Pumps in Solar Power Generation Market Growth Report, Value and Size 2025

Pumps in Solar Power Generation Market to 2025 - Global Analysis and Forecasts by Plant Type (Linear Parabolic Trough, Power Tower, and Fresnel Plant), and Pump Type (Heat Transfer Fluid Pump and Molten Salt Pump)

Publication Month : Apr 2018

  • Report Code : TIPTE100000947
  • Category : Energy and Power
  • Status : Published
  • No. of Pages : 114
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[Research Report] The global pumps in solar power generation market accounted for US$ 365.1 Mn in 2017 and is expected to grow at a CAGR of 13.5% during the forecast period 2018 – 2025, to account for US$ 987.4 Mn by 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 CSP plants can store this thermal energy for future use to generate electricity during peak hours when there is no sunlight. Further, there are several government policies that remarkably supporting the CSP technologies to reduce overall cost of solar energy and facilitates the production of electricity with lower cost, increased efficiency, and improved reliability. Within this market, various regions are observed to exhibit different growth trends. Europe hold the largest share of the total market. Geographically, the pumps in solar power generation market is currently dominated by Europe and North America, however the pumps in solar power generation 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. Asia Pacific region in global pumps in solar power generation market is expected to witness a CAGR growth rate of 5.8% in the coming years.

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Pumps in Solar Power Generation Market: Strategic Insights

pumps-in-solar-power-generation-market
Market Size Value inUS$ 365.1 Million in 2017
Market Size Value byUS$ 987.4 Million by 2025
Growth rateCAGR of 13.5% from 2018-2025
Forecast Period2018-2025
Base Year2018
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- Pumps in Solar Power Generation Market by Region

Market Insights

Increase in electricity demand fuelling the demand for pumps in solar power generation

Globally, there is an increase in electricity demand with the rise in industrialization and growth in population. The solar energy needs to be stored in order to meet the rise in electricity demand. Moreover, high amount of energy is essential to store in order to overcome unexpected seasonal and weather variabilities. CSP is an essential technology for the future electricity generation which facilitate the storage of thermal energy that can be used to supply peak electricity.  Commercially, many of the companies adopting solar energy systems to generate electricity directly from sun to reduce demand charges. Moreover, by 2030, CSP is expected to account for 7% of world electricity demand. Whereas, the International Energy Agency (IEA) has projected that in the long run by 2050, CSP is expected to meet 8%-10% of global electricity demand with the estimated installed capacity of 800 GW. CSP technologies highly dependent on the use of pumps to heat the fluid to generate steam. Thus, growth in CSP plants with the surge in demand for electricity is expected to further boost the pumps needed in concentrated solar power generation, thereby, bolstering the pumps in solar power generation market.

Substantial investment in R&D in order to reduce the overall project cost

Concentrated solar power (CSP) is a capital-intensive technology and initial investment mainly depends on labour and solar field equipment which ranges from $2,500 to $10,200 USD per kW. The cost is also depends on storage size and capacity factor on accounts for the amount of electricity generation cost. Along with this, initial set-up cost, CSP requires significant operation & maintenance cost which is around 30 USD/MWh. The key components which require maintenance are cleaning the mirror, replacement of receivers & mirrors, and insuring the plant. However, CSP doesn’t need any enormous improvement in performance and cost in order to make it financially feasible. Currently, research is being carried out in the field of concentrated solar power (CSP) on every component. Several federal research and development initiatives are expected to reduce the cost of concentrating solar power to 6% per kilo-watt-hour. Thus, considering the aforementioned factors, research and development in the field of CSP will further boost the demand for solar power generation. Thus, growing investments in R&D in order to reduce the overall cost is anticipated to create lucrative market space for pumps in solar power generation market players.

Pumps in Solar Power Generation Market – Power Plant Type Insight

The global pumps in solar power generation market by power plant type is segmented into categories namely; linear parabolic trough, power tower, Fresnel plant. Concentrated solar power (CSP) technologies concentrates sun’s rays to heat a medium which is further used in heat engine process. This heating engine process helps to drive an electrical generator and produces electricity. This system makes the use of three types of designs such as linear parabolic trough, power tower, and Fresnel plant. The increase in number of CSP plant installation in turn increases the demand for pumps in solar power generation. The key requirements for setting up concentrated solar power plants are the availability of areas of high direct normal solar radiation, access to water resources, and available & proximate transmission access. Power tower segment is the fastest growing component segment in pumps in solar power generation market and is expected to grow at a prime CAGR during the forecast period.

Pumps in Solar Power Generation Market by Power Plant Type

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Pumps in Solar Power Generation Market – Pump Type Insight

The pump type segment in pimps in solar power generation market include into heat transfer fluid pump and molten salt pump. The Solar Energy Technologies Office (SETO) supports research and development of concentrating solar power (CSP) systems that help reduce the cost of solar energy. CSP systems store energy in terms of thermal storage that enables the supply of solar power even when there is no sunlight. SETO further supports the development of innovative CSP technologies in order to generate electricity with lower cost, improved reliability, and increase efficiency compared other current commercialized technologies. Heat transfer fluid pump and molten salt pump are important in CSP systems in order to heat the transfer fluid to generate steam and to drive the turbine. The Heat transfer fluid pumps segment in the pumps in solar power generation market is expected to surge at an exponential rate during the forecast period.

The market initiative and new development was observed as the most adopted strategy in global pumps in solar power generation market. Few of the recent strategies by some of the players operating in pumps in solar power generation market landscape are listed below:-

  • 2018:Sulzer has entered into a contract to provide 18 pumps to Aksay 50MW CSP plant located in China for solar and power islands. Aksay which is a molten-salt parabolic trough power plant accompanied with 15-hours molten-salt heat storage system
  • 2017:KSB Group expands its network of service in the USA. The company purchased DUBRIC Industries Inc. (US), specialised in providing selling pumps, rotating equipment, servicing along with related spare parts. This takeover by the company has stretched pump manufacturing service network in the USA
  • 2017:Wilo acquired 3 companies in USA namely Weil Pump Company, Inc., Scot Pump Company, and Karak Machine Corporation.  This acquisition allow Wilo SE to enhance its footprint in US as a leading player in the North American market
  • 2017:Wilo introduced Wilo-Stratos MAXO, a world’s first smart pump with system efficiency and user-friendly features. This new pump also received the “Design Plus” award at the ISH in Frankfurt
  • 2017:KSB Aktiengesellschaft, Frankenthal (Germany) increased its product portfolio for compact high-pressure Movitec pumps with new horizontal version. H(S)I is a new addition developed for horizontal installation

GLOBAL PUMPS IN SOLAR POWER GENERATION MARKET – SEGMENTATION

GLOBAL PUMPS IN SOLAR POWER GENERATION MARKET – BY POWER PLANT TYPE

  • Linear Parabolic Trough
  • Power Tower
  • Fresnel Plant

GLOBAL PUMPS IN SOLAR POWER GENERATION MARKET – BY PUMP TYPE

  • Heat Transfer Fluid Pump
  • Molten Salt Pump

GLOBAL PUMPS IN SOLAR POWER GENERATION MARKET – BY GEOGRAPHY

  • North America

    • U.S.
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • Spain
  • Asia Pacific (APAC)

    • China
    • India
    • Australia
  • Middle East & Africa (MEA)

    • Saudi Arabia
    • South Africa
    • UAE
  • South America (SAM)

    • Brazil
    • Chile

GLOBAL PUMPS IN SOLAR POWER GENERATION MARKET - COMPANY PROFILES

  • EBARA Corporation
  • Flowserve Corporation
  • GRUNDFOS
  • KIRLOSKAR Brothers Limited
  • KSB SE & Co. KGaA
  • Ruhrpumpen Group
  • Sulzer Ltd.
  • The Weir Group PLC
  • WILO SE
  • Xylem Inc.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Plant Type , and Pump Type

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of Companies

1. Xylem Inc.
2. Kirloskar Brothers Limited
3. Grundfos
4. Sulzer Ltd.
5. Flowserve Corporation
6. Ebara Corporation
7. The Weir Group PLC
8. KSB Pumps Ltd.
9. Wilo SE
10. Ruhrpumpen Group

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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