The pumped hydroelectric storage turbines industry has experienced significant growth in recent years and is expected to continue to grow at a steady pace in the coming years. The growth is primarily driven by the increasing demand for reliable and efficient energy storage solutions to support the integration of intermittent renewable energy sources into the grid.
Moreover, government initiatives and policies promoting the adoption of clean energy sources and reducing carbon emissions have also contributed to the growth of the pumped hydroelectric storage turbines market. Advancements in technology have led to increased efficiency and reduced costs, further boosting the market growth.
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According to a report by ResearchAndMarkets, the global pumped hydroelectric storage turbines market is projected to grow at a CAGR of 3.3% from 2020 to 2027, with Asia-Pacific expected to be the fastest-growing region. The increasing demand for electricity in emerging economies like India and China, along with the growing adoption of renewable energy sources, is expected to drive the market growth in the region.
Pumped Hydroelectric Storage Turbines Market Overview:
The Pumped Hydroelectric Storage Turbines Market will register significant growth in 2030 and hold a 5.01% CAGR until the forecast period.
Market Segmentation:
The global market for pumped hydroelectricity storage turbinesis segmented based on type and region.
By type, thepumped hydroelectricity storage turbines market is segmented into Pelton and Francis. The Pelton turbine segment is expected to hold a larger share in the global market during the forecast period. A Pelton wheel turbine is a hydraulic turbine, and its primary application is in the hydropower plant for producing electricity. Pelton wheelsare used where a high head is available, as in the case of pumped hydroelectricity storage turbines, the static pressure head of water is employed.
By region, the pumped hydroelectricity storage turbinesmarket is segmented into Europe, Asia-Pacific, North America, the Middle East Africa, and South America. Asia-Pacific dominates the global pumped hydroelectricity storage turbines market. Countries in the region are developing rapidly in terms of manufacturing output and services offered. However, the growth has also increased the emission rates. Countries such as China and India are among the highest carbon dioxide producers globally, which in turn demand a sustainable energy power generation mix. Additionally, most of the countries in Asia-Pacific have abundant seashores, which will also support the growth of hydropower generation in the region. Such factors will drive the global pumped hydroelectricity storage turbines in the region during the forecast period.
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global pumped hydroelectricity storage turbinesmarket, including high-growth regions and/or countries and political and economic environments. The project report further provides both historical market values and pricing cost analysis.
