Pumps in Solar Power Generation Market to Future Forecast Indicates Impressive Growth Rate 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.

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.

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.

 

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Leading Pumps in Solar Power Generation Market Players:

  • 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 Elements that the report acknowledges:

  • Market size and growth rate during forecast period.
  • Key factors driving the 3D Concrete Printing Market.
  • Key market trends cracking up the growth of the 3D Concrete Printing Market.
  • Challenges to market growth.
  • Key vendors of 3D Concrete Printing Market.
  • Detailed SWOT analysis.
  • Opportunities and threats faces by the existing vendors in Global 3D Concrete Printing Market.
  • Trending factors influencing the market in the geographical regions.
  • Strategic initiatives focusing the leading vendors.
  • PEST analysis of the market in the five major regions.

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Posted by on Wednesday October 16 2019, 5:04 PM EST. All trademarks acknowledged. Filed under Manufacturing, Manufacturing & Construction. Comments and Trackbacks closed. Follow responses: RSS 2.0

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