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.
By 2025, APAC is estimated to be the fastest growing region during the forecast period globally.
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
The market initiative and new development was observed as the most adopted strategy in global pumps in solar power generation market. For instance, in 2017 Sulzer launched SIL inline single stage centrifugal pump. The SIL pump range is designed to match up with the process requests in industrial applications. Developed for clean liquid processes, with the help of pumping technology. Similarly, Wilo announced Wilo-Yonos PICO series, a new generation of tested and tried heating pump. This new series is manufactured especially for residential building with new feature like energy consumption will be monitored constantly on the LED display. In 2017, Sulzer has received two orders for pump from Técnicas Reunidas for the Kilpilahti an integrated heat and power plant in Porvoo, Finland. Various other players are operating in the pumps in solar power generation market, which also focus on different strategic initiative to boost their business as well as market value.
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.
Key findings of the study:
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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