covered
Power Ratings
- Up to 3 HP
- 3.1 to 10 HP
- 10.1 to 12.5 HP
- 12.6 to 19 HP
- Above 19 HP
Design Types
- Surface Pump
- Submersible Pump
Drive Types
- AC Motor
- DC Motor
Applications
- Irrigation
- Others (Drinking, Fountains, livestock watering, municipal services, etc.)
Regions
- Northern
- Eastern
- Western
- Southern
Companies Profiled
- Alpex Solar
- Bright Solar
- Claro Energy
- Jain Irrigation Systems
- Kirloskar Brothers
- Lubi Solar
- Shakti Pumps (India)
- Tata Power Solar Systems
- Topsun Energy
- Waaree Energies
For more information about this report visit https://www.researchandmarkets.com/research/krqp33/india_solar_water?w=4
