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According to Technavio's latest market research report, the global hydropower turbine market is expected to grow at a CAGR of more than 4%
during the period 2018-2022.
The key factor driving the growth of the market is the increasing
demand for high-capacity energy storage.
Global energy demand continues to increase due to factors such as rapid infrastructure development, technology-enabled increase in electricity demand, and the demand for electricity will continue to increase
as the population size expands and the global economy grows.
The use of renewable energy to generate electricity is one of
the solutions to reduce power shortages and environmental damage.
Technavio highlighted that the growth of the pumped storage power plant market is one of the major emerging trends in the global hydropower turbine market during the
forecast period.
Pumped storage is a water storage mechanism used to generate hydroelectric power
according to electricity demand.
This mechanism involves pumping water from the lower reservoir to the elevated reservoir with the help of a reversible pump
.
In terms of product type, large hydropower turbines accounted for the largest market share in 2017, accounting for nearly 72% of
the market.
This application segment is expected to continue to dominate the global market
throughout the forecast period.
Regionally, Asia Pacific accounted for nearly 42% of the market share in 2017, and the market share held by this region is expected to increase
further during 2018-2022.
Global hydropower turbine size (by installed capacity) is expected to increase by nearly 1,600 GW
by 2022.
According to Technavio's latest market research report, the global hydropower turbine market is expected to grow at a CAGR of more than 4%
during the period 2018-2022.
The key factor driving the growth of the market is the increasing
demand for high-capacity energy storage.
Global energy demand continues to increase due to factors such as rapid infrastructure development, technology-enabled increase in electricity demand, and the demand for electricity will continue to increase
as the population size expands and the global economy grows.
The use of renewable energy to generate electricity is one of
the solutions to reduce power shortages and environmental damage.
Technavio highlighted that the growth of the pumped storage power plant market is one of the major emerging trends in the global hydropower turbine market during the
forecast period.
Pumped storage is a water storage mechanism used to generate hydroelectric power
according to electricity demand.
This mechanism involves pumping water from the lower reservoir to the elevated reservoir with the help of a reversible pump
.
In terms of product type, large hydropower turbines accounted for the largest market share in 2017, accounting for nearly 72% of
the market.
This application segment is expected to continue to dominate the global market
throughout the forecast period.
Regionally, Asia Pacific accounted for nearly 42% of the market share in 2017, and the market share held by this region is expected to increase
further during 2018-2022.
Global hydropower turbine size (by installed capacity) is expected to increase by nearly 1,600 GW
by 2022.
