The pumps in solar power generation market size is projected to reach US$ 1,544.1 million by 2031 from US$ 889.2 million in 2023. The market is expected to register a CAGR of 7.1% during 2023–2031. Increasing demand for renewable energy and growing governmental focus on boosting clean energy sources are acting as major drivers for the pumps in the solar power generation market.
Pumps in Solar Power Generation Market Analysis
Growing electricity demand, supportive government policies, and the implementation of renewable energy at the global level are projected to drive the market growth for pumps in solar power generation during the forecast period. However, the high set-up cost of installation may negatively impact the market for pumps in solar power generation.
Pumps in Solar Power Generation Market Overview
The growth in the number of solar plants is anticipated to increase the demand for pumps that are required to heat the transfer fluid in the solar systems. A rising focus on growing renewable energy share in the overall power mix is anticipated to propel the growth of pumps in the solar power generation market during the forecast period.
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Pumps in Solar Power Generation Market: Strategic Insights
Market Size Value in US$ 365.1 Million in 2017 Market Size Value by US$ 987.4 Million by 2025 Growth rate CAGR of 13.5% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Pumps in Solar Power Generation Market: Strategic Insights
| Market Size Value in | US$ 365.1 Million in 2017 |
| Market Size Value by | US$ 987.4 Million by 2025 |
| Growth rate | CAGR of 13.5% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Pumps in Solar Power Generation Market Drivers and Opportunities
Mounting Concerns for Greenhouse Gas Emission
The advancement of the energy system following the Paris Agreement, launched in 2015 and entered into force in 2016, has stimulated the utilization of clean energy sources to lower carbon emissions. A key contributor to greenhouse gas emissions that lead to climate change is power generation by utilizing fossil fuels. The employment of solar energy sources is growing due to rising concern toward more sustainable and environment-friendly energy alternatives. Additionally, rising climate change concerns and supportive government initiatives is boosting the usage of solar energy across the world. Thus, the agenda of governments to mitigate the level of environmental pollution is anticipated to propel the growth of pumps in the solar power generation market during the forecast period.
Growing Focus on CSP Plants
Governments and organizations in countries such as the US, China, and South Africa are increasingly prioritizing investments in advanced technologies to enhance the operational efficiency of solar plants. Concentrated solar power (CSP) plants leverage mirrors to reflect and concentrate daylight onto receivers that accumulate light energy and transform it into thermal energy or heat. The rising need for energy in different sectors and growing concerns related to environmental pollution have surged the deployment of CSP systems globally. Further, favorable government initiatives toward using a sustainable approach to reduce carbon emissions and the rise in the development of the renewable energy sector are fueling the investment in CSP plants, thereby propelling the pumps in the solar power generation market.
Pumps in Solar Power Generation Market Report Segmentation Analysis
Key segments that contributed to the derivation of the pumps in solar power generation market analysis are plant type and pump type.
- Based on plant type, the pumps in the solar power generation market are divided into linear parabolic troughs, power towers, and fresnel plants. The linear parabolic trough segment held the largest market share in 2023.
- By pump type, the market is segmented into heat transfer fluid pump and molten salt pump. The heat transfer fluid pump segment dominated the market in 2023.
Pumps in Solar Power Generation Market Share Analysis by Geography
The geographic scope of the pumps in the solar power generation market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
Asia Pacific dominated the pumps in the solar power generation market in 2023. The market in Asia Pacific is segmented into Australia, China, India, Japan, and South Korea. The growing population and increasing energy demand are acting as a major driving factor for the solar energy market in Asia Pacific. Growing environmental pollution and harsh climate change impacts are major concerns that are stimulating the requirement for renewable alternative energy sources to lower the utilization of fossil fuels.
Thus, the growing focus on solar energy and supportive measures and government policies to reduce the dependence on fossil fuels and carbon emissions are anticipated to fuel the growth of pumps in the solar power generation market in the Asia Pacific.
Pumps in Solar Power Generation Market Report Scope
Pumps in Solar Power Generation Market News and Recent Developments
The pumps in the solar power generation market are evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the pumps in the solar power generation market are listed below:
- Trina Solar and Aquila Clean Energy signed a framework agreement for the supply of 800MW of photovoltaic modules. (Source: Trina Solar, Press Release/Company Website/Newsletter, July 2023)
- TRina Solar supplied 463.18MW of Vertex 580W modules to the Xigu and Xieka hybrid hydro-solar power plants in Sichuan province, China. These modules offer higher string power, greater system capacity, and higher energy yield. (Source: Trina Solar, Press Release/Company Website/Newsletter, July 2023)
Pumps in Solar Power Generation Market Report Coverage and Deliverables
The "Pumps in Solar Power Generation Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Pumps in solar power generation market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Pumps in solar power generation market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Pumps in solar power generation market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the pumps in the solar power generation market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Plant Type , and Pump Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The market is expected to register a CAGR of 7.1% during 2023–2031.
The pumps in solar power generation market size is projected to reach US$ 1,544.1 million by 2031
The key players in pumps in solar power generation market are -
Ebara Corporation
The Flowserve Corporation
Grundfos
Kirloskar Brothers Limited
KSB SE & Co. KGaA
Ruhrpumpen Group
Suzler Ltd.
The Weir Group plc
Wilo SE
Xylem Inc.
and other key players
The agenda of governments to mitigate the level of environmental pollution is anticipated to propel the growth of pumps in the solar power generation market during the forecast period.
Asia Pacific dominated the pumps in the solar power generation market in 2023
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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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