Solar Electric Submersible Pump Market In-depth, Detailed Survey and Outlook Report 2019-2027

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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

Major Developments

• 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.