The government has set a target to install 2 million off-grid and 0.75 million grid connected agricultural solar pumps by FY 2023. However, progress has been abysmally slow with average annual installation of just 45,000 pumps over the last five years. Total number of solar pumps installed currently stands at 339,727. Inability of farmers and state governments to fund their respective 40% and 30% share of the pump cost is the biggest challenge for market growth.
This report covers current status of government schemes, historic growth, market drivers and challenges, procurement and implementation process, key market players and growth outlook for solar pumps.