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.
The pumps in solar power generation market has experienced significant growth and adoption rate in the past few years and is expected to experience notable growth and adoption in years to come. Concentrated solar power (CSP) technology utilizes mirrors to concentrate the sun’s energy to drive steam turbine in order to create electricity. Pumps plays a vital role CSP systems to heat the required fluid to generate steam. Thus, global growth in CSP plants installation fuel the pumps market in solar power generation.
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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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 reports cover key developments in the Pumps in Solar Power Generation Market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market payers from Pumps in Solar Power Generation Market are anticipated to lucrative growth opportunities in the future with the rising demand for Pumps in Solar Power Generation Market in the global market.
The pumps in solar power generation market in Asia Pacific is expected to grow at a CAGR of 14.3% during the forecast period 2018 – 2025. China being the leading electricity producer in the world, invested around US$ 100 Bn in clean energy in the year 2015 and is highly focused on the development of renewable energy. Also, Also, Indonesia’s government has plans to increase the electricity access from 85% to 98% by 2022. The US$ 93 Bn expansion plan comprises of 291 generation plants, 1375 new substations as well as 47,000 km of new transmission and distribution lines. The government’s energy expansion strategy will target renewable sources for the development. Furthermore, Singapore is also adopting a holistic approach towards in ecological energy management across electricity generation, transmission & distribution and consumption.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Pumps in Solar Power Generation Market based on various segments. It also provides market size and forecast estimates from year 2017 to 2027 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The Pumps in Solar Power Generation Market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
GLOBAL PUMPS IN SOLAR POWER GENERATION MARKET – SEGMENTATION
BY POWER PLANT TYPE
• Linear Parabolic Trough
• Power Tower
• Fresnel Plant
BY PUMP TYPE
• Heat Transfer Fluid Pump
• Molten Salt Pump
BY GEOGRAPHY
• North America
• Europe
• Asia Pacific (APAC)
• Middle East & Africa (MEA)
• South America (SAM)
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