Solar Electric Submersible Pump Market: Introduction
- A solar electric submersible pump (ESP) or a solar photovoltaic electric submersible pump is a system powered by solar energy. Unlike the traditional electric submersible pumps, which use fossil fuel or electricity, these pumps use solar energy.
- A solar electric submersible pump typically consists of solar panels, which are also called solar photovoltaic modules. Other components include a motor pump set, hardware, and a controller electric device. However, in some applications, components such as batteries and inverters are also required for power backup.
Key Drivers of Global Solar Electric Submersible Pump Market
- Growing concerns about the environment and rising usage of clean energy substitutes are likely to be key factors driving the global solar electric submersible pump market during the forecast period
- Electricity rates are inherently volatile. They fluctuate seasonally, monthly, and annually. Over the last decade, electricity prices have risen enormously and they are poised to increase even more during the forecast period. This, in turn, is projected to augment the demand for use of the solar technology for pumping of water in the near future.
- Government support in the form of favorable initiatives has driven usage of the solar technology over the last few years. This is estimated to be a major factor driving the global solar electric submersible pump market during the forecast period. For instance, the Government of India has plans to offer 30% subsidy to the social sector, the residential sector, and private and not-for-profit organizations in the field of education and health care.
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Restraints of Global Solar Electric Submersible Pump Market
- A majority of countries do not receive enough sunlight to justify the consideration of using solar electric submersible pumps (ESPs). On the other hand, several countries have microclimates, with limited sunlight available throughout the year. For example, Colombia receives sunlight sufficient for solar electric submersible pumping. Still, a few coastal areas in the country have microclimates, with prolonged cloud cover for the entire day. Thus, in cloudy areas of the country, the option of using solar energy is limited.
- Installation of solar electric submersible pumps is carried out by digging a bore well, which leads to increase in the cost incurred for installation and maintenance
- In January 2020, Oorja Development Solutions Limited initiated a development program as a part of its CSR (corporate social responsibility) activities, wherein the company would be providing community solar water pumps to smallholder farmers so as to increase agricultural productivity; reduce diesel fuel expenses by 20%; and increase incomes by up to 40%.
- In India, the Ministry of New and Renewable Energy (MNRE) developed a five-year program called Solar Pumping Program for Irrigation and Drinking Water in 2014–15 with an initial financial support of US$ 4 Bn for installation of 10 lakh solar water pumping systems in the country to fulfill irrigation and drinking water requirements
Asia Pacific to Hold a Major Share of Global Solar Electric Submersible Pump Market
- Based on region, the global solar electric submersible pump market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is expected to be the key market for solar electric submersible pumps from 2019 to 2027, as a large portion of the region’s economy is based on agriculture. High investments, especially in developing countries such as China and India, and government subsidies are likely to drive the market in the region between 2019 and 2027.
- Several auctions for winning of contracts have been carried out for developing the solar power generation capacity of India. Thus, India is expected to hold a prominent share of the solar electric submersible pump market in Asia Pacific in the near future.
- The solar electric submersible pump market in Middle East & Africa is estimated to expand at a significant rate during the forecast period, owing to abundance of agricultural land and efforts to reduce the use of energy derived from fossil fuels in the region. Government initiatives for pollution-free and clean energy are also expected to drive the solar electric submersible pump market in this region during the forecast period.
- On the other hand, size of the renewable energy industry in the U.S. is expected to get doubled by the end of the forecast period. Renewable energy projects in the U.S. are likely to get benefitted from multi-year federal tax incentives and several, state-level, favorable policies for solar energy in the next few years.
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Key Players Operating in Global Market
Some of the major players operating in the global solar electric submersible pump market are:
- Bernt Lorentz GmbH
- Bright Solar Ltd.
- C.R.I. Pumps Private Limited
- Dankoff Solar Pumps
- Greenmax Technology
- Jain Irrigation Systems Ltd
- PM Pumpmakers GmbH
- Schneider Electric SE
- Shakti Pumps (India) Ltd.
- Tata Power Solar Systems Ltd.
- Waaree Energies Ltd.
Global Solar Electric Submersible Pump Market, by Application
Global Solar Electric Submersible Pump Market, by Operation
Global Solar Electric Submersible Pump Market, by End-use
- Drinking Water
Global Solar Electric Submersible Pump Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.