LONDON--(BUSINESS WIRE)--The global pumped hydroelectric storage turbines market is expected to grow at a CAGR of approximately 5% during the period 2018-2022, according to the new market research report by Technavio.
A key factor driving the market’s growth is the need for bulk energy storage. Over the last few years, renewable energy projects, particularly wind and solar projects, have increased number and gained momentum, due to favorable tax incentives provided by various government around the world and increasing GHG emissions globally. However, renewable energy sources have increased the need for system reserves, which are firming resources or energy storage to manage grid requirements and intermittent nature of renewable energy sources.
This report on the global pumped hydroelectric storage turbines market provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the large-scale deployment of ESS in power grids as one of the key emerging trends in the global pumped hydroelectric storage turbines market:
Global pumped hydroelectric storage turbines market: Large-scale deployment of ESS in power grids
Voltage fluctuations, power surges, and loss of power are the primary causes of damage to electronic devices. The adoption of electronic devices for personal, commercial, and industrial purposes has increased significantly. The use of electronic devices and computer systems is heavily dependent on constant power supply to ensure continuity of daily operations. UPS systems provide continuous power supply to electronic devices to prevent the loss of productivity and data.
“Renewable energy generation is gaining popularity around the world, thereby increasing the need for energy demand management. Active maintenance of the time gap between power generation and power consumption is a significant challenge. For instance, wind turbines generate excess electricity during the night, which remains unutilized as the demand for power is low during the night,” says a senior analyst at Technavio for research on power.
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Global pumped hydroelectric storage turbines market segmentation
This market research report segments the global pumped hydroelectric storage turbines market into the following applications (open loop and closed loop) and key regions (the Americas, APAC, and EMEA).
The open loop segment held the largest market share in 2017, accounting for nearly 90% of the market. The market share for this application is expected to decrease nearly by 2% by 2022. However, this segment will dominate the global market throughout the forecast period.
APAC was the leading region for the global pumped hydroelectric storage turbines market in 2017, accounting for a market share of around 46%. The market share for this region is anticipated to decrease nearly by 2% by 2022. However, APAC will dominate the global market through 2022.
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