Published By : 28 Jan 2016 | Published By : QYRESEARCH
The popularity of solar power technologies in developing nations such as India is growing. This renewable energy trend is driving several market segments in the India solar power industry. One such market that will greatly benefit from this trend is the solar-powered water pumps market. Presently, diesel-powered pumps are used in several parts of the country. However, with the rising adoption of solar energy, the demand for solar-powered water pumps is expected to grow by leaps and bounds in the coming few years.
Lack of Technology Suppressing India Solar-powered Water Pumps Market
Unfortunately, currently, neither the products nor the distribution chains are anywhere near maturity in the Indian market for solar-powered water pumps. Furthermore, the lack of technology is another key issue that is challenging the Indian solar-powered pumps market.
As mentioned above, the majority of pumps used in India are run by diesel. In India, the market for diesel pumps is worth more than US$1.2 bn. Nationwide, there are approximately 10 mn diesel pumps that are currently in operation. The lifespan of these pumps is around 5 years.
Disadvantages of Diesel Pumps to Boost Demand for Solar-powered Water Pumps
Even though diesel pumps are the choice of water pumps, they have many disadvantages. The fuel used in these pumps is costly. In addition to this, diesel pumps deplete the water table more than required by pumping heavily during short intervals. Furthermore, they contribute to local pollution and carbon emissions. Another disadvantage of these pumps is that the fuel they need, i.e., diesel is a hassle to get.
On the other hand, solar-based pumps can fare better in all of the aforesaid four disadvantages of diesel pumps. In spite of the numerous advantages of solar-powered water pumps, only 12,000 systems were installed in India in 2012.
This shows that there is huge scope for solar-powered water pumps in India. With the growing advances in technology and the rising awareness regarding solar technologies, the demand for these pumps is projected to expand significantly in the coming few years. This shows that new entrants and established players by focusing on this emerging market for solar-powered water pumps in India can benefit greatly and improve both their reach and ROI.