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Written by Jack » Updated on: September 07th, 2024
TechSci Research's report on the India Solar Pumps Market has valued at INR 3,715 Crore in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 28.10% through 2029F. The Indian government's initiatives and subsidy programs, such as the Pradhan Mantri Kisan Urja Suraksha Utthaan Mahabhiyan (PM KUSUM), have been instrumental in promoting the adoption of solar pumps. These schemes offer financial incentives, capital subsidies, and favorable policies, significantly reducing upfront costs and making solar-powered pumps more accessible, particularly in the agricultural sector.
Report Scope:
In this report, the India Solar Pumps Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
India Solar Pumps Market, By Type:
India Solar Pumps Market, By Country:
India's agricultural industry, a major user of solar pumps, presents significant growth opportunities. As the government emphasizes modernization and efficiency in agriculture, the demand for solar-powered irrigation systems is expected to rise. Solar pumps offer a sustainable and cost-effective solution, reducing reliance on traditional energy sources and operational costs. With increasing awareness and government support, there's a substantial market opportunity to meet the evolving needs of the agricultural sector.
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In terms of technology, the report highlights the dominance of RO Systems in the market. The integration of maximum power point tracking (MPPT) technology optimizes power output from solar panels, ensuring peak pump efficiency even under varying sunlight conditions. Submersible solar pumps, equipped with this technology, become attractive options for users aiming to minimize environmental impact while ensuring a reliable water supply. Government initiatives and subsidies further bolster the growth of this segment, making submersible solar pumps accessible and affordable.
Key market players in the India Solar Pumps Market are:-
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The South India region is poised to dominate the India Solar Pumps Market, witnessing the integration of advanced technologies in solar pumps. Innovations in pump efficiency, smart monitoring systems, and data analytics contribute to increased reliability and efficiency. Both East and North India regions benefit from these advancements, experiencing improved performance in solar pump systems.
The report, "India Solar Pumps Market Segmented By Type (Submersible and Surface), By Region," aims to provide comprehensive market intelligence to assist decision-makers in making informed investment decisions. It identifies emerging trends, drivers, challenges, and opportunities in the India Solar Pumps Market.
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