A key factor driving the growth of the market is the increased need for bulk energy storage. The increase in the demand for energy is a global phenomenon owing to the rapid developments observed in sectors such as infrastructure, and the use of technology to support functioning demands for power. The need for power will continue to increase with the growing size of the population and the growth of the global economy. Adoption of renewable energies for power production is one of the solutions to reduce power shortages.
This market research report on the global hydropower turbines market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies 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 growth in pumped hydro storage market as one of the key emerging trends in the global hydropower turbines market:
Global hydropower turbines market: Growth in the pumped hydro storage market
Pumped hydro storage is a water storage mechanism that is used for hydropower generation based on electricity demand. The mechanism involves water pumped from a lower reservoir to an elevated reservoir with the help of reversible pumps.
“These pumps use the excess electricity produced by pumping water back into the elevated reservoir during low power requirements to produce electricity when required. Some of the benefits of pumped hydro storage includes stability, storage capacity, and ancillary benefits,” says a senior analyst at Technavio for research on power.
Global hydropower turbines market: Segmentation analysis
This market research report segments the global hydropower turbines market by application (small hydropower turbines and large hydropower turbines) and geographical regions (APAC, EMEA, and the Americas).
The large hydropower turbines segment held the largest market share in 2017, accounting for nearly 72% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 42% of the market share. The market share occupied by this region is anticipated to increase during 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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