Pumps in Solar Power Generation Market
The global pumps in solar power generation market is expected to grow from US$ 365.1 million in 2017 to US$ 987.4 million by 2025 growing at a CAGR of 13.5% from 2018 to 2025.
The major factors propelling this growth are governments' support along with a rise in the adoption of clean energy and increases in research & development activities to reduce the overall cost of concentrated solar power (CSP) projects.
Europe is one of the main regions in the market due to constantly rising electricity demand and increases in installation of CSP projects mainly in Spain. In addition, European governments have taken the initiative for cost-effective power generation and distribution due to a rise in electricity & energy prices.
Pumps in the solar power generation market can be categorise by plant type, pump type, and regions.
The geographic segmentation covers five major regions: North Americas, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SA). Asia-Pacific is expected to grow at the highest CAGR during the forecast period..
By plant type, linear parabolic trough plant accounted for the largest share of the market in 2017.
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