According to the new research report published by The Insight Partners, titled “Pumps in Solar Power Generation Market – Global Analysis and Forecast to 2025”, the global pumps in solar power generation market is expected to reach US$ 987.4 Mn by 2025, registering a CAGR of 13.5% during the forecast period 2018 – 2025.
Increase in global electricity demand, government support, and worldwide adoption of clean energy is projected to drive the market for pumps in solar power generation during the forecast period. However, high initial investment and capital cost for CSP plant that may adversely impact the market for pumps in solar power generation in near future. Moreover, the factors such as substantial investment in R&D and growing number of concentrated solar power projects globally are projected to generate remarkable growth opportunity to the industry players. Currently, there are more than 116 concentrated solar power generation plants are in operation and under construction. Moreover, many of the plants are expected to start construction in near future with the approvals. Spain is the leading country in number of CSP plant installation followed by United States which currently accounts for 1,800 megawatts (MW) of CSP plants in operation. Geographically, the market is currently dominated by Europe and North America, however the market is expected to be in favor of Asia-Pacific, which is anticipated to witness remarkable growth rate owing to the increase in number of CSP plants in China and India over the coming years
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Key findings of the study:
From a growth perspective India in Asia-Pacific region is anticipated to witness the most lucrative CAGR growth rate of 14.6% during the forecast period
Power Tower segment in power plant type segment in Asia Pacific is estimated to grow at a significant CAGR from 2018 – 2025.
Molten Salt Pumps captured the Asia Pacific pumps in solar power generation market in 2017 and is also expected to dominate the market throughout the forecast period.
The global pumps in solar power generation market has been segmented on basis of two parameters; power plant type and pump type. The market is broken down on the basis of power plant types as linear parabolic trough, power tower, and Fresnel plant. Based on pump type the market is bifurcated into heat transfer fluid pump and molten salt pump. On the basis of geography, the pumps in solar power generation market is analyzed into North America, Europe, Asia- Pacific (APAC), Middle East & Africa (MEA) and South America (SAM).
The top companies operating in the pumps in solar power generation market include EBARA Corporation, Flowserve Corporation, GRUNDFOS, KIRLOSKAR Brothers Limited, KSB SE & Co. KGaA, Ruhrpumpen Group, Sulzer Ltd., The Weir Group PLC, WILO SE, Xylem Inc.
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