Pumps in Solar Power Generation Market to 2025 by Plant Type (Linear Parabolic Trough, Power Tower, and Fresnel Plant), and Pump Type (Heat Transfer Fluid Pump and Molten Salt Pump) – Global Analysis and Forecast
Pumps in solar power generation market is expected to grow US$ 987.4 million by 2025 from US$ 365.1 million in 2017. The demand for pumps in solar power generation is largely influenced by number factors mainly due to the increased demand for clear energy during last few years. On the basis of plant type, linear parabolic trough is dominating the global pumps in solar power generation market in terms of both number of projects and overall global installed capacity.
The competitive dynamics in the pumps in solar power generation market is expected to change during the coming years with the entry of new players. Majority of the companies in this market are located in the North America region as well as in the Europe. However, there is significant presence of market players in the developing countries particularly in Asia-Pacific. Currently, high demand for these pumps is noticed in developed regions such as Europe and North America owing to the high number of concentrated solar power (CSP) systems in these regions, however, developing economies such as Asia-Pacific and Middle East are also witnessing an increase in the installation of these pumps. Spain, United States, China, India, and South Africa hold substantial global market share, Spain being on the first position.
On the basis of pump type, molten salt pumps are the most preferred pumps which are extensively used for heat storage as a primary heat transfer fluid in concentrating solar power plant owing to their high specific heat capacity. Molten salt enables the production of electricity even after sun set with a prolonged operation period of up to 6-8 hours. Thus, this efficient storage of heat for longer period of time makes them suitable for CSP systems.
The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. It also provides the overview and forecast for the global pumps in solar power generation market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the logistics industry.